Stocks near session highs as investors await Fed rate decision, oil falls

Yahoo Finance's Jared Blikre examines the market action heading into the day's final trading hour, as well as looking at Nasdaq leaders, Nvidia, and Hycroft Mining after AMC's decision to buy a 22% stake in it.

Video Transcript

BRAD SMITH: And for more on what's at play with just under an hour left in the session, let's bring in Yahoo Finance's Jared Blikre on the YFi Interactive. Jared, take it away.

JARED BLIKRE: That's right, we're looking at the NASDAQ with gains of 2.4%. We're going to see if that's enough to claw back yesterday's losses. In fact, you see it is in the green by just a little bit for two days. Dow is faring much better. You can see looking at gains about 1 and 3/4 of a percent over that time period. Now the S&P 500, the kahuna, that's what I'm watching. This is a year-to-date chart, and you can see that we have some green candles here, but not many.

In fact, we've seen this movie before. At least-- well, this is actually the NASDAQ. So we've seen this movie before. We've seen some big candles over here, which always reached some selling. In fact, this one over here was the best performance for the NASDAQ composite since the initial pandemic sell-off. So we're waiting for a catalyst. I think it's going to be the Fed. We'll have to see.

Now this is the sector action for today. Consumer discretionary snapping back to the upside, followed by tech, staples, and health care, so we got some mega caps faring nicely today. Just going to show you a quick picture of the NASDAQ. Look at all that green, Tesla up 4 and 1/2%. Nvidia leading the chips higher-- that is up 7%.

I want to go back to a story which really made my day this morning, and that would be AMC pivoting to gold, buying a 22% interest in Hycroft-- Hycorp-- excuse me-- Mining. And in fact, this stock was not on my register or radar, but you can see the incredible price action today. It was up 90% at the highs and giving back most of that. Still up 17%, still up over 150% year to date. But look at the trading activity over here before the announcement. I think the speculation is, it's going to be interesting to see what kind of investigations may come.

Anyway, here is the entire performance going back to its $10 SPAC IPO. And you can see it's had a storied history. So can AMC turn it around with the help of Eric Sprott? I think it's going to be pretty interesting to see. I'm going to close here with a chart of NVIDIA. Now all the stocks-- excuse me, most of the stocks in the chip sector have been under pressure lately, but you can see Nvidia forming a nice little base here. Maybe that stock just needs a catalyst like the Fed to break to the upside. Guys.