Uneven Stock Trading and Lower Treasury Yields in First Trading Day of the Week
Nov 27, 2017
Stocks closed mixed Monday as a modest 0.10% gain for the Dow was offset by similarly modest losses for the S&P and Nasdaq. Energy companies led losses within the S&P as crude prices dropped the most in more than a month and a half. Markets are awaiting Thursday’s decision from OPEC as to whether the group and others will agree to extend production cuts past March. Fifty-two percent of all companies within the S&P moved lower on the day. The biggest bright spots for the index were utilities and telecommunications companies which rose roughly 0.4% on average. Treasury yields fell and finished near their lows of the day and the curve resumed its flattening trend for the first time in three sessions. On the day, the 2-year yield edged 0.4 bps lower to 1.74% while the 10-year yield dropped 1.4 bps to 2.33%. Despite the lower yields, the Dollar recovered against most currencies except the yen and closed near its highest level of the day.