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Google-parent Alphabet down on potential DOJ action

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Boeing ( BA ) falls after talks with union halted

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Fed minutes

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Indexes: Dow up 0.78%, S&P 500 up 0.46%, Nasdaq up 0.35%

(Updated prices at 2:24 p.m ET/ 1824 GMT)

By Sinéad Carew and Lisa Pauline Mattackal

Oct 9 (Reuters) -

Wall Street's three main stock indexes rose on Wednesday as

investors digested Federal Reserve meeting minutes ahead of

September inflation data and earnings reports, but Alphabet

shares fell on fears the U.S. would break up Google.

Stocks held steady after the release of the Fed's

September meeting minutes

showed a "substantial majority" of officials supported an

outsized half-point rate cut. There was broader agreement that

the move would not commit the Fed to any particular pace of cuts

in the future.

After the news, traders were slightly less optimistic about

an easing in November, pricing in a 76% chance of a

25-basis-point reduction in borrowing costs and a 24%

probability the Fed keeps rates on hold, according to CME's

FedWatch.

Shares in market heavyweight Alphabet were down

2.5% after the U.S. Department of Justice said it may ask a

judge to force Google to divest parts of its business. These

include its Chrome web browser and its Android operating system,

to curtail its search monopoly.

"News about antitrust initiatives create worries about

what that means for the technology sector broadly and

specifically the most dominant players," said Daniel Morris,

chief market strategist for asset management at BNP Paribas.

Trading has been choppy this week, with investors

adjusting rate-cut expectations after a surprisingly strong

jobs report.

The market is awaiting the Consumer Price Index

inflation report on Thursday and the third-quarter corporate

earnings season, which kicks off in earnest with some of the

biggest U.S. banks reporting on Friday.

BNP's Morris said this was likely helping investor

sentiment along with a drop in oil prices, which had gained in

five of the previous six trading days due to an escalating

conflict in the Middle East.

"Lower oil prices and expectations for good news on

inflation and looking forward to earnings season are all broadly

supportive for equity prices," said Morris.

Investors were also monitoring the potential impact of

Category 5 Hurricane Milton, due to make landfall in Florida on

Wednesday.

As of 2:24 p.m. ET, the Dow Jones Industrial Average

rose 327.20 points, or 0.78%, to 42,407.57. The S&P 500

gained 26.17 points, or 0.46%, at 5,777.30 and the Nasdaq

Composite climbed 63.05 points, or 0.35%, to 18,245.96.

Most S&P 500 industry sectors rose, although rate-sensitive

utilities and real estate fell along with

the communications services index, which includes

Alphabet.

Boeing ( BA ) fell 2.8% after

talks

between the company and its key manufacturing union broke

down.

Among gainers, shares of Norwegian Cruise Line ( NCLH )

outperformed the broader market with a 10% gain after Citi

upgraded its rating to "buy." Its peer Carnival rose

7.4% while Royal Caribbean Cruises ( RCL ) was up 4.7%.

Shares of Arcadium Lithium ( ARLTF ) soared 30.5% after Rio

Tinto said it would acquire the miner for $6.7 billion.

U.S.-listed shares of Chinese firms dropped as investors

continued to question if China would announce new stimulus

measures. Alibaba Group ( BABA ) fell 0.9% and PDD Holdings ( PDD )

was off 1.6%.

Advancing issues outnumbered decliners by a 1.19-to-1

ratio on the NYSE where there were 278 new highs and 41 new

lows.

On the Nasdaq, 2,075 stocks rose and 2,049 fell as

advancing issues outnumbered decliners by a 1.01-to-1 ratio. The

S&P 500 posted 47 new 52-week highs and two new lows while the

Nasdaq Composite recorded 85 new highs and 113 new lows.