The major averages rose sharply to start the week led by tech stocks on this abbreviated Thanksgiving holiday week. The Dow Jones Industrial Average rose 202 points, or 0.44%, to end at 46,448. The S&P 500 rose 102 points or 1.55% to close at 6,705 while the Nasdaq Composite jumped 598 points or 2.69% to settle at 22,872.

The rally was led by Google/Alphabet and Tesla today. Alphabet rose 6% on optimism of the new release of their Gemini 3 improving their AI search engine, possibly expanding their lead on rivals like ChatGPT and OEPNAI. Tesla rose 6% as they expand production of their own AI chips for their cars, data centers and robots. The chip sector also performed well today including Nvidia which was in the red earlier in the day.

Stocks built on a strong rally on Friday, when the head of the New York Federal Reserve left the door open to a December interest rate cut. The yield on the 10-year Treasury fell more than 2 basis points to 4.03%. The 30-year bond yield moved down more than 3 basis points to 4.68%. The 2-year note yield was down a basis point to 3.50%.

Most of the financial sector was higher today. Healthcare was also higher except for drug stock, Novo Nordisk down 5% to a 52 week low and a four year low as their pill version of its weight loss drug, Ozempic failed to slow cognitive decline in two high-risk Alzheimer’s studies.

In the commodity space, oil was up a percent but still below $60 a barrel. Gold was up a percent on a possible rate cut and weak dollar. Crypto currencies rebounded after making new six month lows over the weekend. Crypto currencies remain in bear market territory.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it’s usage.