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Nasdaq rips higher, S&P 500 gains as tech lifts stocks

Yahoo Finance's Brad Smith breaks down the rising tide in stocks on Thursday morning.

Video transcript


BRAD SMITH: All right. Well, let's take a look at the markets here. Dow Jones Industrial Average, you're seeing that up by about 2.9%-- nearly 1,000 points. 946 points is what we'll call it though, right now, in positive territory. Let's put some candlesticks on this ride, because it's lit on the day here. We're going to go intraday with this activity. And there, you've seen the moves higher here-- particularly a move higher there in that larger candlestick that we saw just before the 10:00 AM hour here.

And so as we're continuing to watch this very closely, let's also take a look at the NASDAQ composite. That is ripping to the upside on the day. Percentage basis, biggest gainer that we've seen in the US major averages right now. It's up by roughly 5.9% there. S&P 500, you're seeing that up by about 4.3% at this point in time. Technology is the biggest winning sector right now, up 4.3% for the S&P 500. And since I mentioned the sector activity, let's take a quick look at where those sectors are faring.

Yep, technology is still holding on to it, and consumer discretionary catching a little bit of bid here on the day. That's up by about 6.1%. Let's zoom out here on the NASDAQ 100 as well. You've got no red to be found, unless you're ticker symbol S-G-E-N, which is moving into the descent on the day. It's down by about 7%.

So bucking the rising tide here, but there you can see an entirely green screen, essentially, for the NASDAQ 100. So the tech move that we're seeing here, we're largely moving higher on the day. On the Dow components there, you've really only got one laggard. That's McDonald's. That's down by about 7/10 of a percent. And then additionally here, just going back out and taking a look at some of the yields here that we've been tracking, too, because that's the move that is also worth tracking.

That gives us an insight into what the intentions of the Fed may look like. And on the five year, you're actually seeing that move lower by about 7% on the day. 10-year down by nearly 7%-- 6.75% to be exact, there. So we'll continue to watch this, and all of the market action--