Stocks turn higher, oil has biggest day since November 2020

Yahoo Finance's Jared Blikre checks out the sector action, as well as the market action in Nasdaq leaders and volatility levels. Read More...

Yahoo Finance’s Jared Blikre checks out the sector action, as well as the market action in Nasdaq leaders and volatility levels.

Video Transcript

RACHELLE AKUFFO: All right, well, let’s start with a market check, just an hour before the markets close, as we see all three major indices in the red. We’re seeing the Dow up 0.8%, up 277 points. The S&P 500 up 0.9%, and the NASDAQ, the tech-heavy NASDAQ, up the most, up 1%, up 134 points today. For more on this, let’s take it over to our very own Jared Blikre at the Interactive. Jared.

JARED BLIKRE: That’s right, that Netflix news got me a little bit nervous, but let’s get to the main point, looking at some nice gains today. NASDAQ up 1%, the Dow is up 282%, up 4% over the trailing four days. So we might be able to– excuse me– snap that long losing streak that we’ve had on a weekly basis. Also taking a look at our energy sector is in the lead today, 3 and 1/2% for XLE. And that’s on the back of crude oil having the best day or the biggest jump, however you want to think about it, since November of 2020.

Also materials getting some love here, up 1.6%. Tech is the biggest laggard. That is up only 2/3– or excuse me, 1/5 of 1%. Here is the NASDAQ. We’re seeing Tesla up 4%. Microsoft a little bit of a downdraft there, but Amazon up 2 and 1/2%. XRT has been coming back, retail looking a little bit stronger than it has. And I want to get back to the market fundamentals here because I’m looking at the VIX. Now this is the VIX year-to-date. You can see it’s been down three days. This is the lowest level in a month. And that is looking good to support the continuation of this rally.

If you take a look at the S&P 500, it’s been quite some time since we had three up days. And if we do that, it probably sets a site for at least a rally to 4,500, 4,550, maybe even touching those record highs that we saw at the beginning of the year. I want to close out here with the bond market. Here is the five-year. Very interesting movement yesterday based on the Fed comments. We got Lee Munson, I’m sure he has some colorful commentary about what Powell was saying. But we can see it’s down three basis points today. The 10-year– let’s take a look here– just about breakeven. And the 30-year? Up two basis points. Guys.

BRAD SMITH: Yahoo Finance’s Jared Blikre. We’re going to check back in with Jared later on during today’s show as well.