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Market Brief – Monday 9/28/20

Despite no news on another stimulus package, stocks gapped higher in overnight trading and extended their overnight rally in early trading even as quarter-end rebalancing could send stock prices lower over the next several days. Treasury yields were flat in overnight trading and rose slightly in early trading. The dollar was down in overnight trading which is likely contributing to the early bounce in equity prices.

Stocks closed higher but failed to hold on to their intraday highs as sellers came in during the last thirty minutes of trading. Treasury yields finished the day higher as sellers pushed yields higher all day but yields closed below their intraday highs as buyers came in during the last thirty minutes of trading.