Market check: Stocks maintain gains following Fed decision

Yahoo Finance Live's Jared Blikre breaks down midday trading in the stock market following the Fed's decision.

Video transcript

KARINA MITCHELL: I want to check in now on how markets are reacting to the Fed decision. The major benchmarks have been up all session long. Here with more on the market moves is Jared Blikre. Jared, what are you seeing?

JARED BLIKRE: Well, we had a spike up and then a little bit of a spike down in the S&P 500. But you can still see maintaining gains of over 1%. So here's what happened. We got to new session highs on the announcement, and now we're selling off. But in the context of the prior five days' move here, look at that range. This is a drop in the bucket basis what we've been seeing lately. So really, we're going to see the fireworks probably in a few minutes when Powell takes the lectern.

Now also want to check out the NASDAQ 100. That got an even bigger jolt on the announcement. You can see it's given back those FOMC gains as well. But I think we're going to see some movement when Powell answers questions about the balance sheet.

And I agree with Tom Hayes. It's really all about the balance sheet roll-off. If we remember 2018, when the Fed was hiking four times, it was when Powell finally said the QT program is on autopilot-- that was a quote-- that the markets really tanked. The markets like that flow. So this is where Powell has that wiggle room. He doesn't have to commit to anything today. I think this is his game to lose.

So let's check out the five-year. You can see that's up about two basis points after spiking up. It's now back down. 10-year T-note yield. A lot of these movements just kind of look like what we've seen with stocks. Also want to check out the US dollar index. You can see it is surging on the news here. But in the context of some of the bigger movements, not really the big movement that it looks like.

Also want to check out gold futures. Gold is down. We can see it was already down about 1% or so. It has climbed back and recaptured its FOMC loss here. But really, we're going to have to wait and see what the market thinks about Powell's statements. And let me just end here with our sector look. Techs still in the forefront, followed by consumer discretionary. Guys.

ALEXIS CHRISTOFOROUS: All right, thanks a lot, Jared Blikre. I wanna--