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Market check: Stocks open mixed, bond yields fall, Tesla stock dips

In this article:
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Yahoo Finance's Jared Blikre breaks down how markets opened on Wednesday.

Video Transcript

JARED BLIKRE: Yes, mixed it is. And not a whole lot of action. The NASDAQ, the worst one in the bunch is down about 0.2%. But let's get to some of the bond market indices that we're watching. Here's the 10-year T-note yield. And we can see that is down to 2.78%.

Now, we have seen the T-- excuse me, we have seen the 10-year crash, basically, from 3.5% to the current 2.78%. That is a huge move and that is favoring growth stocks. But we're not seeing that today actually.

So I want to skip right to some of our sector action of the day. We are seeing a defensive structure. And we are seeing real estate-- excuse me, utilities, staples, health care, all those are some of the big outperformers.

To the downside, some of the biggest winners that we had yesterday-- those would be the mega caps, they were leading higher-- those are not doing as well today. Consumer discretionary, which houses Amazon, that's down about half. 5%.

Communication services, that is Alphabet and Facebook, that is down 0.4%. And then we're seeing a little bit of weakness in financials and energy. So not the most bullish structure to the day but it is very early in the goings. Also it is Wednesday in the summer. There is not a lot of traders at their desk this morning.

So what stands out here? KWEB. That is a Chinese internet ETF. That is down 3.5%. Also, retail not doing quite so well. That is XRT. But to the upside, we're seeing Bets-- that is a gambling ETF-- that is up 1%, low volatility. We're seeing some momentum trades, ARC, that's up 0.4%

And let's get to those beaten down components because that's where we have been seeing some signs of life. Not necessarily today, but you take a look at what's happened over the last 10 days and you're gonna see a lot more green here.

You can see Zoom up 5%. Square up 9%. Actually, I got the name wrong. That would be the new block that is up a little bit as well.

Also, taking a look at some of the software stocks, we've seen those perking up as well. We can see over the last 10 days that is the ServiceNow is up 9%, et cetera. But we're gonna have to take a look at what's going on today and we are seeing kind of a mixed board here.

BRIAN SOZZI: Jared, we're seeing some wild moves, too, in the FX market.

JARED BLIKRE: I got to tell you, I have been tracking this and this has been a heck of a ride. I'm gonna go back to the Dixie. And the Dixie is the dollar index that is heavily weighted toward the euro. And so that's gonna have an outside performance on it.

But if you take a look at what's happened here-- now, you've got to keep in mind currencies tend to be mean reverting. These are not trending assets. If I show you a max chart, this is gonna go back to the early '80s, you can see this is a bunch of sideways action.

Now, we have taken out these highs here. And I note this, and I take these long-term charts because we have to realize that we could go all the way back up to 120. That is a huge level. And that is pretty far away.

So if we were to scream higher into this resistance area, that's probably gonna be a bit of a negative for stocks. And we can see that happening in the commodities space. We've seen commodities really take a nasty dive over the last few weeks.

And we can see here, today, lumber is down 3%. But take a look at what's happened over the last month, we see natural gas down 40%, oats down 34%, cotton down 28%, and the list goes on, guys.

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