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U.S. stocks were mixed Monday, while Treasury yields moved lower and the dollar extended its retreat on foreign exchange markets, as investors looked to close a searing November rally on a cautious note while bracing for key inflation and jobs data later in the week.
Updated at 1:14 AM EST
Stocks are mixed heading into the afternoon session, with the S&P 500 inching into positive territory on the session as bond rally following two benchmark auctions that, while not as strong as prior sales, still managed to draw solid interest.
Benchmark 10-year notes were last marked at 4.398%, with 2-year notes at 4.920%. The S&P 500 was up a point, with the Dow down 55 points and the Nasdaq up 53 points.
Updated at 11:56 AM EST
A soft auction of $54 billion in new 2-year notes, which saw a big decline in foreign demand, looks to have had only a minimal impact of stocks Monday as the Treasury executes $109 billion in benchmark sales to start the week.
The S&P 500 was last marked 4 points lower, while the Dow was down 76 points following the auction results. The Nasdaq, meanwhile, was marked 53 points higher.
Related: 2-year bond auction sees slump in foreign demand; 5-year sale on deck
Updated at 11:05 AM EST
Muted volumes in the early Monday session are keeping stocks in check, with modest declines across the Dow and the S&P 500 with the Nasdaq inching into positive territory.
Tesla (TSLA) -), as ever, is the market's most-active stock, but with only around 47.4 million share changing hands, around 38% of its average three-month volume of around 121 million.
Updated at 9:38 AM EST
Stocks opened weaker at the opening bell, with the S&P 500 falling 11 points and the Dow retreating 31 points from Friday's early close. The Nasdaq was down 36 points.
Updated at 9:11 AM EST
The market's three major influences – Treasury yields, oil prices and the dollar – are all moving lower Monday as markets look for near-term catalysts to extend the November rally.
Brent futures contracts for January delivery, the global pricing benchmark, were last seen 74 cents lower at $79.81 per barrel while WTI contracts for the same month, which are tightly-linked to U.S. gasoline prices, fell 74 to $74.80 per barrel.
The dollar index was last marked 0.1% lower at $103.02, extending its November decline to 3.1%, while benchmark 10-year note yields were last seen 2 basis points lower on the session at 4.461%.
Meanwhile, 2-year notes were last seen trading at 4.945% ahead of a double auction of 2-year and 5-year notes later in the session.
Updated at 8:14 AM EST
The market's key volatility gauge, the CBOE's VIX index, hit a pre-pandemic low of $12.45 in early Monday trading, marking a peak-to-trough decline of 42.5% since the beginning of the year.
The Vix was last marked $2.58 higher at $13.13, suggesting traders are expecting daily price swings for the S&P 500 of around 0.82%, or 37.4 points, over the next 30 days.
Updated at 7:10 AM EST
Big retail stocks are trading mixed Monday following record online sales from Black Friday, and a predicted $12 billion splurge for Cyber Monday, as consumers focus on discounts while shunning in-store purchases.
Target (TGT) -) shares were marked 0.05% lower in pre-market trading at $131.39 each while Walmart (WMT) -) and Amazon (AMZN) -) were up 0.15% and 0.77% respectively.
Related: Cyber Monday sales may top $12 billion following record online Black Friday spending
Stocks are on pace for one of the strongest November gains on record, with the S&P 500 now up 8.7% on the month, taking its year-to-date advance to around 18.7%, while mega-cap tech stocks have lifted the Nasdaq 10.9% for the month and 36.2% for the year.
A pullback in Treasury yields, which began late last month, has been the biggest upside driver for stocks as investors bet that the Federal Reserve has come to the end of its rate-hiking cycle and will look to lower borrowing costs early next year as the economy weakens and inflation continues to slow.
Two big tests to that thesis will come later in the week, first with a reading of the Fed's preferred inflation gauge, the core PCE price index, on Wednesday and a key speech from Chairman Jerome Powell on Friday.
The Commerce Department's non-farm payroll report will be published next week.
Treasury yields have been inching higher into this week's data set, which also includes weekly jobless claims, GDP and housing data, with benchmark 10-year notes testing the 4.5% mark in overnight dealing.
Gold prices, meanwhile, have rallied to a six-month high of $2,017.82 per ounce in the wake of the dollar's 3.1% November decline.
In other markets, global oil prices remained under pressure in the overnight session, with Brent crude trading south of $80 per barrel, ahead of a delayed meeting of the OPEC+ cartel later in the week that is expected to confirm production cuts into the start of the new year.
In overseas markets, Europe's Stoxx 600 slipped 0.1% in mid-day Frankfurt trading with investors tracking developments in Germany's budget crisis, which will likely force Chancellor Olaf Scholz to suspend its so-called 'debt brake', and increase its overall borrowing, after the country's top court ruled against its new spending plans.
Overnight in Asia, stocks were modestly lower on the session, with the MSCI ex-Japan index falling 0.31% and Japan's Nikkei 225 down 0.2%, following another weak reading for October industrial profits from China that continue to test the government's resolve on stimulus and interest rate cuts.
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