Market Brief – Monday 11/9/20

Stocks rocketed higher in overnight trading on reports of a Covid-19 vaccine that also send Treasury yields back near their June highs, crude oil higher, and gold lower. Stocks were fading their overnight move in early trading while Treasury yields moved a bit higher before buyers stepped in.

Today’s $54 billion 3-year Treasury Note auction was met with poor demand as foreign bidders took 38.9% of the auction and domestic bidders took 14.3% of the auction, leaving securities dealers with a massive 46.8% of the auction or $25.22 billion. Treasury yields were flat following the auction.

Stocks closed higher but nosedived into the closing bell, except for the Nasdaq-100 that closed in the red. Treasury yields closed higher but down from their intra-day highs. The dollar also rallied on the day which wreaked havoc on precious metals.