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Market Brief – Tuesday 11/10/20

Stocks were mixed in overnight trading but the tech-heavy Nasdaq-100 was leading the major indices lower. Treasury yields were flat in overnight trading until pre-markets opened, where yields were quickly jammed back up to their prior day highs. Stocks and Treasury yields were trending lower in early trading.

The NFIB Small Business Optimism was unchanged from the prior month with a 104.0 print for October.

Redbook same-store retail brick-and-mortar retail sales fell -1.2% last week and slowed to +1.1% from this time last year.

The Job Openings and Labor Turnover Survey (JOLTS) showed 6.436 million job openings in September, missing expectations of a 6.5 million print.

Today’s $41 billion 10-year Treasury Note auction was met with poor demand as foreign bidders took 54.8% of the auction and domestic bidders took 13.1% of the auction, leaving securities dealers with a massive 32.0% of the auction or $13.12 billion. Treasury yields rose following the auction.

Stocks were mixed on the day with the S&P 500 and Russell 2000 closing higher, while the DJIA and the Nasdaq-100 closed lower. Treasury yields were pounded by sellers all day but they managed to close below yesterday’s highs as buyers absorbed the massive amount of selling. Crude oil rallied ahead of today’s API report.

The American Petroleum Institute reported crude oil inventories as Crude: -5.1mm (-3.0mm expected), Cushing: -1.2mm, Gasoline: -3.3mm (-600k expected), and Distillates: -5.6mm (-2.0mm expected). Crude oil rose in after-hours trading following the report.