MARKETS The S&P 500 experienced fluctuations throughout the day but maintained its longest winning streak in nearly two years. The index closed the day eeking out a 0.1% gain, marking its eighth consecutive day of increases, a feat not seen since November 2021. The recent decline in interest rates, observed last week and today with a 4 basis point drop in 10-year yields, benefits most mega-cap Tech stocks.
All eyes were on bonds this week following the sharp rally which turned November's first three trading sessions into a cross-asset bonanza. There was not a lot of data available to guide the market, so investors had to rely on the FedSpeak and the reaction of bond buyers to determine the market's direction. On Wednesday, the sale of 10-year bonds was the most important event. Some analysts believed that the future of the long-term bond market depended on this benchmark refunding.
It's been quite the rollercoaster for equity bears this year. The anticipated earnings and economic recessions failed to materialize, banking sector turmoil became a rally catalyst, and a reversal in bond yields abruptly halted a potential market downturn. To add insult to injury, Microsoft hit a new record high, leaving some bears pointing fingers at OpenAI for their streak of bad luck in 2023. And it’s not just a rates story.
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