Market check: Stocks hold on to gains, tech and financial sectors among biggest leaders

Yahoo Finance’s Jared Blikre looks at how markets are performing on Monday morning.

Video transcript


- Welcome back to "Yahoo Finance Live," everyone. Taking a look at the major averages here in the US markets, Dow Jones, Industrial average right now holding onto gains of about half a percent as we're eight minutes into the start of trading on the day. The S&P 500, you're seeing that up by about 8/10 of a percent as well. And the NASDAQ composite tech heavy average, you're seeing that in the green to the tune of 141 points or 1.2%.

For more on today's early activity, let's get on over to Jared Blikre who's on the floor of the New York Stock Exchange. It sounds like it's vibing down there, Jared.

- Yeah, we got some noise on the floor on the Monday morning, nice to hear. And let's go straight to the Wi-Fi Interactive. That's a bell going off right now. NASDAQ is up over 1%. Nice way to start the week there. And I want to take a little bit of a longer term view, this is a year to date chart. And I'm actually to put the S&P 500 up. I know the level is a bit better.

Everybody wants to know what to do next. There are three possible outcomes. We can go down materially, we can go up materially to new highs, or we can go sideways. So until we clear 4,200, I don't think we're going to get a lot of bulls interested. But here's what that would look like if we go straight up, and it would look something like that.

However, a lot of market strategists, in fact, I'd say the consensus on Wall Street right now is that we're going to have to get down to new material lows before that happens. So maybe something like this. I hope that doesn't happen. And then, finally, the sideways action. We could just bounce around inside the years range, frustrating both the bulls and the bears. So just some possibilities out there.

Want to take a look at the sector action. We got tech and financials, each of those up more than 1%. Closely on its heels, we got utilities and consumer discretionary. And then just taking a look at our leaders here. KWEB, that is a Chinese ETF, that is up over 7%, followed by TAN, that's solar energy, IPO, emerging markets. So seeing a little bit of risk on today, but don't get too excited yet, we've got some levels to clear here.

- Jared, while we got you, can we talk about Bitcoin a little bit here? It's having a good day but, I mean, still rangebound since, essentially, the beginning of the May marker.

- It has been range bound, and I think that's a very astute comment because the market overall, stocks, in other words, had been going down. But, meanwhile, Bitcoin has just stayed in this range, a very tight one for over a month. So the longer you consolidate, the bigger the breakout.

If we break to the upside, should be able to clear 35,000, probably get back up to 40,000, some of that price level. Let me get a year to date chart. Some of the price level that we're seeing, there's a 35,000, and then here is a 40,000 to 42,000. Those are the levels I'd be watching. But a break to the upside here, concomitant with stocks, that would be very bullish for both. And, again, Bitcoin has managed to not sell off to new lows, while equities have.