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Stocks edge higher as investors await Fed minutes

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Yahoo Finance’s Jared Blikre breaks down how markets are trading ahead of the release of FOMC minutes from the Fed’s May meeting.

Video Transcript

JARED BLIKRE: We are in the green here. And a quick check of the markets reveals that Russell 2000 leading the way. That's up about 2/3 of a percent. NASDAQ up about half a percent. And you can see, intraday, we are looking at slight gains here, so kind of a ho-hum price action day so far.

And we're seeing energy in the lead here. We were just talking to Dan Dicker about crude oil. That has been in the forefront. And also, consumer discretionary, having get absolutely whacked this year, that is up 1%. We've been talking about all the retail earnings out. And also, the tech sector, that is outperforming as well.

And we can see, in the NASDAQ 100, kind of a mixed picture in the mega caps. We do have Amazon and Tesla each up about 1%, Nvidia ahead of its earnings. We're going to be breaking that to you later on in the day after the bell. That's up about 2%. And other than that, not seeing a lot of other outliers.

INTU, Intuit, that's up about 4% as well. I want to check in on the ARK Innovation components, lots of green here as well. So disruption in play today. And we can also take a look at Chinese stocks. Those have been beaten down as we know, but those are in the green today as well.

So just kind of checking in on our leaders here, we do have KWEB. So that's a Chinese internet ETF. A lot of those components are in the green here. Retail looking up today. Ark, homebuilders, and also, IGV-- that is the software ETF. So it looks like it's a little bit risk-on today.

But I want to step back and kind of get a broader picture of the markets here. Here's the S&P 500. We were talking about this with Julie earlier in the show, but we are in a steady downtrend right now. Here's that downtrend channel. Haven't been able to even break that. So when we do, probably going to get some traders interested, maybe see another short covering rally. But Julie, what do you think of the markets here?

JULIE HYMAN: I don't know what to think of the markets there, which I guess is--

JARED BLIKRE: We're trying to weigh the scales of the market, like the scales of justice.

JULIE HYMAN: You know, I am curious what crypto is up to today, because we were so focused on that, as we were seeing, really, the meltdown there, like we were in everything else.

JARED BLIKRE: Right.

JULIE HYMAN: But like we continue to see, I assume, some kind of back and forth action there, just like we do in numerous--

JARED BLIKRE: I mean--

JULIE HYMAN: --assets.

JARED BLIKRE: --check this out. Bitcoin hovering around 30,000. I've been checking the price for several days, and it always seems to be within a few hundred dollars. Now, we can see this on a 10-day basis. Look at that. That is very choppy action right there.

And you take a look at the year to date. That's going to show that we have been consolidating. Easier to see on the candlesticks here, but each one of these is a day in. Basically, when stocks have been going down here-- and we've seen the-- we've been covering these market meltdowns every day. Bitcoin has been holding up very well. That's bullish.

When the general market has been so bearish and Bitcoin has been incredibly correlated with stocks here, to see that divergence here, probably bullish for Bitcoin, but there's also something to be said about catching down. In other words, sometimes when markets converge, it's to the downside. But right now, holding up well, and we'll have to see what comes of this.

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