Stocks rise at open after rough start of trading week

Yahoo Finance's Jared Blikre discussed the opening of the U.S. stock market on Wednesday.

Video Transcript

JULIE HYMAN: And we're also watching Mr. Jared Blikre, who's with us now to talk to us about what is going on this morning in the broader markets. Hi, Jared. Up, Jared, I think you're muted.

JARED BLIKRE: There we go. Hello, Julie. I'm just watching the S&P 500 futures contract on the YFi Interactive. You can see this is a three-month chart, and basically the market has gone sideways. We have kind of a sideways uptrend right here, but nominal at best.

What I do-- what I am noticing this morning is a potential hammer candle, and that's a technical configuration in the chart, the candlestick chart that we're looking at here. We've had some of these before. Kind of similar situation in the NASDAQ, but is it going to last. We had almost a 90% down day yesterday in the markets, and that's when 90% or more of the contracts-- or excuse me, of the listings in a particular index-- this would be the S&P 500-- were down for the day.

So a lot of times you get a relief rally the next day. But is it going to last? We're going to have to see. Here's the sector action for today. We have materials. That's up the most, almost in line with consumer discretionary, tech and energy. All those are up about 6/10 of a percent or more. To the downside, we have industrials, utilities, financials rounding out the bottom.

And since we have those Bank of America earnings this morning, let's take a look at what that stock is doing. You can see it's up about 4% right now, really getting their costs in order, unlike some of the other firms have been able to do, like Goldman Sachs and JPMorgan. Here you can see they're up almost 50% over the trailing year.

And let's get a check of Morgan Stanley as well. We got that stock up about 30% for the year, trading sideways over the last few months. But financials have really been on the move, and Morgan Stanley has just kind of been trading in a range. So take that with a grain of salt.

I want to get a check of the travel sector because we are seeing a mixed picture. We have Carnival Cruise Lines and Norwegian. Those are down. But we do have some signs of life in Southwest Airlines and Delta. Those are up about one third of 1%.

Elsewhere, where are we seeing some movement? Yesterday we saw a little bit of a mixed picture in software, and today we're seeing finally a bounce back. Now, this is a sector that's been beaten down over the last few months. Let's see, only Cisco in the red. That's down 2/10 of a percent. But interestingly, Cisco and IBM, those are two stalwart technical stocks that have actually been doing well in this. So interesting to see that we're seeing a little bit of love in some of those beaten down stocks.

But again, will it last? That's the critical question. Turnaround Tuesday, we need to know that answer by 10:30 AM.

JULIE HYMAN: [LAUGHS] All right, we will be watching to see if we get that answer by that time. Of course, we still have to get earnings from all these companies as well, so we'll see how they withstand those numbers. Jared, thank you.

Just wanted to also get a quick check on the big earnings stories of the morning. There we are seeing green and then some. Bank of America, Morgan Stanley, Procter & Gamble all trading higher. What's interesting is we see some of the same challenges for the banks in particular as we saw with their competitors, where their competitors traded down. These guys are trading higher, maybe because they got beat up at that point as well. But we'll keep watching them to see how this proceeds through the session.