On Monday, U.S. stocks surged, extending a triumphant three-week winning streak. The benchmark S&P 500 (SP500) has experienced gains almost every day of November, with just two exceptions.

The favorable market sentiment received a boost following a closely-watched 20-year Treasury auction and a subsequent dip in longer-end yields.

This week is anticipated to have a quieter news cycle, as the bulk of the third quarter earnings season concludes and with a relatively empty economic calendar. The forthcoming Thanksgiving holiday on Thursday may also contribute to lighter trading volume.

Investors are feeling upbeat as inflation moderates swiftly and employment numbers remain steady, setting the stage for an ebullient period prior to Thanksgiving, as noted by Ahan Vashi, investing group leader of The Quantamental Investor, in a statement to Seeking Alpha.

The Nasdaq Composite (COMP.IND) led the charge among the main indexes, boasting a 1.13% rise to end at 14,284.53 points. This surge was fueled by Microsoft (MSFT) reaching a historic high after the announcement of former OpenAI co-founders Sam Altman and Greg Brockman joining a new advanced artificial intelligence team within the tech giant. Microsoft’s strategic move came after Altman’s unexpected removal as the top executive of OpenAI, sparking a wave of excitement in the tech sector and triggering Monday’s rally.

Concurrently, the S&P 500 (SP500) advanced 0.74% to settle at 4,547.38 points, while the blue-chip Dow (DJI) added 0.58% to finish at 35,151.04 points. The surge in the former was attributed to a market consensus that the Federal Reserve has concluded its interest rate hikes.

Vashi emphasized, “The weekend drama at OpenAI turned into a significant triumph for Microsoft (MSFT), with Sam Altman joining the tech conglomerate to lead its new AI Research team. Artificial intelligence has been the hot theme in tech for the last year, and this weekend’s surprising news seems to have triggered a fresh wave of buying across the tech sector, which led today’s rally.”

Of the 11 S&P sectors, nine ended in the green, with Technology leading the way. Utilities and Consumer Staples were the two sectors to suffer losses.

Longer-end Treasury yields made slight downward movements after the $16B 20-year note auction, pointing to solid demand. Ultimately, this contrasted starkly with the $24B 30-year auction eleven days ago that experienced significant tailing.

Yield percentages observed post-auction were as follows: the 30-year yield (US30Y) decreased by 3 basis points to 4.57%, the 10-year yield (US10Y) decreased by 2 basis points to 4.42%, and the shorter-end more rate-sensitive 2-year yield (US2Y) increased by 1 basis point to 4.92%.

Additionally, U.S.-listed Argentinian stocks saw significant activity, staging a widespread advance after libertarian Javier Milei’s presidential victory in Argentina. This event sparked speculation that state-owned energy firm YPF (YPF) could benefit from economic reforms, leading to a surge in its shares. Similarly, Boeing (BA) emerged as one of the top gainers on the S&P 500 (SP500) after receiving an upgrade from Deutsche Bank based on expectations of increased cash flow from rising aircraft deliveries.