Stocks trade higher at the open following February CPI report

Yahoo Finance Live’s Jared Blikre breaks down how stocks are moving following the opening bell on Tuesday.

Video transcript

JULIE HYMAN: --this upswing that we have been looking at here in stocks. Now, part of this I would also theorize is a bounce-back effect, a rebound effect.

JARED BLIKRE: Yes.

JULIE HYMAN: You know, CPI was not worse, perhaps. A lot of the regional banks are coming back even after Moody's put them on watch for downgrade because, well, they've already fallen so much, so maybe they've already priced in some of that outlook.

I mean, of course, Jared, I think safe to say people are still concerned about failures elsewhere right now. But for the moment--

JARED BLIKRE: Yes.

JULIE HYMAN: --a little pause in the selling.

JARED BLIKRE: Well, for the amount of bond volatility that we've had over the last few days, absolutely incredible. We haven't seen anything like that since the global financial crisis. And I don't want to draw too many parallels. It's not completely fair to do that because it's not apples to apples, but nevertheless, I went back and studied the tape back there, and I'll pull up some charts in the meantime of today's price action. I studied the charts, and it took a while for Lehman Brothers to get priced into the markets. There was a snap back over a couple weeks, and then the bottom fell out. So these things take a little time to digest.

Now, here's the S&P 500, up over 1% today. Over the last five days, still down about 2%, kind of in this lower end of its range as we're seeing here.

What's standing out to me is the small caps. The Russell 2000, that is up 3% today, a pretty big amount. Still down 4% over the last five days. That has been more volatile than the overall markets.

And when we take a look inside, what a market departure from some of the earlier days of, I guess, the sell-off that we had, especially considering last week. Yesterday wasn't that bad.

Financials up over 3%. Definite bounce back there. Materials up 2%. Communication services also up 2%. Real estate, industrials, tech, and-- well, that's all of those outperforming on the top rows here.

And let's just take a look inside at the NASDAQ, which had a pretty good day yesterday. Some sectors outside of there that the NASDAQ doesn't represent didn't have the best days, but NASDAQ did. Meta up 4%. Tesla up 3%. AMD up 3%.

And I want to take a look at some of the leaders and also the canaries, some of the fringier parts of the market. KRE, that is a KBW ETF, regional-bank ETF. That's up 10%, and so is Bitcoin. We're going to be talking about that later in the show.

But I just want to show you the regional banks here. A lot of green. Big departure from the prior days. But let me just show you the three-day look. Still mired in red here, so let's not get ahead of ourselves.

JULIE HYMAN: Just for one second, can we go back to the NASDAQ stocks? Because I just want to zero in on Meta for just a hot second here. There have been a lot of reports, of course, about Meta cutting more jobs, and the company coming out basically and confirming it this morning, saying 10,000 more workers are going to be laid off during its, quote, unquote, year of efficiency. Mark Zuckerberg making that announcement in a blog post. So just confirming, basically, some of the reporting and the speculation that's been out there.

JARED BLIKRE: Yeah, a pretty big candle that we're looking at. Meta pushing up against this resistance. Just do a quick technical analysis to see historically. So we were able to punch above some prior price resistance here. The story is really going to play out over two years, though, and you can see how depressed prices are given that decline that really started in 2021.

JULIE HYMAN: Yeah. Our Dan Howley is all over the story, and we're going to be hearing from him later on the 11:00 AM hour.