Stock Market Update Monday November 20, 2023 Stocks Rise Again And Big Tech Leading the Charge Yet Again. The stock market is currently showcasing a persistent uptrend, with indices continuing to rise and market breadth remaining strong. Leading the way are big tech stocks, which have been major contributors to this upward trajectory. The positive seasonality factor also continues to play a role in bolstering investor confidence and market performance.
OpenAI Drama and Microsoft's Strategic Move
Monday's significant news, though not directly related to any publicly traded companies, involved some internal drama at OpenAI. The board’s decision to remove CEO Sam Altman has caused ripples, with Microsoft promptly hiring him and potentially more of his team. This move could give Microsoft a substantial edge in the burgeoning industry, a factor that contributed to Microsoft’s shares reaching an all-time high. While the rest of the stock market also advanced, it wasn't so much a reaction to the OpenAI news, but rather a reflection of substantial capital gradually flowing into the market.
Nasdaq 100 Hits New Heights
The Nasdaq 100 particularly stood out, surging by 1.2% to reach its highest levels since early 2022. It's now closing in on its peak, being just 3.5% shy of its all time high.
Treasury Auction Influences Bond Market
In the bond market, a strong 20-year Treasury auction led to a slight decrease in yields across most of the curve, signaling healthy demand for government debt today.
Commodities and Volatility Index
In commodities, gold remained relatively stable, closing at around $1,977 per ounce. WTI crude oil experienced a rise, moving towards $78 per barrel. Meanwhile, the Volatility Index (VIX) maintained its position below 14, indicating a continued sense of market calm among investors.
Premium Members were alerted to purchase the QQQ ETF on November 1st, 2023, and have since taken some profits. The majority of our clients remain in long positions and have placed stop-loss orders below the support line to prevent any losses.
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