Stocks rise following the S&P 500's worst week of 2023

Yahoo Finance Live’s Jared Blikre breaks down how stocks are moving in intraday trading.

Video transcript

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BRIAN SOZZI: All right, as earnings season begins to wind down, investors will be watching inflation data for clarity on the Fed Funds rate hiking path. Yahoo Finance's Jared Blikre has all the details. Jared.

JARED BLIKRE: That's right. That big CPI print really going to be, I think, one of the biggest movers this week. We still have a lot of earnings. But let me take a look at the market, where we are right now.

One of the things I'm noticing, the NASDAQ, once again, leading over the Dow. Now, this has been the trend this year. Tech stocks, which were flagging last year, the Dow was outperforming. That kind of switched this year. Except that last week, it flipped again.

So let me just show you where we are year-to-date in the Dow. Here's what we're doing today. Here is year-to-date. Not even up about 3%. Although you can see it's been maintaining its gains for several weeks. Now, here's the NASDAQ. NASDAQ is up 12%, 13%.

The reason leadership matter is because we've seen a number of leadership changes over the last year, especially when the Fed became more hawkish. Now, here is the S&P 500. This is over the last six months. And we are in an uptrend. This is-- means we have higher highs and higher lows. And here we are.

And even considering the fact that we still have to take out some highs from about six months ago in the August, September area, around 4,300, still in an uptrend. In fact, I could make the argument that this is a bull flag right here. So until proven otherwise, still in an uptrend there.

Let me just take a look at the bond market. We have 10-year yields flagging just a little bit today down, 3 basis points. But the recent trend has been up. And what's interesting about that is that usually hurts growth stocks. And in fact, that's what happened last week. Those tech stocks that have been leading this year, they took a back seat last week. So we want to see if that's going to continue.

Let's take a look inside the market here. Here's what's happening today in the S&P. Tech leading, staples, XLP also outperforming. Financials, real estate, communication services, all of those outperforming. Only energy, which was last Friday's winner, that's the only red spot we have right now. That's down about 1%.

And finally, here's the NASDAQ 100. Just showing the mega caps here. Microsoft in it's-- extending its lead over Alphabet in the, I guess, we're going to call them the AI world-- the AI wars here. Microsoft up 3%. Meta up 2%. Some Chinese stocks making some gains here. But all in all, not a huge, huge day for most of these tickers.

BRIAN SOZZI: Jared Blikre, thanks so much.