Yahoo Finance’s Jared Blikre examines the market action gains, the sector action for real estate and energy, Nasdaq mega-cap leaders like Nvidia, and meme stocks Robinhood, AMC, and GameStop.
– Beginning this final hour of trade, as we always do, taking a look at the major averages. And as of right now, the Dow not quite at its session highs. But the S&P 500 and the NASDAQ are at some of those intraday highs that we’ve been tracking here. S&P 500 up by about 1% there, 45 points to the upside. And then the NASDAQ Composite, the tech-heavy average, you’re seeing that up by a little more than 1.6%, 239 points in positive territory. The Dow Jones industrial Average also healthily in positive territory right now by about 255 points– 7/10 of a percent in gains on the day. And so for more on today’s tape, let’s head on over to the YFi Interactive with Yahoo Finance’s Jared Blikre. Jared? JARED BILKRE: That’s right. And let’s take a look at the YFi right now, where we’re seeing the S&P 500 above a critical threshold. I’ve been calling for 4,600 as kind of a line in the sand. And it looks like we’re going to close above it. Everything goes to plan in the last hour of trading, here. We have now taken out these early February highs not only in the S&P 500, but also in the NASDAQ we’ve done that. Dow not quite there just yet. But let me show you what’s going on with the VIX– the Volatility Index down below 20 for the first time since earlier, mid January, you have to go back to. Also seeing the bond market quiet down. We’re seeing the 5-year down 7 basis points, the 10-year down 7 basis points. Want to point out that, ever so briefly, earlier today, the 2-year rose slightly above the 10-year for only seconds, and that was according to Bloomberg data. But the headlines were sent out over the wires, and I guess that counts? Or maybe it doesn’t. I think most experts want to see several closes under that and some time spent under– in deeply negative territory to qualify as a yield curve inversion, which of course means recession in a year to three times– a year or three. But back to today. Let’s take a look at the sector action. We’re seeing real estate in the forefront. Taking a little bit of a breather is energy. But it’s really been all about the mega caps. Now, we are in the midst of an 11-day rally. I want to show you what’s been happening on with the sector action. Number one is consumer discretionary– that’s XLY up almost 17%– followed by tech and communication services. All of those outperforming the S&P 500. And we’re seeing a lot of dark green on the screen centered in also the mega caps. We see Tesla up 43%, NVIDIA here up 33 and 1/2%. But it’s really the meme stocks that I want to focus on right now. And front and center is Robinhood. Over 11 days, it’s up 51%– up 25% today alone. You take a look at the year to date price action, it’s been pretty rocky as it has been for a lot of these names. And when we put the two-year on, we can really see that GameStop high from a couple of years ago. I think it was early 2021. And also mentioning that it didn’t really IPO until the middle of that year. So let’s check out a couple of other names. We’ve got AMC up 122 and 1/2%. Let’s take this down to a two-year, and you can see encroaching on the territory that it hasn’t seen in quite some time. So we’re back up to a level of interest– have to see what comes of this. But we also want to check out GameStop, up 140%. And we can see, well, that is in some deeply sideways territory right now. But really interesting to see all the hot money, the thirsty cash, going back into these meme stock guys.
Dow Today – Dow, S&P 500 heading for fourth straight day of gains