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Market check: Stocks open higher amid steep weekly losses

Yahoo Finance’s Jared Blikre breaks down how markets opened on Friday.

Video transcript


BRAD SMITH: Welcome back, everyone. Let's get a quick check-in on the markets, we are higher across the board for the major averages. For more detail on today's tape, let's get to Jared Blikre, who's on the floor of the New York Stock Exchange, Jared?

JARED BLIKRE: Yeah, I'll tell you what, we're just bouncing around here, kind of chopping around near recent lows. So I want to get right into the retail market, you guys have been doing yeopeople's job of covering all the earnings disasters this week, and it hasn't been all disasters, OK. We got a couple of winners today but let me just sort by performance here and show you the five-day look of what has happened in the retail space. So Foot Locker nice day today, TJX nice day yesterday, still in the green, but Target down 30%, Ross Stores down 20%, Walmart 19%, Dollar Tree 17%, and the list goes on.

And it's about inventories, right? I think that has something about-- that has something to say about the future path potentially, of price inflation. I see the economic data potentially inflecting a little bit harder down than people might suspect. So we'll have to keep an eye on that. But a little bit too early to tell right here. So I'm going to try and get-- there we go. Let me get to the NASDAQ 100 and see what's going on here. This is a five-day look, this is not today but we can see what's happened this week, the majors, the mega-caps still under pressure. Tesla down 7% Nvidia down 4%. It looks like Broadcom has made it up in the world, they're down 6%.

But let me show you what's happened in terms of sector action. So for this week, energy, the perennial leader, at least this year, up 2.5%, materials, health care, utilities all in the green. But staples and consumer discretionary, so the two consumer staples-- or just the two consumer sectors have simply gotten hammered this week. And we've been talking about what the bottom in this market looks like, I'm looking at a couple of different things here. I talked about Apple a couple of days ago, I want to see Apple capitulate, down 5% for the week, that's probably not any kind of capitulation side, you want to see 8% or 10% in one day to kind of find a bottom.

But here are our leaders, and I'm specifically looking at the high-yield market, I want to see high-yield capitulate as well. I think all of this is in the cards for the months ahead. In the meantime, we could get-- we could definitely get that flashy short-covering bounce but we'll have to see what happens at that point, guys.

JULIE HYMAN: Jared, I really appreciate how you made yeoman non-gendered and changed it to yeopeople. We have been doing--

JARED BLIKRE: On the fly.

JULIE HYMAN: --yeopeople's work this week. We all have. All right, thanks so much, Jared Blikre. Appreciate it.


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