Alphabet-Led Tech Rally Lifts Wall Street

02:17 PM EST, 11/24/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday Alphabet (GOOG, GOOGL) helped lift technology stocks, while the odds of a Federal Reserve interest rate cut next month rose.

The Nasdaq Composite was up 2.6% at 22,855.9 after midday Monday, while the S&P 500 rose 1.6% to 6,709.5. The Dow Jones Industrial Average advanced 0.7% to 46,564.2. Among sectors, communication services paced the gainers with a 3.6% jump, followed by tech's 2.5% surge. Consumer staples saw the biggest drop.

In company news, Alphabet's class A and C shares were up 6% each, among the top gainers on the S&P 500. The tech giant's Google Cloud unit said it signed a multi-million-dollar contract with the NATO Communication and Information Agency to deliver secure sovereign cloud capabilities.

Broadcom (AVGO) was the best S&P 500 performer, up 10%, as HSBC raised its price target on the chipmaker's stock to $535 from $400.

Tech stocks Western Digital (WDC) , Micron Technology (MU) , and Seagate Technology (STX) followed Broadcom (AVGO) on the index as the top gainers.

Novo Nordisk's (NVO) US-listed shares tumbled 5.9% as the Danish pharmaceutical giant said that Alzheimer's trials using semaglutide failed to show a slowdown in disease progression.

US Treasury yields were lower intraday, with the 10-year rate down 2.7 basis points at 4.04% and the two-year rate dropping one basis point to 3.51%.

The probability that the Fed will lower its benchmark lending rate by 25 basis points next month rose to 79% Monday from 71% Friday, according to the CME FedWatch tool. The odds of a no-change scenario slid to 21% from 29%.

On Friday, New York Fed President John Williams said policymakers can afford to further reduce interest rates to support a weakening labor market. However, Dallas Fed President Lorie Logan said she was "not certain" if there's room for further monetary policy easing, following two back-to-back cuts already delivered this year.

West Texas Intermediate crude oil was up 1.3% at $58.81 a barrel intraday Monday.

US President Donald Trump said he had "a very good" telephone call with his Chinese counterpart, Xi Jinping, discussing soybeans and other topics.

"We have done a good, and very important, deal for our great farmers -- and it will only get better," Trump wrote in a Monday social media post.

Since the two leaders' recent meeting in South Korea, "there has been significant progress on both sides in keeping our agreements current and accurate," Trump said. "President Xi invited me to visit Beijing in April, which I accepted, and I reciprocated where he will be my guest for a state visit in the US later in the year."

Gold was up 0.8% at $4,111.30 per troy ounce, while silver rose 1.6% to $50.69 per ounce.

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