Stocks continue trending upward ahead of the close, communications lead sector gains

Yahoo Finance’s Seana Smith breaks down how stocks are performing near the end of the week.

Video transcript

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SEANA SMITH: We're looking at the Dow with gains of 238 points. S&P also moving to the upside, up just about 1 and 1/2%. Let's take a look at the NASDAQ. The NASDAQ 100 up just about 2 and 1/2% today. A lot of that has to do with the gains that we're seeing from Netflix following their much better-than-expected subscriber growth number that we got out after the bell yesterday.

And then, also, Google stock moving to the upside following some cost-cutting measures, including a significant headcount reduction. That, of course, is driving Alphabet stock here. And that's why we're looking at the NASDAQ the outperformer of the three major averages.

Now, on a weekly basis, though, we are looking at a bit of a different picture. Taking a look at the four-day chart, NASDAQ 100 barely positive. But taking a look at the S&P, you're looking at losses of just about 1%. The Dow, losses of nearly 3%. And putting that in context here for weekly performance, the Dow on track for the worst week that we have seen since September.

Taking a look at the sector action today, mentioned the outperformance in the NASDAQ and in tech. You're looking at the tech sector up well over 2% as well as communication services, followed by consumer discretionary. All three of those sectors up over 2%. All 11 of the S&P sectors in the green for the day. Utilities, the underperformer of the group but still in positive territory.

Looking at a five-day move here-- actually, a four-day because a holiday-shortened week, a mixed picture, though, as we wrap up the week. Communication services still in the green, pretty solid, up just over 1%. But industrials, the worst-performing group of the week as well as utilities there. So, Dave, we are looking at gains today. But on a weekly basis, though, losses for the three major averages.

DAVID BRIGGS: And a weekly situation where the Fed kind of reiterated everything that they've been saying over and over again. We're going to get rates above 5%. We're going to hold there. You think through the rest of the year.

SEANA SMITH: You know, I think that that is what they want investors to think. That's clearly been the message here to the markets over the last several months.

DAVID BRIGGS: But they don't agree.

SEANA SMITH: But they don't seem to be changing their tune. Right. They don't agree. The market's looking for any sort of hope that maybe the Fed will back off those rate hikes, maybe potentially cut. But I certainly think it's a safe bet saying that they are going to keep rates higher for the rest of the year.

DAVID BRIGGS: Yeah, I think-- I think through '23 as well. All right. Thank you, Seana.