The S&P 500 and the Nasdaq’s 2.2% and 3.85% respective rise on Wednesday has perked up investors despite the election uncertainties. However, banking stocks stood on the other side witnessing losses.
The yield on benchmark 10-year Treasury note plummeted sharply from the five-month highs on the election uncertainties and doubts over another stimulus package. Specifically, the rate on the 10-year Treasury bond shrunk 13 basis points (bps) to 0.771%, underlining the biggest decline since April. Further, the yield on the 30-year Treasury bond contracted to 1.55%.