Meme stocks up in last 6 days despite August inflation data

Yahoo Finance's Jared Blikre breaks down how stocks and sectors are performing after Tuesday's stock market rout.

Video transcript

[AUDIO LOGO]

[MUSIC PLAYING]

JARED BLIKRE: Welcome back to "Yahoo Finance Live." It is 11:00 AM in New York City. I'm Jared Blikre. And let's take a look at the market action after yesterday's drama. And what a day it was.

The Dow right now in positive territory. It's up 112 points. NASDAQ composite up about 2/3 of percent. And the S&P 500 about up about half a percent. Now, following these big, big down days, we do usually have a little bit of consolidation. That's kind of what we're seeing right now.

But I've been showing this longer-term chart here. This is a three-month chart of the S&P 500. Notable, we had this nice rally over the previous four days and then we just gave it all back yesterday. So some pretty big downside action. That is par for the course. We've seen a lot of that this year.

Now, the bond market taking a little bit of a pause. We can see the five year T-note yield up just slightly. But it's the short end of the market which tracks the Fed, what the Fed is doing, that is getting the most action. It was up big time yesterday. It was reversing today. All of this causing a little bit of consternation for equities.

And the US dollar also playing a big part. That was up huge yesterday and just taking a little bit of a respite today. And before I turn it over to Yahoo Finance's Ines Ferré, I want to take a look at the NASDAQ 100. Some outperformers. We have Tesla that's up 3%. Apple of 1%. T-Mobile USA, that's up 3%.

And let's take a look at the sector action. Energy is in the forefront, that's up 3%, followed by utilities, discretionary, tech, healthcare. All of those outperforming. To the downside, materials taking the biggest hit. That is down about 8/10 of a percent. Real estate right there with it.

And finally, just want to take a look at the leaderboard. Not really seeing a lot of standouts. Transports is the weakest. So are meme stocks. But I'll tell you something else, meme stocks having a decent run over the prior six days. Even despite yesterday's loss, we can see some upside action. AMC, that's up 13%. Robinhood, 9%. Well, not all of them. HKD, that's been one of those storied IPO stays. AMTD Digital being halted right now. That is up 30% today but a lot of volatility right there.