Nasdaq sees gains, tech holds steady ahead of Mag 7 earnings week

US stocks (^DJI, ^IXIC, ^GSPC) are seeing green at Friday's market open with the Nasdaq Composite leading with gains of 0.76%.

The Morning Brief's Seana Smith monitors this morning's market moves, while Yahoo Finance markets and data editor Jared Blikre checks out the five-day moving averages on the indexes and sector gains for consumer discretionary stocks.

To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.

This post was written by Luke Carberry Mogan.

Video Transcript

Pull it back over to the major averages to see where things are shaping or how things are shaping up for the day again.

You're looking at gains across the board for the major averages.

I've got the Dow up opening up just about 100 and 54 points.

You've got the S and P up about a half of a percent here, climbing further above that 5800 level.

And then, of course, as the NASDAQ calibrates here, we could be looking gains also at the Open, as we do wait for that to open now that it is starting to trade here up just about a half of a present, so we'll see whether or not this move to the upside holds in today's trading day.

Let's kick it over to Jared.

Lucky Jared.

Thank you, Shana.

Yeah, it'd be nice to end the week on an up note and let's take a look at what the Dow has done because the previous four days this week it has been down and here's a five day total.

You can still see that it's down about 1.75% so we'll see how, uh, how much it can claw back from some of those losses in the prior days.

NASDAQ was flying yesterday.

That was really a Tesla story.

You can thank the earnings and Tesla propelling that stock about 20 21% and that's a consumer discretionary story as well.

But I was looking at the longer term in the NASDAQ.

This is a three year chart, and in fact, let me just show you the five year chart here.

We did a nice break out a couple of years ago, and now we are doing a very similar pattern on a smaller scale.

So if I take a look at the two year we are right back up at the Rubicon and if we can break through that would I would expect to get some continuation?

Uh, the big question is, Do we have a catalyst for that?

Well, there's a lot of catalyst potentially out there.

Brussel 2000, uh, just had its work Worst week in seven, and that would be this week.

Let's take a look at the five day total down about 2.5% so lower than the majors there, and the dollar has been going the opposite way.

Some would say the wrong way for risk markets.

Here is the Dixie, and this has been going up.

And let me show you that on a three month chart, you can see that is a lot of upside action there.

So that has caused some of the stumbles, or at least been concurrent with some of the stumbles that we've seen in equities a few days this week.

And I did mention cyclicals.

I want to talk about sector action.

It's really been about consumer discretionary this week, and that's again, thanks to Tesla.

You can see it's still in the poll position, up 6/10 of 1%.

And Ned Davis Research just came out with an interesting note saying that it is the season for cyclicals.

Given the election cycle, the four year election cycle.

Now is the time into the election and then for the prior for the following 12 months, when you tend to see cyclical stocks, uh, like industrials like tech and, like energy and financials to a degree, outperform the more traditionally defensive ones.

And that would be like staples health care utilities, et cetera.

So I thought that was pretty interesting.

Now let's take a look at the NASDAQ 100.

This is the five day total you're gonna see more red, probably than green.

NVIDIA, Microsoft up more than 2%.

Let's check out what's happening today.

And this is a positive note for the markets.

Tesla giving back some of those gains that we saw yesterday.

But let me just show you a year to date chart.

Look at that.

Uh, just pressing up against these prior highs and seeing if we can break through.

Uh, we got the catalyst yesterday, so we just need a little bit of follow through up 5% year to date.