04:22 PM EST, 11/21/2025 (MT Newswires) -- US equity indexes closed higher Friday after New York Fed President John Williams suggested a rate cut in the December monetary policy meeting.

* Williams said Friday he sees "room for a further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral," adding that Fed can achieve both its goals by maintaining balance.

* The likelihood of a 25-basis-point interest rate cut in December rose to about 69.5% on Friday, up from 39.1% the previous day, according to the CME FedWatch Tool.

* S&P Global's flash reading for November showed US manufacturing activity slowed, with the index dropping to a four-month low of 51.9 from 52.5 in October, missing expectations for a rise to 52.0, according to Bloomberg. Meanwhile, the services index climbed to a four-month high of 55.0 from 54.8, defying forecasts for a decline to 54.6. Readings above 50 indicate expansion.

* January West Texas Intermediate crude oil fell $1.01 to settle at $57.99 per barrel, while January Brent crude, the global benchmark, was last seen down $0.90 to $62.47.

* Ross Stores ( ROST ) rose about 8.4% after the company reported an unexpected increase in its fiscal Q3 earnings.

* Oracle (ORCL) shares fell about 5.6% amid rising concerns over AI capital expenditure risk. The company's 5-year credit default swaps, which reflect the cost of protecting its debt, have increased by over 110 basis points, the highest in three years, according to a report from FXStreet.