Yahoo Finance’s Jared Blikre takes a look at the market and sector gains heading into the final trading hour, in addition to Nasdaq leaders, meme stocks, Twitter, and bitcoin’s price action.
EMILY MCCORMICK: Well, let’s take a look at how markets are trading in this final hour of the trading day and week. And as we can see, stocks are staging a rebound rally this afternoon. Now the three major indices are off session highs, but still up sharply during this afternoon session. The Dow Jones Industrial average is up by more than 300 points or just over 1.1%. The S&P 500 back above that 4,000 level, up more than 2%. And the NASDAQ composite is the big winner today, up about 3.6%. But for a deeper dive into the market moves, let’s head over to Yahoo Finance’s Jared Blikre standing by here on the touch screen. Jared.
JARED BLIKRE: That’s right, Emily. And we are looking at the best day for the NASDAQ in a couple of years. At least, that was just a few minutes ago. We’ll have to see how things shake out into the close. Here is a look at the five-day price action. You can see we’re still underwater in the major indices, down 3%. But are we clawing our way back? Is this a fledgling rally? That’s what investors want to know. And we’re looking at consumer discretionary. This is a two-day basis. Let’s just check out today, right, first.
First here, we have consumer discretionary up over 3 and 1/2%, followed by energy and tech, and those have been some of the big losers. You take a look at the two-day performance, even greater. So let’s go to the NASDAQ 100. And we can see some nice gains for many of the mega caps, Tesla up 5%, Amazon up 6% over the last two days, Nvidia up 6 and 1/2%. But again, is this going to last?
Now we’ve been taking a look at meme stocks all day, in fact, yesterday, because they began perking up yesterday, when the overall markets were down. You can see Robinhood here is up about 25%. And another old meme stock, which also happens to be a former ARK component, is actually our number one trending ticker of the day. That is Twitter.
Now, Twitter is up or down 10%. And you can see here, this is a little candle. This is today’s price action. This is yesterday’s close. We have filled the gap. This is the area on which the market rallied because of the Musk announcement that he was buying Twitter. Now, he says the deal is on hold, and usually, these things play out behind the scenes, but he has made it public, of course, because he is Elon Musk. We’ll have to see what the SEC says about this, but nevertheless, Twitter having now round tripped all of its gains from that initial buying frenzy.
EMILY MCCORMICK: So, Jared, taking a look at another asset class that’s been benefiting from the risk rally today, we’re seeing Bitcoin prices back above $30,000. Of course, it had been pretty volatile over the past several days. What are you seeing there?
JARED BLIKRE: Right, everybody knows about the stablecoin washout right now. If we put an equal weight basis, we can see Luna down 99%. That has not changed. However, we are seeing some signs of life. Bitcoin is testing a really big level right here. Let me put a two-year chart, put some candlesticks on it, and we can see, we are testing the levels that we flirted with last year.
And in fact, it looked like there might have been a breakdown last year. We got to new nominal highs, but could not get off the dime. So as we are testing this area in here, this is a giant consolidation area. If we break down, I think the next target that we’ll hit pretty quickly, 20,000 and then potentially 13,000. We’ll have to see what comes, but white knuckling it over the weekend with Bitcoin and crypto as usual.
EMILY MCCORMICK: As usual, Yahoo Finance’s Jared Blikre, thank you so much.