Financials & energy rebounding, GM jumps with new bull, Newegg leading meme stocks

Yahoo Finance’s Jared Blikre reports on the day's trending tickers.

Video transcript

ADAM SHAPIRO: Jared Blikre, we're watching these markets and financials and energy rebounding as 10-year yield is jumping. Tell us more.

JARED BLIKRE: Yeah, let's take a look at the YFi Interactive. We have a reversal today from the rest of the week. And indeed, financials, materials, energy, industrials, those are the value cyclical sectors. And they're all outperforming today. All the utilities trading to the downside here, and tech taking a little bit of a backseat. But hey, 85 basis points in the XLK, I'm sure investors will take that.

A little bit different picture when we go to the floor debut. Now we have real estate leading, along with tech, consumer discretionary, and utilities, more of an interest rate play there. And I'll get to a bond chart in just a second. I do want to note that energy down almost 4%, financials up just under 1%, and then communication services rounding out the week's losers.

Well, here's a 10-year T-note yield. This has really been the story of the week. We broke down Monday. And then Tuesday, Wednesday, we probed lower levels, hitting about 1.27%, levels we haven't seen since February. And now today, we are up seven basis points. That is the biggest move in a couple of weeks here. And we know that when the 10-year T-note yield surges, we see financials and energy usually rallying at the expense of growth. And we're seeing a pretty broad-based rally today.

Just want to point out one more thing in the week's price action-- all about the mega caps, right? Here is the intraday look, but I'm going to change this to a four-day look, and Apple up 3.7%. That is a record high first since January. We've been talking about that. Also, Amazon up 6%. It's been hitting record highs as well after surging and breaking to that first record high in a while on Tuesday. Adam.

ADAM SHAPIRO: All right, so we're watching that, but then we're also watching General Motors because stock jumped after some pretty good news from Wedbush, especially about GM's plans for electric vehicles.

JARED BLIKRE: Yeah, GM has really been hitting it out of the park this year with their EV push. And I'm going to pull up-- I'm going to sort this by performance here and go to a year-to-date view. And this might surprise some people. At the very top of the list, we have a SPAC. That's CCIV. That's the-- I believe they're merging with Luminar. But then you look at number two and number three. That's Ford, up 65%, GM up 41%. And where's Tesla on this list? It's down 7% here.

So let me get to what Dan Ives is writing about GM, saying that the company proves its electric vehicle vision over the coming years, and the shares will be rerated more as a disruptive technology in EV play, rather than traditional automaker. They're setting a price target of $85. Let's check that out on a year-to-date basis here. You can see the current price is 58.68, so room to run if it does hit that price target indeed.

Ives is also saying that GM's CEO Mary Barra has led the legacy auto company back to the top of the US auto industry, accounting for over 17% of the market share in 2020. GM, Ford, Volkswagen all been stealing market share, especially in Europe, from Tesla and some of the other more pure EV plays.

Also, one more note-- GM's laser focus on electric vehicles has given new energy and strategic direction to the company, which the Street has really started to notice. So you can see kind of sideways to up action here. Need a new catalyst. It is nice to see the stock performing well, as they do, as they continue their EV push. And I should note also at the beginning of the year, when they had that breakout, that was when they really started loading up. And we saw the EV headlines from GM dropping. Adam.

ADAM SHAPIRO: I still can't get my grandmother's General Motors Buick 1978 Le Sabre out of my head whenever I hear GM. And now we're talking EV. Hey, real quick, what's going on with meme stocks this week? Because that's something that we also can't get out of our heads.

JARED BLIKRE: Yeah, well, I've been looking at Newegg. And if we go to the YFi Interactive, we can see it has now turned positive on the day. It's up about 3 and 1/2% here. I'll go to an intraday view so we can see, yeah, we did get an initial pop here and just kind of giving back some of those gains. But let's check out what it's done for the week, up over 150%. Pretty impressive price action. I'm going to go back a month now and put a candlestick chart on.

And here, you can see some of the support that looks like we're trying to keep right around $42, $45 per share. That's Newegg. Not as well bearing for some of the other meme names. You could see AMC is down 10% for the week. Discovery down 6%, GameStop down 5%. But we do have a couple other winners here. Virgin Galactic, we know Sir Richard Branson is going to be launching into space on Sunday. And that stock is up about 12% for the week.