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Market check: Nasdaq rebounds, Dow jumps in early trading

In this article:
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Yahoo Finance's Jared Blikre breaks down how stocks began trading on Thursday.

Video transcript

AKIKO FUJITA: Let's bring in Yahoo Finance's Jared Blikre, who's tracking the rest of the market action for us today. Jared.

JARED BLIKRE: That's right, Akiko. I'm looking at the YFi Interactive, and I'm seeing the NASDAQ composite up 2%. And this is a pretty meaningful number. I'll get to that in a minute. But I just want to show the intraday price action. That's today. I'm going to dial this back to a two-month chart on a candlestick basis. And you can see, from up here, that was the highs-- the recent highs, but I think actually, we need to go back a little bit more than-- there we go.

So here are the record highs, and here's the low that we had just yesterday. NASDAQ dropped into correction territory. Will not be out until we get back to those record highs or rally 10% from here-- choose your definition. Nevertheless, we're seeing some strength. And I went back and I looked at all the times NASDAQ had entered correction. And it's been a buy the last 13 out of 14 times since 1997 with a median gain, up 2.09% the following day and 2.97% the next five days. And here's that table.

And the NASDAQ wasn't making record highs for about 15 years there. So I went back and did the same analysis using 52-week highs, and we get 16 out of the last 22 occurrences since 1997 have been positive day. So interesting to see this playing out. Now I want to go back and look at the sector action for today. It's really centered around the mega caps.

And I'm going to go in here, and we can see tech, consumer discretionary, consumer-- excuse me, communication services. Those are the big leaders, and all of those are the houses of the mega caps. Real estate is also outperforming there. To the downside, staples and materials and energy. Those are the laggards. But you can see everything in the green there.

I want to take a look at Chinese stocks because those are really popping today. And in fact, if you take a look at the last two days, some of these names really rallying even more. We see Alibaba up 4%, Pinduoduo up 11%. Is this a new rally? Hard to say. It sounds like or it feels like a dead cat bounce for now, but it needs to be proven.

I wanna take a look at the software sector because that has been under pressure. This is a two-day look. Let me dial it back to a one-day look. And we can see continuing that strength from yesterday. This has been a beaten down sector, so nice to see some strength there.

And finally, let's get to the mega caps. And those are going to be found in the NASDAQ 100. We see Tesla up 4%. Some of the big movers here are the Chinese stocks we were just taking a look at, but also some of those beaten down names that we can see in the ARK Innovation ETF holdings. And this is another area that has been just beaten down over the last few months. Here's a two-month look. Still have a lot of ways to crawl back here for a clawback here, but nice to see this group of stocks getting some love.

And we might as well take a look at the banking sector. We kind of wrapped up all the big banks yesterday. Morgan Stanley getting some follow-through after a nice beat on its earnings yesterday. Let's just take a year-to-date look, maintaining gains of just over 1% for Morgan Stanley.

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