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Tech Propels Stocks Higher
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November 24, 2025
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November 24, 2025
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6:01Now PlayingLori Calvasina, Head of US Equity Strategy at RBC Capital Markets, discusses the latest on the market's tech-fueled run.
Technology stocks fueled an advance in global equities, with Alphabet Inc. and Alibaba Group Holding Ltd. notching gains as traders looked ahead to the start of a data-packed week.
The S&P 500 rose 0.9% while the Nasdaq 100 gained more than 1% after US markets opened on Monday. Bitcoin fell again after a weekend rebound and is on track for its worst month since 2022. Oil swung between small gains and losses as traders weighed the prospect of a Ukraine-Russia peace deal. The US 10-year Treasury yield declined to 4.05%.
Federal Reserve Governor Christopher Waller fueled optimism on Monday after indicating support for an interest-rate cut next month. New York Fed President John Williams had a similar impact on the market on Friday after he said a near-term rate cut remains a possibility. While the central bank’s December meeting is the next big milestone for markets, investors are relying on dated economic data due to delays caused by the US shutdown.
There’s room for different interpretations on how the economy is doing because of ambiguity in the data given the lag, James Egelhof, chief US economist at BNP Paribas, said on Bloomberg Television Monday.
“It’s a more disorderly process than what we’re accustomed to,” he said. “At the same time, we think that Powell wants to keep cutting. He has the votes to do that. We think the data is giving a little cover to him to deliver one last rate cut to protect the labor market from gradual deterioration.”
Money markets are pricing in roughly a roughly 70% chance of a Fed rate cut in December, after the odds fluctuated in recent weeks amid growing fissures among policymakers and the data blackout.
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