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Afternoon Note


By Karina Hernandez, Senior Research Analyst
11/20/2023 1:37 PM

The NASDAQ Composite keeps powering ahead like a juggernaut, but the S&P 500 stole the spotlight by nestling up to 4,500 - its first time since September.

Technology is leading this afternoon.  Microsoft (MSFT) hit a new 52-week high and is among the best performing stocks in the sector after the company announced it has hired former OpenAI CEO Sam Altman.

Leading economic indicators remained deep in the red in October -0.8% vs. consensus -0.7%, continuing a string of declines since mid-2022.

There was a solid 20-year bond auction at $16 billion at a high yield of 4.780%, showing good demand, causing equities to move higher and rates lower. 

I am confused with how the 20 yr was a good auction with such low accepted.....considering in the recent past similar auctions were termed as sloppy or negative.

mb on 11/25/2023 10:56:20 AM
Last 20 year high yield (return) 4.780 versus when issued 4.79 and primary dealers only took 9.5% from 11.9% in Oc 18 auction - that is considered a win - anyone is allowed to have a different opinion but it was the narrative accepted by the market.

Charles Payne on 11/28/2023 7:34:57 AM

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