New Zealand Markets close in 57 mins

Stocks mixed, bitcoin reacts strongly to Fed decision

Yahoo Finance Live’s Jared Blikre breaks down how stocks are moving in intraday trading.

Video transcript


BRAD SMITH: Welcome back to "Yahoo Finance Live." Taking a look at the major averages this morning. We had some green on the screen as we kicked off today's activity. Let's get on over to Jared Blikre at the YFi Interactive for more on today's early activity. Jared.

JARED BLIKRE: Yes, NASDAQ is leading. Dow is in the red. And guess what? That is a story of the year. NASDAQ up over 2%. And we're gonna dive into some of those and see what the constituents are doing in a second.

But first, I want to show you on a three-month basis, the S&P 500 has broken to the upside quite convincingly. Yesterday, was a nice close above these highs from earlier in the-- well, earlier in the year and late last year, as well. And you take a look at the NASDAQ, the NASDAQ has really been what's on fire this year. And you can see this huge gap up here.

And then here's the Dow. Dow is just kind of in a trading range here. But I'm gonna show you a three-year chart. Let me get this down to a two year. It's only about 8% off of its record highs. And you compare that to the NASDAQ, NASDAQ still has a lot more work to do. So we'll see how that plays out today.

And also want to take a look at the bond market because we are seeing yields heading down to levels that we haven't seen since about six months ago. Here's a 10-year, that's dropping. That's going in the right direction for tech stocks. A five-year has also broken to about six months lows. And also the 30-year, checking in on that, very similar story. But checking in on the lows-- or basically testing the lows from late last year.

And here's the US Dollar Index. That was making a new relative low. It's climbing higher now off of that ECB decision. Don't have time to get into that.

But in terms of currency movements overall, things have been favoring the dollar. XLC, don't see that often. I agree with you, Brad, got a double-- do a double take here. But that's all Meta and Alphabet kind of piggybacking off of Meta on those earnings. Then we got consumer discretionary, tech, and real estate. Those are the four big outperformers.

And I want to take a look at crypto here. Let's-- there we go. Here's Bitcoin. Up 3% today. And if we take a look at the last two days price action, you can see big outsized reaction here with respect to the Fed. And as I've been saying for a few months, Bitcoin has really been leading-- it's been the high beta reactor to these FOMC announcements. So you want to see what's moving, well, let's check out Bitcoin and everything else is probably moving a little bit less but in the same direction.

I want to show you one more thing before we go here. This is Bitcoin and how it's reacting to Fed decision. You can see until the Fed actually conducts their announcement, that is from the open till 2:00 PM, it has been trending up. Fed Day, from 2:00 PM to 4:00 PM, we saw it tick up yesterday. That has been trending up. But post Fed Day, for the most part since last year, has been trending down. Guess what? That's today. So a little bit of negative seasonality. We'll see how that plays out with Bitcoin today, guys.

BRIAN SOZZI: Indeed, we will. And we'll be talking more about Bitcoin probably with Cathie Wood later on in the show. Jared Blikre, thanks so much. Appreciate it.