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Market check: Stocks jump, crude oil rises, Nike stock declines

In this article:
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Yahoo Finance's Emily McCormick joins the Live show to break down how stocks are moving after China eases its COVID-19 restrictions.

Video transcript

JULIE HYMAN: Yeah. And what's happening overall here in the markets, we're still seeing gains here. I'm going to keep on looking through the consumer confidence statement to get a little more color on what they're saying. Emily McCormick, what are we seeing in the markets here on this?

EMILY MCCORMICK: Well, stocks are holding onto gains despite that disappointing data that we just got on consumer confidence. As we can see here, the Dow Jones Industrial Average is the leader among the three major averages, up just about 300 points, or about 0.9%. The NASDAQ Composite up about 0.4%. And the S&P 500 also higher in the early goings. Now, as we see the Dow moving higher, we are seeing this be a cyclically-lead day. In the markets, we're also seeing that being reflected in the commodity space, where we do have WTI crude oil futures moving to the upside by about 1.2% on an intraday basis, although we are still seeing this commodity on-tracked for its first monthly decline since November, of course, because of some of the losses that we saw over the past couple of weeks.

Now, also want to highlight these sector action that we're seeing inside of the S&P 500, because, again, pointing to the fact that the cyclicals are leading the way higher, energy, financials, and industrials are the leaders of the 11 major sectors, although all 11 are also in positive territory-- communication-- or information technology, rather, just turning slightly negative. Now, inside of the Dow, also want to highlight the action that we're seeing there among these 30 components here. We could see that Boeing, Dow, the materials company, as well as Disney are leading to the upside, whereas we do have Nike moving lower after its latest quarterly earnings results yesterday.

Disappointing guidance, especially on the China front there. Merck and Salesforce also the laggards in the Dow. Then finally, as we were talking about Chinese stocks-- as you guys were talking about Chinese stocks earlier, do you want to highlight what we're seeing there? Well, we do have Alibaba, as well as Pinduoduo and Baidu, moving slightly to the upside today. So a little bit of a risk-on that we're seeing in this space as well, especially after China did just reduce the amount of time that travelers to the country will have to quarantine. So that is providing a bit of a boost to markets here as well, guys.

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