Alphabet led a Big Tech rally with its stock hitting a record high after U.S. President-elect Donald Trump picked Federal Trade Commissioner Andrew Ferguson to lead the consumer protection and antitrust agency.

Ferguson was appointed by Trump to succeed Lina Khan as the FTC head, whose term has ended.

Under Khan, who pushed antitrust enforcement as a check on corporate power, the agency became a political hot spot. During her tenure, the FTC increased its regulatory pressure on several Big Tech companies, including Apple, Microsoft, and Alphabet, the parent company of Google.

According to Jay Woods, chief global strategist at Freedom Capital Markets, Ferguson was a known dissenter under Khan, and many people feel under his leadership the antitrust case against Alphabet will come to an end.

Despite the fact that some of his most well-known supporters were tech executives, Trump, and his administration have generally criticized Big Tech corporations, and it is unknown how they would handle regulatory and M&A policy for that industry.

Alphabet's stock increased almost 5.5 percent to reach a record of $ 195.45. On speculation that the EV manufacturer will profit from CEO Elon Musk's tight relationship with Trump, Tesla surged 4.6 percent, reaching a record high as well. This rally has continued since the Nov. 5 presidential election.

Shares of other tech companies rose as well. Amazon.com and Meta Platforms each saw a two percent increase, while Microsoft saw a 1.2 percent boost.

Technology stocks rose as a result of the most recent inflation report, which increased prospects of an interest rate cut by the US Federal Reserve later this month.