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Markets see third-best week of 2022, software stocks among biggest gainers

Yahoo Finance's Jared Blikre breaks down today's market action, highlighting some of the best-performing sectors.

Video transcript


RACHELLE AKUFFO: Welcome back, everyone. We're less than an hour away from the closing bell on Wall Street. Let's get Yahoo Finance's Jared Blikre with a closer look at today's market action. Hi, Jared.

JARED BLIKRE: Hello. And let's take a look, yes, let's take a look at the market here. We got the Dow up 2% today. And for the week, going to be up about 5%, assuming nothing too drastic happens in the last 40 minutes of trading here. We have the S&P 500, that's up 6%. And the NASDAQ up just a little bit more. That's good for 8% as we speak. And I want to take a longer term look at the markets.

This is going to be the S&P 500 over two months, and this is a very big up candle. We have 90% or so stocks in the S&P 500 participating in this rally. Going to be very, very high volume on the close because it is the Russell rebalancing. All the FTSE indexes, all the Russell indexes, this is going to be their time to get their new company members into the index. And so given that, we should have a little bit more follow through next week. But guess what? We had days like this before, and we've seen this movie. We get any more bad news on the inflation front from Powell, et cetera, we could see a reversal.

Just want to check out what's happened this week in sector land. We have consumer discretionary, that's up 8%. Real estate, health care, tech, communication services all outperforming. And let me show you what's happened with our sentiment indicators this week. ARKK, it's up 23%. IPO is doing well. IBB, that's biotech, internet, software. Take a look at what's happened with software this week. We see some really impressive gains. So we're starting to see investors nibble on those things which have been beaten down the most. And again, we have to see what comes next week, guys.

- Jared, nice shoes.

JARED BLIKRE: Thank you.

- I have never seen a casual Dr. J, but it is casual Friday here.

JARED BLIKRE: I appreciate it. This is my smoking jacket. I'm going to go smoke a cigar.

RACHELLE AKUFFO: It's the velvet. It's awesome. I love it.

- The velvet with the skate shoes, baby. I like the casual Jared. All right, good to see you, man.


- Have a good weekend.