Market Recap: Tuesday, July 14

Stocks extended gains Tuesday afternoon as investors digested an early batch of corporate earnings results. While Wells Fargo and Delta reported quarterly results that missed street expectations, JPMorgan Chase kicked off earnings season on a high note. The Nasdaq trailed the S&P 500 and Dow due to a tech-led rally from the past couple weeks losing steam.

Video Transcript

SEANA SMITH: Welcome back to The Final Round here on Yahoo Finance. I'm Seana Smith. We're just around 30 seconds away from the closing bell, and it looks like the Dow is extending gains into the close today with the Dow now up well over 500 points.

The leaders that we're seeing in the Dow-- Caterpillar, Travelers, and Chevron are the three big gainers today. The S&P now up just around 1 and 1/2%. And the NASDAQ, after not really participating in this rally for most of the day, getting a boost here in the final hour of trading with the NASDAQ now up just around 1%.

[BELL RINGING]

And that does it for the trading day today. Again, all three of the major averages really extending gains into the close, with the Dow closing up nearly 600 points, up over 2%. The S&P up just over 1% as well. And the NASDAQ getting a boost here in the final hour of trading, closing up at just around 1%.

Digging through some of the sector action that we saw today, all 11 sectors seem to be moving to the upside-- or did move to the upside. Leading the way today, we had energy, materials and industrials. Those three sectors posting the largest amount of gains today. Sentiment-wise, we did get a little bit of a boost when it comes to some of the headlines that we got surrounding coronavirus. Florida reporting a daily coronavirus case count that was below the seven-day average, so giving investors a little bit of a reason to be bullish in today's market action.

Taking a look at some of the FANG names, after being in the red today, Facebook and Google crossing back into positive territory. Both of those stocks closing in the green. And then, of course, bank stocks are in focus today amongst investors. We got results from Wells Fargo, Citi, and JP Morgan this morning.

Wells Fargo the most significant decliner of the group, off just around 4% today. We also saw some losses in Citi, dropping more than 3%. JP Morgan, though, holding on to gains.

I want to bring in my co-host for the next hour, Myles Udland. We're also joined by Rick Newman and Akiko Fujita. And Myles, just to get your reaction to the-- to the action that we did see today. I mean, yesterday, we saw a pretty significant selling into the close. Today, it's a totally opposite scenario. We actually saw a pretty decent amount of buying running up into the closing bell.

MYLES UDLAND: Yeah. I mean, again, pretty much a complete reversal from what we saw yesterday. And I think it's just imperative to always keep an open mind about what this market can do. There was a lot of just bearishness, I guess we'll call it that, on the tape early today, right? The NASDAQ was down 2%, and we had a lot people say, here it is.

Well, if you add yesterday's early morning record high to this morning's low, that's a 6% move in the NASDAQ. We have strategists come through here all the time. They say, I'm looking for a 5% to 7% sell-off. Well, there it was. It just happened inside of 3/4 of a trading day.

And so I think that we need to be a lot more open-minded about how long moves take, what moves are possible. And I think that certainly today's action suggests, as we saw kind of teed up last week, the market's bias remains higher. And I do think-- and you know, Jared can get into some of this, but I think it's more likely that we see record highs than it is we see a full 10% or corrective phase for this market. And that's kind of the way the tape has looked for the last two months.