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Stock futures rise following CPI data, SVB chaos

Yahoo Finance’s Jared Blikre breaks down how stock futures are moving on Tuesday.

Video transcript

- Given the CPI, given the continuing repercussions and reverberations of SVB, Jared Blikre is manning the Wi-Fi Interactive with a look at what we are watching this morning. Jared.

JARED BLIKRE: Guess what? You'd think inflation just went away, S&P 500 futures up 1%, actually almost up 1.25% here. Let me just show you the intraday overnight price action, hard to see here, but we actually spiked down and tested these lower levels in the initial seconds after the report. But despite core services coming in hotter than anticipated, we're still seeing a rally here. And that also extends to what we're seeing in the bond market. Let me just find the 10 year.

Here's the 10 year, which had a huge day yesterday. And let me just show you a two month candlestick chart, so we can really get a feel for what's happening. By the way, only last week, we were at 4%, then touched 3.5% yesterday, and we have bounced right back up about six basis points. So historically, that's a large amount, but not within the context of recent price action.

Here's the 13 week T-bill yield, the very front end of the curve tracking what the Fed is doing. That's up another 11 basis points. So if the Fed still has to say hawkish-- still has to stay hawkish, you've got to wonder what that's going to do for stocks here, but in the meantime, financials really bouncing back after the route that we had yesterday.

XLF, that's up 3.7% in the pre-market. That's after being down 4% yesterday. XLY, consumer discretionary, tech, communication services, all of those seeing some love this morning. Just a quick look at the NASDAQ here, going to show some of the big movers, Apple up more than 1%, so is Amazon, Microsoft almost there with them, Tesla up more than 2%.

And got to get a check of crypto here because guess what? Bitcoin-- I've said this many times. Bitcoin has been a leading indicator off a lot of these inflation reports. Here is a two-day view. And it is right up by the highs that we saw overnight, so even Bitcoin liking the risk rally here. What can I say, Julie?

- I don't know. What can we say about that? We're going to say a little bit more about it later on in the show. Thanks, Jared.