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Markets attempt rebound after worst day since 2020

Yahoo Finance's Jared Blikre joins the Live show to examine the markets' rally attempt at the end of today, as well as the sector actions and commodity prices.

Video transcript

RACHELLE AKUFFO: As you mentioned there, that we're seeing some tips into the green there for the major indices. As we can see there, we're going to take a look with Jared Blikre in just a second there, but all three major indices now have eked into positive territory. Let's break some of that down and take a look at what's causing that with our very own Jared Blikre at the Interactive. Jared.

JARED BLIKRE: That's right. And we can see the NASDAQ and the Russell 2000 each up about 87 basis points. Let's chart today's price action. You can see kind of choppy here. But when you look at what happened over the last two days, clearly, clearly, in the bottom end of this range, still down 4%. Now, I want to take a longer term look at the market. This is the S&P 500 year to date. I've been showing this chart a lot. And right now, we are trying to find, or form, another bottom. That bottoming is a process.

However, a growing chorus of Wall Street analysts do not believe that this has much potential. I'm thinking we might, if we're lucky, get something like this, maybe terminated around this area up here. We'll have to see what happens. Now, if everything kind of shakes out today and Monday-- or-- excuse me-- today, tomorrow, and Monday, we don't have any more Melvin Capitals closing shop here. I think we do have the potential to get that. If we get more downside price action, especially another 4% or 5% down day, that's going to spell trouble for more funds. I think that's down the road. But we'll have to see how all of this plays out.

Now, just quickly taking a look at the VIX, this is still chopping around in a range here. You can see it-- excuse me. You can see it's below 30. Taking a look at the bond market, a little bit of pressure. Coming off there, five-year T-note yield off four basis points. The 10-year at 2.86%, basically the same rate as a five-year, and not that far off from the 30. That's also down here. But you can see very much in the upper end of the recent trading range.

And then we're going to take a look at the US dollar in a second here, but just wanted to show that it is down as well. Looking at the sector action, we see most things are in the green, led by materials and consumer discretionary, also energy. All of those up more than 1%, guys.

DAVE BRIGGS: All right, Jared, we got a quick glimpse of the dollar there. You want to take us back? And also, peek in on gold.

JARED BLIKRE: All right, well, let's take a look at the futures market. Here, we can see palladium. That's up 3 and 1/2%. [INAUDIBLE] gasoline up 3%. Very largely, we do have rallies in place. Now I do want to take a look at gold because gold has been depressed this year. And it's perking up just a little bit. So we have some work to do.

We've kind of, I would say, broken to the upside from this downtrend channel that we have here. But we do have work to do to get back to those highs. You think about what the Fed is going to do long-term. Gold usually lifts off. And when it does, it does so with fury. So that's something that we keep in mind for the future. For now, maybe just accumulate small positions.

DAVE BRIGGS: All right, we'll keep our eye on that, Jared. Thank you.

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