Stocks rise as the euro and U.S. dollar reach parity, GameStop launches NFT marketplace
Yahoo Finance's Jared Blikre breaks down the latest stock and bond market action, plus the latest news surrounding GameStop stock.
JULIE HYMAN: Welcome back to Yahoo Finance Live. We've got a bounce in markets here after a lower open for the Dow and the S&P. They're each up about 1/3 of 1%, and the NASDAQ up as well. Let's get to Jared Blikre on the floor of the New York Stock Exchange. Jared, what's going on?
JARED BLIKRE: Well, the indices have been kind of quiet recently. We've seen some day-to-day fluctuations. But looking at the YFi Interactive over the last two months, here's a two-month candlestick chart. My 5G is a little bit slow here, but you'll notice the last two weeks, a whole lot of nothing. We put in a high a couple of weeks ago and haven't really done much since. So let's take a look at some of the other markets. The bond market really been active recently. There's that S&P 500.
But I want to skip down to the 10-year T-note yield and the short end of the curve. This is not the short end. This is a longer. But everything has been really active. And that has been causing consternation for risk markets. Kind of surprising that they still have pretty much found their footing here. So here's the 13 week T-bill yield. This is screaming higher. It's up 17 basis points today. That is a huge move. That is the short end of the curve that the Fed is controlling. Look at this, 2.12%. We haven't seen a number like that in three years. So that's really putting a damper on the risk market rally.
And here's the US Dollar Index. That is screaming higher as well. That is at multi-year highs. So, as I said, pretty impressive that the market simply hasn't fallen out of bed amid all this chaos. Now, let's take a look at the sector action. And we can see, well, here's semiconductors. Those are bumping today. But if we take a look at the sectors, we have consumer discretionary, communication services in tech-- those are the megacap sectors-- all of those are in the lead, guys.
BRIAN SOZZI: Jared, GameStop finally launches the new NFT marketplace. Are you a GameStop believer?
JARED BLIKRE: No. I don't think-- I'm not. And I don't see anything compelling about this offering. There is no celebrity endorsements. There is no tie-ins with "Super Mario Kart." Let's take a look at what GameStop has done year to date. This is a stock still $133, haven't done that four-for-one stock split just yet. But there's another example. I'm impressed that this is maintaining $133 price tag with something that seems to be somewhat of a boondoggle.
NFT marketplace is-- I think this is going to be the future in a few years, but to pour a bunch of capital when your business is struggling into this new marketplace right now, I'm not sure that's the best solution. Wall Street is pouring $2 trillion into crypto. So crypto is here. NFTs, I think they'll come back. I don't think you're going to see things with a $14 million price tag, those nice JPEGs that we like to look at on Twitter. But nevertheless, I wish them the best. But I wish, like you, Brian, I wish they would spend a little bit more time on their earnings calls, explaining their business strategy if, in fact, they have one.
BRIAN SOZZI: Well, Jared, that's a hot take I, indeed, can agree with. Jared Blikre, thanks so much.