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.
Equities Retreat After Remarkable Rally
Equities Retreat After Remarkable Rally
Equities Retreat After Remarkable Rally
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.