Nasdaq leads S&P 500, Dow Jones as Tesla tops $1,000

Consumer Cyclicals make it to the top of the S&P sector gainers list, followed by Energy. Nine of 11 sectors finish higher.

Utilities (-0.4%) are at the bottom.

Tesla's move comes after Morgan Stanley analyst Adam Jonas boosted his price target to $1,200, with the bull case at $1,600 after the company's results.

It also landed the largest EV deal ever with Hertz.

Also among the megacaps, Facebook reports after the bell and investors will be looking to see if it faced the same issues that hit Snap: a change in Apple's iOS and supply chain issues cutting ad spending.

Inflation is still top of mind as the Fed enters its blackout period, with no speakers leading up to the decision on Nov. 3 and economists expecting an asset tapering announcement.

The 10-year Treasury yield is down 2 basis points to 1.63%. Inflation expectations are hitting multiyear highs.

"US Treasury Secretary Yellen was out stressing (again) the temporary nature of inflation," UBS chief economist Paul Donovan writes. "The fact that inflation has been transitory can be seen in a chart of the monthly core inflation change - a spike in the second quarter, followed by normalization."

"While the yearly change gets attention, most consumers cannot remember what they paid a year ago, and the normal nature of the monthly changes may account for the public’s lack of inflation concern."

Trump SPAC DWAC has turned negative, with buyers failing to generate the enthusiasm of last week.