Stocks see broad rally at the open

Yahoo Finance's Jared Blikre breaks down how markets opened on Tuesday.

Video Transcript

[AUDIO LOGO]

- Jared Blikre at the YFi Interactive today. Jared?

JARED BLIKRE: Yes, it's what I'm calling a "nearly everything rally." Now we have all the majors up nicely. NASDAQ up 2.5%-- that's tacking on the gains of what, something like 3% yesterday? 2.5%-- anyway, just short of 5% over the last two days. And let's take a look inside the market here, because I was searching around over the commercial break for a speck of red and really not seeing it, unless you get to the US dollar-- and we'll get to that in a second. But here, we see consumer discretionary, followed by financials, industrials, tech, materials, all of those outperforming, all of those up more than 2% to the downside.

Staples and utilities, that's what you would expect if we're in bullish mode here, because those are defensive. Even those are up more than 1%. Taking a look at our leaderboard here, some of our sentiment indicators-- we got ARC up 5%, then we got IPOs, then we've got chip stocks, gambling stocks, retail-- all of those looking good right now. And I think I was just remarking over the break as well-- you take a look at our retail board, the only sources of red-- Dollar General, Dollar Tree-- those are, of course, those bargain basement.

So maybe those have fallen out of favor. They were in favor to a high degree as we have seen over the last few months. Now let's take a look at the US dollar index itself. We have come down pretty fast off of these highs. And the pain felt by the US dollar appreciating versus most currencies is what has given us a lot of this risk-off flavor to the market. I do want to point out one thing. In the bond market, we are seeing longer-term yields heading down.

This is 30-year-- it's down three basis points. A 10-year down four basis points. But the 13-week, which closely tracks what the Fed is doing with its benchmark-- hard to see there, but it is up 16 basis points. This is a new high for the last, what, 12, 13 years? Something like that. So that is what we want to keep in mind. A potential source of pain as we enjoy these nice rally moves that we've been speculating on here.