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U.S. stocks extended gains Monday, while the dollar retreated against its global peers and Treasury yields moved lower, as investors looked to protect a solid November rally amid a light calendar of events in the holiday-shortened week.
Updated 3:35 PM EST
Stocks are powering higher into the final thirty minutes of trading, with the S&P 500 up 41 points, or 0.9%, to take the benchmark to within 1.1% of the 2023 peak of 4,607.07 points it reached on July 27.
The Nasdaq, however, is pacing the day's gains, rising 175 points, or 1.24%, on the back of solid gains for Microsoft and Apple (AAPL) -), while the Dow gained 257 points.
Updated 1:09 PM EST
Treasury yields slipped lower following a solid auction of $16 billion in new 20-year bonds, which drew more than $41 billion in overall bids, with foreign investors snapping-up around 74% of the total sale.
Benchmark 10-year notes were last seen trading at 4.430%, two basis points lower from Friday levels, while 2-year notes edged 1 basis points higher at 4.907%
The S&P 500 was up rising 27 points, or 0.68%, while the Dow gained 164 points. The Nasdaq was up 140 points, or 1%.
Updated 12:30 PM EST
Stocks extended gains in mid-day trading, with the S&P 500 rising 21 points, or 0.45%, and the Dow up 122 points ahead of a $16 billion auction of new 20-year Treasuries that could spark some movement in today's tepid bond market.
Benchmark 10-year notes were last seen trading at 4.455%, little-changed from Friday levels, while 2-year notes edged 2 basis points higher at 4.9174%
Updated 11:01 AM EST
A New York Fed survey, published Monday, showed the highest auto loan rejection rate since 2013 last quarter, with a "notable" decline in overall credit demand that could have big implications for consumer spending heading into 2024.
The number of people looking to apply for new credit next year, the survey indicated, slipped to 25.1% last quarter and 25.9% for the year, a likely indication of the impact of Fed rate hikes, which hit a 2007 peak of 5.25% to 5.5% in July.
Updated 9:41 AM EST
Stocks bumped modestly higher at the open, with the S&P 500 rising 8 points and the Dow gaining 36 points. Microsoft's 1.5% advance, meanwhile, helped give the Nasdaq a solid 70 point boost.
Updated 8:13 AM EST
Bristol Myers (BMY) -) share slumped 4.2% in heavy pre-market volume after German rival Bayer scrapped a late-stage trial of its blood-thinning drug that casts doubt on the future of Bristol Myers' developing milvexian treatment, which the drugmaker said could generate more than $5 billion in annual sales if approved.
Bristol Myers shares were marked 4.2% lower and indicating an opening bell price of $48.70 each. Its partner in milvexian development, Johnson & Johnson (JNJ) -), is down 1.3%.
Related: Bristol Myers slumps as Bayer trial failure casts doubt on $5 billion drug
Updated 6:58 AM EST
Microsoft (MSFT) -) shares are a key early-mover Monday after it said OpenAI founder Sam Altman, who was ousted by the board of the ChatGPT creator late Friday, will join the tech giant and lead its AI effort.
Microsoft shares were marked 2% higher as the most active stock in pre-market trading to indicate an opening bell price of $377.03 each, a fresh all-time high that would value it at around $2.8 trillion.
Related: Microsoft surges as OpenAI founder Sam Altman joins tech giant to lead AI effort
Stocks notched their third consecutive weekly gain Friday, the longest winning streak since July, taking the S&P 500 to a searing November gain of 7.64% and putting the benchmark less than 2% from the 52-week highs it reached earlier this summer.
Related: Wall Street cheers lower inflation, but a new risk has investors on edge
The larger moves overnight, however, were in the U.S. dollar, which fell to a fresh two-month low of 103.478 against a basket of its global peers before steadying at 103.588, well below its 200-day moving average, as investors continue to discount any Federal Reserve rate hikes while pricing in cuts for as early as May.
With a cooling economy easing concerns about another rate hike, expectations are now, right or wrong, focused on when the Fed may pivot to cuts," said Chris Larkin managing Director for trading and investing at E*TRADE from Morgan Stanley.
"And traders who think they’ll have to wait until next week to find out whether the market can build on its upswing should think twice," he added. "There’s plenty of economy data scheduled for this week, and since 1950, the S&P 500 moved almost as much (+/-1.5%, on average) during Thanksgiving week as it did during an average five-day period (+/-1.6%)."
Investors will likely focus on language from the Fed's November policy decision, which held rates steady for a second consecutive month at between 5.25% and 5.5%, when minutes of the two-day meeting are released Wednesday, for indications as to how policymakers are viewing the central bank's rate path.
A smattering of earnings over the next three days, including a third quarter update from Nvidia (NVDA) -) after the close of trading on Tuesday, will also keep Wall Street focused ahead of Thursday's market holiday and the traditionally thin liquidity of Black Friday.
In overseas markets, Europe's Stoxx 600 was little-changed in early Frankfurt trading, with drugmaker Bayer AG plunging 20% to a new multi-decade low following the cancellation of late-stage trials of its blood-thinning treatment.
Overnight in Asia, Japan's Nikkei 225 touched a fresh 33-year intra-day high of 33,853.46 points before profit taking pushed the benchmark 0.59% lower in the session, while the region-wide MSCI ex-Japan index was marked 0.91% higher into the close of trading.
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