Yahoo Finance

Let's take a look at how things open up here on the trading day. The Dow Jones industrial average, barely to the upside by about two tenths of a percent. We'll call that right now. The S&P 500 fractionally higher by about 3/10s, 4/10s of a percent. However, you want to round that off at home. We'll put this on a three-day view just so you could see some of the activity that's transpired over the course of these past few trading sessions here. And the Nasdaq composite as that calibrates here on our screen, you're seeing that open up higher by about half a percent right now. This all going into that 2:00 p.m. decision from the FOMC and then, of course, we're going to have the press conference at 2:30 p.m. Eastern time. That meeting should be getting shortly and we will get an email from our own Jennifer Schonberger, just to confirm once things kick off. Taking a look at the heat map here as we're focusing on cryptocurrencies. Why not here? Let's check in on Bitcoin since it's up here on the screen as of right now. You're seeing that up here on the day by about 1.8, 1.9%. All right, that's enough crypto for right now. Let's get back to the equities markets, taking a look at the 11 S&P 500 sectors. Technology, leading the charge. That's up 7/10s of a percent. However, pulling up the caboose, you've got XLP. That's your consumer staples. It's down by about 4/10s of a percent. We're relatively split, or as split as you could be, and actually looks like we've got one more laggard than leader as of right now. So we'll take a look at that technology and the technology trade right now, for the Nasdaq 100 at least, taking a look at Nvidia here. Of course, this is the big GTC energy week. You're seeing shares here today higher by about 2%, but if we were to actually take a look at that chart just to see how things have transpired over the course of the week as the conference plays out, we are still net lower by about 3%. At this juncture, you're also seeing some moves to the upside for Apple, from Microsoft, Amazon, and Alphabet, Google, whatever you're calling them, call them higher here, as we begin the session. Meta flat, just barely to the upside. It's seeing some hyperwaffling action out of the gate this morning. All right. For a deeper dive into today's early tape, let's get to Yahoo Finance's Jared Blikre for a look at what is moving. Hey, Jared.

Thank you, Brad. I'm going to start with the indices again, and I'm going to put a four day view on here, and that's because we are in the midst of a four day rally that really began last Friday. Had this incredible breadth, uh, breadth thrust. That was Friday and Monday. And then yesterday we fell off a little bit. I think it's notable that the S&P 500 and the Dow climbed within just a little bit of their 200 day moving average. But, uh, now they it looks like they've used it as resistance. And so that's kind of a different dynamic than using it as support. Uh, nevertheless, there's a lot of focus today on the, uh, FOMC announcement, and all of this could just result in a trend, uh, trend change to the upside, or a resumption to the downside. And that's what we've really seen is some short-term, short-term downside action. Here's the US dollar index. That is up about 4/10s of 1%, and we can see it has lifted off, off nicely from its lows there. Uh, not really threatening the risk rally the way we've seen before. Where, uh, sometimes you see some big movements, movements that contribute to that, but not today. Here's the 10-year T-note yield. Only up one basis point. That's going to be another market that's in flux today ahead of the Fed. And really the bond market, the 10-year T-note yield arguably more important than the S&P 500 and stocks this year. Uh, here is the sector action. As Brad was just noting, we do have the mega cap sectors kind of leading here. We have consumer discretionary, which has been hammered recently because of Amazon and Tesla. Tesla mainly. And then tech. Those are the two at up top here. But let's take a look at what's been working in this four day rally. Interestingly, energy is taking the top spot. That is up 5%. Then you have financials and real estate, then tech, then industrials and materials. It's a pretty broad swath. And as I noted before, Friday and Monday had incredible breadth and participation to the upside in those moves. So let's take a look now at some of the mega caps. And this is a four day look as well. You can see the mega caps are split. You got some winners and some losers there. We're going to focus on today once more. And here we see Tesla up 3.8%, Apple up 1%, Nvidia up more than 1.5%. So some of these guys moving in the right direction. Tesla is simply consolidating near recent lows. Here's the one year chart, and what happens here could be important for Tesla. So we'll see what happens, if anything, into the close today. Fed decisions affect everybody. And I'm going to close on the futures market where we have some interesting action in both precious metals and industrial metals. And let's tackle precious metals first. I'm looking for GC equals F. It is down fractionally right now. This is a one-year chart of 40%, but I'm going to look at the intraday overnight action, and you can see we actually hit a new high up here. We got above 3,050 for the first time, selling off a little bit, but gold has been a very, in a very steady uptrend all year long, still sitting on gains of about 14%. I will close with copper. Copper is up 78 basis points today, and this is nearing a record high. This is a year-to-date. Let me put the one year chart in so you can see the levels that we're dealing with in the past. Once it clears this, we are looking at the highest copper prices in at least 25 years. A huge implications for risk markets and the economics and, uh, especially when you consider input prices. So, again, futures really something kind of not on people's radar, but it's catching my attention.