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Market check: Stocks bounce back from Thursday’s steep losses

Yahoo Finance’s Emily McCormick joins the Live show to break down how markets opened on Friday.

Video transcript

BRAD SMITH: Welcome back to Yahoo Finance Live, everyone. Markets are holding on to some gains right now. And the Dow is up by about triple digits, half a percent. Let's also get on over to Yahoo Finance's Emily McCormick with more on the major averages and what we've been tracking very early on in today's tape. Emily.

EMILY MCCORMICK: Well, Brad, we're seeing a bit of a reversal from the market moves from yesterday. And if we head over to the Yahoo Finance Interactive, you can see clearly that the S&P 500 Dow and NASDAQ are firmly in positive territory, just about 50 minutes after that opening bell.

Now if we do look over the past five days on the S&P 500, you can see that that index is still down by about 5.2% for the week. As of yesterday's close, the index had been down about 6% and was on track for its worst week since March 2020. But it looks like we may narrowly avoid those levels and that interval, of course.

Now we take a look at the NASDAQ 100 again, a different picture from what we saw yesterday. A lot of green across the screen with only a couple of components here in the red. A big reversal from what we saw yesterday, whereas this screen was mostly red with just a couple of spots of green in intraday trading. So certainly some bright spots here when we take a look at that trading action.

Also want to highlight what we're seeing in terms of the sector action in the S&P 500, as we can see energy is the only of the 11 major components that is trading lower this morning. And then if we head over as well to the Chinese stocks, big reversal there as well. Alibaba, of course, one of the big standouts, moving higher, after Reuters reported that the People's Bank of China was going to be approving Ant Group's move to create a financial holding company.

So, yesterday, we certainly saw a big risk-off move in these markets. Seeing a little bit more optimism, a little bit more of a bounce today. But we'll see whether this ultimately holds. And again, still heading for steep weekly losses, guys.

BRIAN SOZZI: Yeah, glad you mentioned Alibaba, Emily. It is now the top trending ticker on the Yahoo Finance platform. Emily McCormick, thanks so much.