Retail, energy stocks higher as markets extend gains

Yahoo Finance's Jared Blikre breaks down how stocks are performing after the Fed meeting minutes were released.

Video transcript

- We are in the green. We are hanging onto gains-- Dow, S&P, and even the NASDAQ-- as ugly as it's been in recent days. Yahoo! Finance's Jared Blikre here to take a closer look. Jared, what do you see, my man?

JARED BLIKRE: Well, we got an interesting reaction off the FOMC minutes, wasn't expected to be a market moving event, but the Fed is committed to raising rates. We knew that before and now it's confirmed, but no news is good news. And I think it was just received a little bit better than feared.

You can see the Dow took a little bit of a dip, just kind of fluctuated there, and now it is testing its session highs. The S&P 500 up over 1%, managed to climb to new highs, and the NASDAQ, the outperformer of the group, doing just a bit better.

But are we out of the woods yet? Well, we're still seeing the VIX in an elevated fashion, kind of just chopping around here in this big trading range, not a lot of movement there. The 10 year down a little bit, that's taking some pressure, the bond market--

The fact that the bond market isn't going crazy is actually good for stocks and risk markets overall. And then when you take a look at the sector action, retail stocks have been leading the day. We've had a flurry of retail earnings.

Dick's, for instance, started out the day -21%, now in the green. We will take a look at that in a second. But we also have energy, tech communication services, all of those are outperforming.

And you can take a look at what the NASDAQ is offering investors, and guess what? It's nice to see some dark green on those beaten down mega caps.

Tesla-- that stock had an interesting event today. I want to show you a two year chart. Now, the record high was somewhere around 1,245, and 1/2 of that would be about 620 and change, and that's exactly what it fell to earlier.

Fortunately, for investors, we do have a modicum of potential support here, but we'll have to see what comes of this because a 50% retracement is a buying signal for some long term longs, but we'll have to see if that attracts investors' attention over the next few days.

Amazon also up 3 and 1/2%. And we'll go to our retail screen, where we had a number of interesting earnings reports this morning. But you can see the gains spread throughout here. Best Buy up 9%, nice to see that.

But inventory builds still kind of plaguing some of these names like Dick's Sporting Goods and also their margins. Nevertheless, it's an up day for most of these retail names, guys.

- All right, Jared Blikre. Thanks so much.