Stocks rise with financials and industrials leading the way

Yahoo Finance's Ines Ferre discusses how the stock market is doing amid ongoing Omicron variant concerns.

Video transcript

KARINA MITCHELL: And Alexis, all eyes on the president, due to give remarks a short time from now. But in the meantime, markets being pulled in all directions over the variant, over inflation, and over a bit of a surprise announcement from OPEC Plus.

ALEXIS CHRISTOFOROUS: Yeah, you name it, Karina. Volatility continuing to be the word of the day for these markets. You know, all week long, we've seen the markets be driven by these pandemic related headlines. And for today, at least, we're seeing a nice bounce back. It looks like traders are focusing on those comments from the World Health Organization's chief scientist, suggesting that vaccines will likely offer some protection against this omicron variant.

The Dow near its best level of the day, right now, up 618 points. In the broader market, financials and energy leading the advance there, with the S&P up 65, the NASDAQ up just about 100 points right now. And the rallying continuing over in the bond market, where we see yields moving higher right now. We have the yield on the 10-year Treasury at 1.46%, but the yield on the 30-year in the opposite direction just slightly, sitting at 1.77%. I want to check in with Yahoo Finance's Ines Ferre for her picks of the day, what she's got her eye on. Hi, Ines.

INES FERRE: Hi, Alexis. And you mentioned financials, so let's take a look at the bank stocks right now. Those are leading the gains. And you can take a look at our YFi Interactive Board. So these stocks were up yesterday before we saw that severe reversal in the afternoon. Take a look, Morgan Stanley up more than 4%, JP Morgan, Wells Fargo all higher today.

I also want to mention some of the software stocks, which are seeing a nice rebound today. This is after Snowflake announced its quarterly results, Okta also. Take a look, they're the biggest gainers in this chart. Snow up more than 13% after a revenue beat. And also its outlook coming in better than expected. Okta also beat on estimates, with revenue up 61% year over year. So it's seeing a nice bump today.

I want to also mention the travel stocks, which had really been under pressure yesterday, as we got that news of that first omicron case out in California. Today, a nice rebound for these stocks. But if we take a look at a five-day chart since last Friday, remember when we first got the news of omicron out of South Africa? Well, you can take a look at that five-day chart. So these are still underwater, these stocks. But nevertheless, today seeing a nice rally.

And then looking at Boeing, one of the industrials, also the airlines being in the industrial sector. On the Dow, Boeing up more than 5%. And this is off of news that Chinese regulators, they appear to be close to recertifying the 737 Max jet in China, a much needed boost for Boeing since it had been on a four session decline prior to today's rally. Alexis.

KARINA MITCHELL: OK, I'll take it from here. Ines Ferre, thank you so much, and we'll see you back later on in the show.