By Devik Jain

(Reuters] – U.S. stocks index futures hit new records Monday. This was due to strong gains in Tesla and other economy-sensitive stocks. It comes at the start of a busy week that includes economic data and the Federal Reserve’s possible move to reduce bond purchases.

Tesla Inc saw a 3.5% increase in premarket trades, marking a record-breaking open following its $1 trillion market capitalization.

Google’s other mega-cap tech stocks Alphabet (NASDAQ): Inc Meta Platforms and formerly Facebook Inc (NASDAQ:) Microsoft Corp (NASDAQ.com), Amazon.com(NASDAQ.com) and Apple Inc. (“NASDAQ.”) traded mixed.

Exxon Mobil (NYSE: Chevron The stock exchange traded as Corp (NYSE) increased by 0.7% after JP Morgan raised the price target for major oil companies following strong quarterly results.

Bank of America Corp (NYSE): Major Wall Street lender Bank of America Corp Wells Fargo (NYSE:) & Co, Morgan Stanley (NYSE:), Goldman Sachs (NYSE:) and JPMorgan Chase & Co (NYSE:) gained between 0.2% and 0.8%. Last week’s decline in the broader financials industry ended a streak of three consecutive wins.

A largely upbeat earnings season has helped investors look past a mixed-macro economic picture, with the benchmark S&P 500 and the tech-heavy Nasdaq recording their best monthly performance since November 2020 in October.

The Fed’s November 2-3 policy meeting will be the focus. There, the Fed is likely to announce the reduction of its $120 Billion monthly bond-buying program by $15B.

Recent U.S. data indicating rising inflation has prompted the market to price in rate increases next year. The strongest months of the year for stocks are November and December. Any Fed hawkish message might catch equities off guard.

At 7:09 am. ET was up 182 points or 0.51%. ET was up 22.25 point or 0.48% and up 70.5 point or 0.45%.

The economic data data for October from IHS Markit, ISM, and factory activity data are expected after the market opens. Non-farm payrolls will follow on Friday.

Harley-Davidson Inc. (NYSE:) rose 8.2% following the European Union’s removal of retaliatory tariffs against U.S. goods including whiskey, powerboats and motorcycles.