Yahoo Finance

Let's take a look at how markets are trading this morning. No surprise to see markets in the red as we are heading into the president's so-called liberation day. We are expecting to hear some clarity at 4:00 p.m. from the Rose Garden. We're bringing you all that news that you need to know throughout the day today. Taking a look though at where your market is as we do open up across Wall Street here, you're looking at the S&P 500 down about 1% this morning, seeing a little bit of that selling pressure coming in. It's looking like the Nasdaq might be positive at the moment though. We might be a little bit delayed here this morning as we are waiting for the market to open. Though it does look like the Nasdaq has turned positive. Nope, it is down this morning as our boards are adjusting here. Let's get over to Yahoo Finances Jared Blickre for a broader look at what's moving. Hey, Jared.

Thank you, Maddie. Lots in flux. I'm going to try to unpack what's going on here. I'm going to start with the year-to-date chart of the S&P 500. And this is important because we just had what's potentially a bear trap. That's when we exceeded the lows from earlier in the month and then we kind of rocket higher during the day, and then we closed up yesterday, but not by a lot. And usually you want to see more momentum off of these moves. And with the level of uncertainty in the markets right now, and we can see this in the VIX, we could have we could be in for kind of a rocky day here. Hopefully, we get some clarity on things at 4:00 p.m. today, but that is not assured. Um, and before I go, I want to mention before I move on to the VIX, I want to mention that the Russell 2000 futures would be down seven days in a row if they were to be down today. Now, here's the VIX. It is up to 23 and a half and it has been holding at very high, not very high levels, but relatively high levels. You can see it's taken a few days here to come off of those lows. And all in all, the VIX seems very comfortable hanging out in this area above 20. When this happens, that just kind of reflects the uncertainty that we've seen that's become baked into the market. We want to see this come back down below 20 and ideally below 18, these recent lows down here. And I recognize what a mess I've made of the chart. So here is the 10 year. We are looking at the lowest close if we were to close at current levels since October. This is a year-to-date, so we'd have to go back a couple months before that. That's important, um, lowering yields. Sometimes that means a risk on flavor to the market, not recently, that's kind of anticipating the potential for more Fed cuts that are necessary. And when the Fed have to cut from behind the eight ball, that usually means a little bit more risk in the market, and that's kind of what we're seeing. Only Staples is positive right now. I want to get a three-day total so I can look, and Staples is still the leader there. Utilities in second place, energy in third, then real estate. That is a very defensive setup. What's missing is in healthcare, and healthcare just had a really that bad day for biotech. So that's weighing on that sector this week. And I want to go back to an intraday, and then I'm going to take a look at the MAG 7. Now, the MAG 7 charts have been tracking closely what's happening happening in the Nasdaq. They also have that bullish reversal that I was talking about in the S&P 500, but that is under pressure right now. So I'll give you Nvidia as an example. Here's the year-to-date chart. And here we can see a very similar chart to the S&P 500, but we're just hanging out by these lows here, and we get another close below these be below these lows. And a lot of the other MAG 7 charts are similarly situated. We could see a wave of selling. So that's something to watch out for. Uh, I want to move on to the Metals complex here, and I am just been seeing a lot of action in not only the precious, but industrial metals. I've been talking about the record highs and not only gold, but copper. And here we're seeing gold, it would be set. It looks like that's another record high here. It would definitely be set for a record close, and we are now up to $31,638. Gold futures have advanced a lot this year. That is a lot for gold to do. Uh, some of the commentators I've been following on X suggest it might be time for a pause, but the technical still really bullish here. I'm going to close with copper. See if we can get a year-to-date chart up there. Um, maybe not participating with me here, but we are seeing copper, at least that quote there says it's up 50 basis points, about half a percent, and that's probably good, if not close to another record high. So really interesting to see this dynamic of risk markets under pressure, while some of these other markets like Dr. Dr. Pepper, Dr. Copper at record highs. But I'm not going to leave the Dr. Pepper talk for another day.