Stock Market Update Thursday November 9, 2023 Equities Retreat After Remarkable Rally The Market’s Momentum Meets a Turning Point Following an impressive sequence of nine consecutive days of gains, the stock market opened to a change in sentiment. Sellers came to the forefront almost immediately as trading began. This initial softness in buying enthusiasm paved the way for a more pronounced sell-off post-1 PM ET. The catalyst for this shift was a disappointing $24 billion auction of new 30-year Treasury Bonds. The auction’s lackluster outcome necessitated that bond dealers absorb the significant remaining inventory, which precipitated a sharp decline in bond prices. Equity markets, sensitive to the fixed income ripples, declined in concert.