05:01 PM EST, 12/02/2024 (MT Newswires) -- The S&P 500 and the Nasdaq Composite closed at all-time highs Monday as markets assessed manufacturing sector data for November and remarks by Federal Reserve officials.

The technology-heavy Nasdaq jumped 1% to 19,404, while the S&P 500 rose 0.2% to 6,047.2. The Dow Jones Industrial Average fell 0.3% to 44,782. Communication services led the gainers among sectors, while utilities saw the biggest drop.

In economic news, the US manufacturing sector's contraction improved more than expected last month, two separate surveys from the Institute for Supply Management and S&P Global ( SPGI ) showed.

While the ISM manufacturing PMI increased more than projected in November, "we expect the gauge to stay subdued until rates come down meaningfully," BMO Capital Markets wrote in a note. "Factory activity remains one of the few soft patches in an otherwise robust economy."

The ISM and S&P Global's ( SPGI ) US services sector data for last month are scheduled to be released Wednesday.

Online spending on Black Friday advanced in line with expectations, reaching $10.8 billion, according to Adobe (ADBE) Analytics' holiday shopping data.

The US two-year yield rose 1.2 basis points to 4.19% Monday, while the 10-year rate was little changed at 4.2%.

Fed Governor Christopher Waller said Monday that he's currently "leaning toward" a rate cut at policymakers' meeting later this month, barring any surprises in economic data.

"Policy is still restrictive enough that an additional cut at our next meeting will not dramatically change the stance of monetary policy and allow ample scope to later slow the pace of rate cuts, if needed, to maintain progress toward our inflation target," Waller said.

Separately, Atlanta Fed President Raphael Bostic said policymakers' path toward a 2% inflation rate appears bumpy but sustainable as economic growth and the labor market continue to cool.

The odds of a 25-basis-point interest rate cut on Dec. 18 jumped to about 75% Monday from 66% Friday, according to the CME FedWatch tool.

In company news, Super Micro Computer ( SMCI ) shares surged nearly 29%, the best performer on the S&P 500 and the Nasdaq. The artificial intelligence server maker said that a committee formed to look into the company's governance found no evidence of fraud or misconduct, based on its final findings. The company said its board has adopted all the recommendations made by the committee, including appointing a new chief financial officer.

Intel ( INTC ) said that Chief Executive Pat Gelsinger retired Sunday, while the chipmaker created a products CEO role as it works toward a leaner operating structure. The company's shares closed 0.5% lower.

US-listed shares of Stellantis ( STLA ) declined 6.3% after the automaker said Sunday that CEO Carlos Tavares resigned more than a year before his contract was set to expire.

S&P 500 companies' latest quarterly earnings are up 8.2% from a year earlier, while revenue has grown 5.1%, indicating a "robust" performance as the reporting cycle nears its end, Oppenheimer Asset Management said in a Monday note to clients.

West Texas Intermediate crude oil rose 0.3% to $68.19 a barrel Monday.

Gold fell 0.8% to $2,661 per troy ounce, while silver dropped 0.5% to $30.94 per ounce.