Stocks mixed as retail earnings continue to come out

Yahoo Finance markets reporter Jared Blikre discusses the latest market action as stocks remain mixed as retail earnings continue to come out.

Video transcript


RACHELLE AKUFFO: Now let's get to Yahoo Finance's Jared Blikre at the YFi Interactive for a check on the latest market action. Good to see you, Jared.

JARED BLIKRE: Thank you. Good to be seen here. Let's take a look at what closed over in London and also Europe. And we're seeing basically a board-- down across the board here

Tel Aviv down 1%. Paris, the CAC 40, down just over 1%. Madrid down about 4/10 of a percent. They closed just a few minutes ago.

In the US, not a whole lot happening here. The Russell 2000 is up 1%. But you take a look at what the Dow is doing, it's basically unchanged. S&P 500, NASDAQ down just slightly.

But I want to show you what's going on in the bond market today. Here is the 10-year T note yield year to date. You can see it's really been on fire. We've seen a huge, huge pickup in yields recently and that is not weighing on the growth stocks, those megacaps, as we've seen as it has in the past. We've actually seen them outperforming here.

And before I get to that, let me just show you what is going on with the US dollar index because that has been picking up strength, too. You can see we have nice green candle there today. Over the past two weeks, we've seen a surge.

So why am I saying this? Well, a lot of times when you see that pick up in yields and also the dollar, it weighs on the tech stocks. That's what's happening today. And you can see energy in the forefront there. That's up about 2%, kind of an outlier.

But you take a look inside the NASDAQ of what's happened over the last five days, huge, huge outperformance. Tesla up 14%, Alphabet up 4%, Nvidia up over 5%. And so is today an anomaly? Is the last five days an anomaly? Hard to say here.

But let's go through some of the charts and see what's happening on our leaders front. Now, regional banks, those are bouncing back up today. KRE up about 3%. BITO, that's a Bitcoin ETF, that's up 1%. Solar, ARK, those are the outperformance here.

What's not working today? KWEB, that's a Chinese internet ETF, that is down 1.3%. Gambling, homeowners or home builders, those are also taking it on the chin here.

Want to check out the banking stocks that we've wrapped all those earnings. Bank of America up 2%, Wells Fargo also up 2%. But JPMorgan, HSBC, UBS, you can see a little bit in the red today.

If I were to pick out a theme, I would say value. The value and cyclical trade outperforming slightly. We do have some defensive sectors like real estate and utilities up there. But finally, finally growth is starting to reflect the fact that we do have these higher yields and we do have a stronger dollar.

Let me just show you what's going on in retail. Brad was just showing me what's happened this week. So today is kind of a mixed board.

Here's retail. Amazon up 1%. Home Depot, Lowe's up 2%. Over the last five days though, we can see-- and some of these are some earnings stories-- we can see some underperformance in a big way.

Foot Locker, they just took that bath. That's down 3%. BJ's, that's down 8%. AEO down by 8%. And Nike, that is down 6%.

So interesting to see how all of these things are shaping up today. Let me just go back to ARK because that was something that was standing out earlier. This is over the last five days. We can see a lot of outperformance here.

Block up 11%. Tesla up 14%. What is happening today? Well, we're seeing kind of a mixed board.

Zoom, that's down about 7%, an earnings story that we've been talking about. But other than that, Twilio up 5%, Roku up 3%. So Rachelle, seeing a little bit of a divergence here.

RACHELLE AKUFFO: Indeed. A fantastic breakdown. Thank you so much. Our very own Jared Blikre there for us.