Mid-session market 11/07: Wall Street tries to rally ahead of election day

Market opens the first trading session of the week on extremely low volume with energy and financial carrying the market. Tesla continues to be affected by volatility after the Twitter acquisition deal while Meta surges 5% after announcing plans to cut thousands of jobs to reduce costs. On the heatmap, money flow generally moves quite evenly across both mid and large cap with most investors deciding to sit out the market 1 day before the midterm election.

Globally, Asian stocks rallied strongly overnight after the Chinese government began "studying" re-opening policies with real estate stocks on the Hong Kong exchange recovering yesterday while the HangSeng tech sector surged, pulling along Japan's Nikkei index.

Yesterday's rally in Asia, especially on Nikkei, was largely thanks to the heavy intervention by Bank of Japan in the bond market with this central bank holding up to 73% of all 10-year Japanese government bonds, buying 100% of the bonds offered on Thursday and Friday to cap the ceiling interest rate.