Another rally for Alphabet leads the US stock market higher

Market Overview - Asian shares were mostly higher, with U.S. futures advancing after a positive end to Wall Street last week [1] - The Hang Seng index in Hong Kong rose 1.8% to 25,667.24, driven by a 5.1% gain in Alibaba due to strong demand for its Qwen AI app [1] - The Shanghai Composite index remained virtually unchanged at 3,834.69 [1] Regional Performance - Australia's S&P/ASX 200 gained 1.3% to 8,525.10 [2] - South Korea's Kospi fell 0.2% to 3,846.06 due to heavy selling in the automotive sector [2] - Taiwan's Taiex increased by 0.3%, while India's Sensex was flat [2] U.S. Market Sentiment - Futures for the S&P 500 rose 0.5% and for the Dow Jones Industrial Average by 0.2% [2] - The upcoming Thanksgiving holiday will see U.S. markets closed on Thursday, followed by Black Friday and Cyber Monday [2] Economic Focus - Traders are shifting focus to consumer spending, which drives two-thirds of U.S. GDP, amid a lack of economic data during the government shutdown [3] - Holiday activity indicators such as foot traffic and card authorizations are becoming increasingly important in the current data-scarce environment [4] Stock Market Performance - On Friday, the S&P 500 gained 1% to 6,602.99, the Dow climbed 1.1% to 46,245.41, and the Nasdaq composite rose 0.9% to 22,273.08, with nearly 90% of S&P 500 stocks advancing [4] Market Volatility - The S&P 500 is currently 4.2% below its record, experiencing significant hour-to-hour swings reminiscent of earlier sell-offs [5] - Key questions remain regarding whether asset prices, particularly for Nvidia and bitcoin, have risen too high and the future of Federal Reserve interest rate cuts [5][6] Federal Reserve Insights - Federal Reserve Bank of New York President John Williams indicated potential for further interest rate adjustments, while other officials caution against a December cut due to persistent inflation [6] - In the bond market, Treasury yields eased, with a nearly 72% probability of a December rate cut, up from 39% the previous day [7]