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Market check: Stocks waver at open, U.S. dollar flags

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Yahoo Finance’s Jared Blikre breaks down how markets opened on Monday.

Video transcript

JULIE HYMAN: We've got-- oh, that didn't last long, did it? Markets opened up higher, and now they are lower. Jared Blikre is on the floor of the New York Stock Exchange. Jared, what happened?

JARED BLIKRE: Well, don't blame me. I'm just watching this unfold, as are you. Let's go to the YFi Interactive. We're seeing the Russell 2000 about to flip red. It was up about 10 basis points a couple of seconds ago. Let's just-- and there it goes. Let's check out the NASDAQ. As you said, most of the indices opened up a bit higher today. But we are giving back some of those gains. This is a two-day look so this includes Friday's gains. And you can see, just coming back to a potential prior resistance point. So gonna chalk this one up to not that much happening just yet on a Monday morning.

Let's take a look at the S&P 500 over a slightly longer period of time. And we can see we had finally got that lift-off Friday. That was a huge day for the market, high volume because of the Russell 2000 rebalance. And I believe it was an investor's business daily IBD follow-through day as well, so traders pay attention to that. We've come right back to a level which is about 3,900 that has been in play before. But 4,200, that's the one way up here that was prior resistance. That's going to be the one to look out for, should we get further lift-off. And you can see 4,200 in play for quite some time here.

I want to take a look at the bond market. 10-year T-note yield, that is up about six basis points. And you can see, we are still chopping around in the upper area of its most recent range. Also want to check out the US Dollar Index, commodities a big story here. You can see that's kind of just flagging here. We'll have to see what comes of that. But when we take a look inside the market, energy was the only sector, and it is the only sector in the green. Still, it's up about 1%. Materials, communication services, and real estate, those are the biggest losers to the downside, but not any big outsized losers that I'm seeing just yet.

We had a huge day for software Friday, and we're seeing some of those names give back some of those gains. So let's take a look. This is semiconductors. Let's take a look inside the software. And we can see Datadog, that is down over 3%. Twilio down 4%. You take a look at the two-day gains. This includes Friday, still retaining a lot of those wins. Guys.

BRIAN SOZZI: Jared Blikre, thanks so much.

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