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S&P 500 on track to snap 3-week losing streak, bitcoin price pops

In this article:
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Yahoo Finance’s Emily McCormick joins the Live show to break down how stocks are moving in midday trading.

Video transcript

BRAD SMITH: Emily, help us break this down a little bit on the tick by tick. What are we seeing right now?

EMILY MCCORMICK: Well, despite this mixed economic data that we just got out a few moments ago here at the 10:00 AM Eastern hour, we are seeing stocks holding onto gains. The S&P 500 up about 1.8% on an intraday basis. This index is also on track to end a three-week losing streak. So if we look over the past five days, seeing some market gains here for that index. Now, a similar story here for the NASDAQ, as well as the Dow also on track for weekly gains and, again, also moving higher on an intraday basis.

Now one of the things catalyzing this move higher in tech stocks, and in the NASDAQ specifically, is this move higher today in the 10-year T-note yield, but mostly the move lower that we've seen over the past five days. So because we have been seeing these yields moving lower for the past week, that's really helped support some of these tech and growth names. As we can see here, the 10-year T-note yield down by about 20 basis points since where it started on Tuesday, which is a market move to the downside.

Now I also want to highlight what we're seeing in the commodity space here. This has also been getting a lot of action. We've been seeing West Texas intermediate crude oil prices especially moving lower over the past week. And we can now see that on a one-month basis, we're seeing declines here, whereas, of course, we had seen a market move to the upside for the year to date, until about a couple of weeks ago for energy prices.

Now, if we take a look at the sector action inside of the S&P 500, we'll also see that all 11 sectors are in positive territory on an intraday basis, led by these tech-heavy communication services, as well as information technology sectors. Communication services specifically up nearly 3% on an intraday basis. Then finally, I'll leave you guys with a look at the NASDAQ 100. Again, quite a bit of green across the screen on an intraday basis and continuing to see this climb higher when we look over the past week to date as well. Guys.

JULIE HYMAN: Emily, a quick favor. Can you call up the cryptocurrencies real quick? Because we're seeing some green there as well. So the risk on that we're seeing is extending into crypto today.

EMILY MCCORMICK: Absolutely, and again, just taking a look at where Bitcoin is trading, to leave you with that as well, trading above that $21,000 level. So we are off those December 2020 lows, but again, still well off those highs for Bitcoin as well.

JULIE HYMAN: Indeed. Thank you so much, because that's a segue way for me.

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