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Market check: Stocks rise in early trading, Treasury yields retreat

Yahoo Finance's Jared Blikre breaks down how markets opened on Wednesday.

Video transcript

JULIE HYMAN: All right, we are going to check in on the broader markets right now. Our Jared Blikre is standing by to do just that. So Jared, we got a pretty decent rally in place today.

JARED BLIKRE: I will say that I agree with you, Julie. And it's nice to see this, especially on Tuesday morning, and the first hour of trading on Tuesday morning, as I like to say, very important. Can sometimes determine the trend for the rest of the week, but I do want to check out the YFi Interactive and chart the recent price action. While we are breaking up towards the-- up toward an upper range of the last five days' price action-- and let me just get a two-month chart with some candlesticks so I can show what I mean.

Here we are, we got this range right here that we are tracing out. And we're right back up to the upper side. Now we cleared 4,600, probably have a really good chance of breaking to record highs. But this is still no man's land, and we could see another wave of short selling. Bring it down to the bottom here. If we go down, probably testing these lows here and probably going to break them. But how far down we go remains to be seen.

Now let's take a look inside the market. Here we have-- this should be the NASDAQ 100. Yes, Tesla is up 2%, Alphabet up over 1%, so is Nvidia, Facebook up 2% if you sort and look at some of the big winners here. We have Lucid Motors. That's up over 4%. And Airbnb, that's up over 3 and 1/2%. To the downside, Peloton giving back some of its gains, had the best day ever. Yesterday, it was up 25%, still holding on to 20% over the last two days. But take a look at the-- let's do a 10-day chart here. And we can see-- there we go-- up 44%.

Now we're also seeing some broad-based gains in a lot of different sectors. Here is the travel space and the reopening space. We covered Airbnb. We're seeing some nice gains in Hyatt. I believe that's good for a record high. A lot of the hotels at record highs. That's up over 2%. American Airlines up over 1%. And if we look inside the financial sector, that's where I'm seeing a lot of these records. Morgan Stanley, another record high. You can see it's up over 6% over the last 10 days. Here's the two-day price action. It hit a record high yesterday.

I'll just note, it's not just the banks, it's insurance companies as well, travelers hitting a record high. We have Schwab. That's at a broker. They hit a record high. Raymond James, so really some broad-based gains in the financials. And guess what? It gets back to the yield curve. I want to to take a quick look at the bond market because the 10-year, as we have been tracking, is inching higher. Not today-- it's down 3 basis points-- but getting towards that magical 2% level that a lot of people have their eyes on. And we know that when the-- excuse me-- when yields rise, it benefits the banks and also the energy sector, but energy not doing so well today.

So let's go back to our heat maps and chart that rather quickly. Here is the energy sector. You see ExxonMobil in the red. And so actually energy is shaping up to be not as bad as it was looking at the open. If we take a look at the sector action, it is the biggest laggard here, but still in the green. Real estate, consumer discretionary, materials, industrials, all of those are leading up over 1%. I'll add to that-- so is the industrial sector. So is communication services. And that houses Alphabet and Facebook. So, as I said, some broad-based gains here. Let's take a look at the meme space as a sentiment indicator, and we see GameStop, AMC each up about 4% or 5% there.