Market check: Stocks open higher, travel stocks gain
Yahoo Finance’s Jared Blikre breaks down how markets opened on Tuesday.
- Welcome back to Yahoo Finance Live. We are seeing markets hang on to gains and actually extend gains here. So the Dow now up by more than 400 points. The S&P up by more than 1% as well. The NASDAQ gaining 0.9%. Let's get back down to Jared Blikre in his summer suit on the floor of the New York Stock Exchange. Hey, Jared.
JARED BLIKRE: Hi, Julia. Let's go to the Wi-Fi interactive. I'm looking at our global index map, and a lot of green on the screen here. And we can see only the Dow up-- or actually S&P up 500, also up more than 1%. The NASDAQ Russell 2000 closely on their heels. Now, let's take a look at a longer term chart of the S&P 500. Looks like my connection is a little slow, but there we go. And we can see still kind of in liftoff mode. We paused a little bit yesterday. Not really accelerating to the upside here. But if we put a year to date chart, you can see we're still pretty firmly in this downtrend channel. And even if we were to break above, doesn't mean the bear market is over, but that is the next logical step. Looks like it's going to be about 30 or 50 points ahead. Let's call that 4,000 even, one of those big numbers. 4,200 is actually a bigger level.
So we're going to be watching for that if we do get some action to the upside in the days to come. Want to check out the MOVE index. This is as of the close yesterday, but you can see just a little tiny tick up on yesterday's bond action. The bond market has been volatile lately, but settling down a little bit. You can see the 10 year T-note yield only up about two basis points today. When we take a look at the sector action, not a lot of outperformers-- well, not a lot of big movers here. Energy up 2%. That's not a lot for energy, as we know. Financials also flying higher. Industrials, materials, discretionary, and real estate rounding up the top.
All of those are outperformers. All of those are up more than 1%. And if we take a look at some of the leaders here-- there we go. We can see there's some green here, but not a lot of big dark green outperformers. Transports are up 1.5% today. We're seeing some love for gambling. Regional banks, value stocks, chip stocks, momentum. A lot of broad-based gains here, but again, just not anything really popping except for maybe the energy sector. You're talking about oxy. Before Occidental Petroleum up about 3%. Apache also up about 3% as well. When we take a look at China, kind of a mixed board. Trip.com did announce results, and we're seeing some love in the travel sector for that and other reasons. But nevertheless, we'll have to see if we can get this turnaround Tuesday going.