Most US stock indexes rose on Monday in the first trading session of November, extending strong weekly and monthly gains.

The markets momentum was driven by continued strength in the technology sector, following a wave of robust third-quarter earnings from major companies a reflection of the ongoing artificial intelligence boom.

Federal Reserve Board member Steven Miran said that current monetary policy remains too restrictive, noting that interest rates are still higher than necessary. He emphasized that he will continue pushing for a faster pace of rate cuts in upcoming meetings.

In an interview with Bloomberg, Miran added that it would be a mistake to rely too heavily on strong equity and credit markets as indicators of whether monetary policy is appropriately calibrated.

As of 16:31 GMT, the Dow Jones Industrial Average fell 0.4% (190 points) to 47,372, while the broader SP 500 edged up 0.1% (4 points) to 6,844. The Nasdaq Composite gained 0.4% (87 points) to 23,812.