Market check: Stocks advance, crude oil futures hit $90/barrel, Apple shares up

Yahoo Finance's Jared Blikre breaks down how stocks, energy, and tech are trading today.

Video transcript

AKIKO FUJITA: First, though, stocks rebounding after yesterday's volatile session. And Brad, today it is all about that Fed decision. Of course, we've got Yahoo Finance's Brian Cheung watching that for us this afternoon, but let's kick things off with Jared Blikre with a look at the market action. Jared.

JARED BLIKRE: That's right. We're looking at a nice rally ahead of the FOMC announcement. And guess what? This usually doesn't happen. We get something called FOMC drift, and that's where the Fed just realizes or market participants just realize that the Fed, it's all about the Fed, and they don't need to do much. But we're seeing a lot of volatility today. And that's par for the course for what we've seen recently.

Here's a five-day look at the NASDAQ. And you can see we were down considerably only one day, and now we have risen, I'd say, decently. Now yesterday was a unique day almost, and that's because we had the Dow almost closing up after two days of 2% down days. It didn't happen.

But nevertheless, I want to get a look at the futures here, and this is going to be the S&P 500 futures. And we're going to take a multi-day look. And we can see this is a spike bottom that we got earlier in the week. And now we are right back up against resistance. So I think it's all going to come down to what the Fed says today. The only thing that has to happen is Jerome Powell might ease off the QT rhetoric and not say anything about rates necessarily, probably going to go ahead with March. But if he just eases back on that rhetoric, you have to think that the markets are going to run with that. If they don't, watch out below.

This is our commodities heat map. Just wanted to point out that Brent just hit $90 per barrel for the first time since 2014, so crude oil definitely resuming its bull market. And let's take a look at WTI as well. We can see that's up to 87.50. Haven't seen that price in a couple of days and a couple dollars higher. We're going to see if they can take out those 2014 highs as well.

Here's the NASDAQ 100. And we're seeing a lot of green here. Microsoft after earnings, very favorable outlook. That stock is up about 4% right now. And we're also taking a look at Apple. Apple is going to be reporting earnings after the bell on Thursday. That stock's up 1%. Alphabet is next week. Tesla is after the bell today. I'm going to be ringing-- excuse me-- I'm going to be bringing those earnings to you, about 4, 4.10.

So let's take a look at the semiconductors. Those are popping today, as is the software space. I'm not going to go through all the names. Just want to show you this is a market reversal from what has happened since the beginning of the year. And here is a year-to-date look. You can see a lot of these names still mired in the red. Even Microsoft, the big king there, is down about 11%.

I do want to check in on the banking sector. We have seen-- and this is a year-to-date view. Let's go to an intraday, and could see JPMorgan up 2%, Citigroup up about 2%, and Goldman Sachs, that's up almost 2% as well. But we want to get a read on what the Fed is expected to do to that due today. So, Brian, I'm going to kick it to--