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Small caps headed for 4th straight loss, tech sector leads down

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The major averages (^GSPC, ^IXIC, ^DJI) are showing mixed performance at the beginning of Friday's trading session, with the three major indexes experiencing fractional declines.

Yahoo Finance Markets and Data Editor Jared Blikre joins Morning Brief to discuss market trends, including the strength of silver (SI=F) and the ongoing struggles of the Nasdaq 100 (^NDX).

To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.

00:00 Speaker A

Let's take a look at the major averages of we begin today's trading session. Let me go ahead and populate this chart for you. The Dow Jones industrial average is right now over the past four days, four sessions here, is down by about 8/10th of a percent. You're seeing us down by about 1/10th, 2/10th of a percent sitting right in between that and declines as we begin today's activity. You're seeing the Nasdaq composite right now move lower over the past four sessions by about 2.6%. Here today, adding on about half a percent in declines. And then additionally, the S&P 500, taking a look at that move out of the gate here this morning, fractional declines there to the tune of about 3/10th of a percent. And then as we zoom in a little bit more on technology, take a look at the Nasdaq 100 right now. It looks like you've got pretty much, well, just one of the names in positive territory of the magnificent seven, at least, that is Tesla right now. That's up by about 4/10th of a percent. However, you got some declines across the board for Amazon, Alphabet, Google, whatever you're calling them, call them down here right now. Meta Platforms, they're lower by about 6/10 of a percent. Nvidia, Microsoft, Apple, also fractional declines there. Let's take a look at some of the sector activity as we always do. It looks like we're about as split as you could get for 11 sectors here. Uh and ultimately bringing up the caboose right now, you've got XL Y. That's your consumer discretionary sector that is lower here on PCE Day, I might add, as well. And that's lower by about 1%. However, leading the pack at the front of the train engine, you've got utilities. That's up by about half a percent. Then just lastly here, let's take a look at the Dow components, 30 components. We got them lit up here for you on the screen, red and green. And let's put this on equal view so you could see. Uh we've got more laggards than advancers as of right now. Merk in front, Amazon in the back. Let's get on over to Yahoo Finances, Jared Blickre for a look at what is moving. Hey Jared.

02:33 Jared Blickre

Thank you, Brad. I want to start with the indices, as usual. Uh, we have the small caps leading down. They have they have been down for about four days now, but the S&P 500 is up two weeks straight. At least it's trying to do that. We'll see what happens by the close. Here is a five-day look, and you see it's holding onto gains of a whopping 11 basis points or 0.1%. So just barely there. Let's take a look at the Nasdaq. That is now in the red for the week. So, uh, it will not be a two-week streak for the Nasdaq if we were to close right here. We'll also check out the Nasdaq 100 real quickly and see if the same holds. But interestingly, I tracked sentiment surveys, and I found this tweet by Ryan Dietrich, the AAII Bulls and Bears survey that comes out each week. It has now had bears above 50% for five weeks straight. And I believe that is only the third time in history that has happened. That is a contrarian indicator. So we'll see if we can get some kind of lift off here as April finally comes into the four. And April is supposed to be a positive month according to history. So we'll see how that plays out. Uh, I want to skip into the bond market here. We got the 10-year T-note yield. Uh let's see if I got any stats there, not a big one. This is a five-day price action again. You can see it's down about five basis points today. And once, and it's actually going in the same direction as the US dollar index. So, uh, I've been tracking. Those have been moving opposite each other in a lot of days, but they're moving in the same direction, just not by a whole lot, at least with respect to the US dollar right now. Uh, let's take a look at the weekly sector action. Utilities and real estate leading today, which is somewhat uninspiring. We'll check out the five-day look. And here we can see tech is leading to the downside, down about 2%. See if I can circle that better. And then you have healthcare and utilities also in the red. So it's a mix of tech and defensives that are leading the way down this week. And if we take a look at the Nasdaq 100, I'm going to leave the five-day look up here. And we're going to see that Tesla is in the green, and it should be up about Yeah, there we go, 8.6%. There's Tesla right there, up 8.6%. It had been down for nine weeks, and this is going to be the first week it's positive in 10. And we'll see if how that carries through to the next week. But Tesla has just been mired in bearish territory here, and maybe this is finally the lift off. We'll have to see what happens. We can also take a look at Amazon. Amazon is catching my attention. Amazon also having an up week here. It's only it's less than 1%. It's not a lot, but Amazon has been down for the past seven weeks. So maybe this is the very beginning of a fledgling turnaround. Got to get over to futures where we have both silver and gold in the forefront here, and it's been a really productive day and week for silver. It is having its best week in three months. It is also up to a 13-year high. And you can see this is a weekly look. SI equals F is our ticker here. That is up 6% this week. And I'll show you a longer term chart. I got to go to Let's go to 25 years. And we can see there we go all the way back to 2011. And that was right around those record highs that we saw around the $50 price level. That's also about when gold was peaking. So interesting to see how these dynamics come into play. And I did mention gold, I believe. We'll see if we have another record high in gold. Uh, it has been hitting those records recently. And GC equals F is kind of eluding me. There we go. It's actually down 0.1% for the week. And we can see it is down just a smidge today. That's the same 25-year chart, and you can see it is far and away above its peak that we had in 2011 and 2012. So, uh, just more bullishness for gold. And I'm going to leave it there, guys. I'll send it back to you, Maddie.

07:53 Maddie

All right, Jared. Thanks so much as always.