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Stocks climb as retail earnings roll in, meme stocks gain

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

Video transcript

JULIE HYMAN: This is Yahoo Finance Live. We're seeing strength in stocks here, just about 10 minutes after the opening bell. Jared Blikre on the floor of the New York Stock Exchange with the details for us. Morning, Jared.

JARED BLIKRE: Good morning. We already got the NASDAQ up over 2%. And the risk-on, risk-off nature of this market, it continues. Now, I want to get to the sector action. You guys killed it on that discussion with retail and especially Walmart and Home Depot. Personally, I learned a lot. You could have done the entire show on Walmart. I think that would-- could have been a thing. But looking at the sector action, we got tech up nicely, up 2 and 1/2%, consumer discretionary up over 2%. So are financials, communication services. And to the downside, we got staples, utilities, and real estate, so it is one of those risk-on days.

We just got the Bank of America Global Fund Manager Survey, and we're seeing some incredibly low cash levels, the lowest levels since 9/11. And so that could be a signal that-- a contrarian signal that it's time to prepare for a bounce. Now we've seen this before. Bank of America doesn't see this lasting. They think we're going to see lower lows, but we all know how flashy these bear market rallies can be.

So, in the meantime, let's take a look at some of the sectors that are moving here. Travel looking nice. We got trip.com up 6%, United up 5%, Southwest up 3%. Looking at the Ark components as kind of a sentiment indicator, a lot of these guys are up 5%, 6%, like Roku up 4%, Shopify up 6%. And then the Chinese stocks as well, KWEB doing nicely today. We got Ray Dalio buying some more internet-- buying some more Chinese stocks. We can talk about that in a minute.

And then just kind of rounding out the conversation with a look at the meme stocks because these guys have been on fire not yesterday, but basically over the last four days. I'm going to put this on a four-day look, and you can see some of the gains. GameStop up 16%, Hertz up nearly 12%. And they're not even the market leaders here. So, all put together, it looks like we might have something in place here. But according to B of A, it might not last.

JULIE HYMAN: Well, we'll see. We-- it's everyone's favorite season, 13F season, Jared Blikre, at least those of us who watch these sorts of things. So 13Fs tell us what various fund managers held what they bought and sold over the last quarter. And there were some interesting revelations in the crop that we got late yesterday. What stood out to you?

JARED BLIKRE: Yeah, I specifically look at Warren Buffett. He had just made the biggest purchases for a quarter in years. And over the last three years since 2019, Berkshire Hathaway has bought back $60 billion worth of its stock. And yet, it was a net seller up until the last quarter during 2020 and 2021. So they are back in the market in a big way. What are they buying? They like energy. So they also like Citigroup. And they don't like Wells Fargo, so kind of an end of the era there.

But Chevron, which they spent about $21 billion, half of their purchases of $41 billion, $21 billion went to Chevron. That is now one of their largest purchases. Occidental Petroleum, which is up over 100%, that's another one of their big purchases. So really feeding into the energy sector. Apple is still their biggest holding. I don't think that they changed that position size very much, but they are invested in this market. And they're looking to spend some of that cash.

Now Ray Dalio, who I mentioned before, he's getting out of certain Chinese stocks and into others. So no more Didi, selling jd.com, but I'll tell you what. The Chinese stocks have been a hole. They've been a money sink over the last couple of years. And there's tons of regulatory risk there. So good luck to him there.

BRIAN SOZZI: Good luck, indeed. Jared Blikre, thanks so much.

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