Stocks turn negative at open, bitcoin hovers around $29,000, wheat futures surge

Yahoo Finance’s Jared Blikre breaks down how markets opened on Monday.

Video transcript

JULIE HYMAN: Welcome back to Yahoo Finance Live. We are seeing markets pull back this morning and just out of the gate, even, accelerating to the downside with the NASDAQ now off 1%. Let's get to Jared Blikre on the floor of the New York Stock Exchange. Jared, of course you wear glasses. What am I talking about?

JARED BLIKRE: You know what? I am a proud Warby Parker's customer here. I have been wearing them for years. The glasses last about two to three years. But I'll tell you what. I went in there over the holidays. There was almost nobody else in one of the stores. And it was a great experience. The stock, on the other hand, that's another matter.

But let's get to the market at hand, which is the S&P 500. I'm looking at a year to date chart. Now let's get a candlestick. Let's see if we can get this up here, year to date. There we go. We are right inside Friday's range. We had a nice little bounceback. We've seen this happen before. We got that nice little liftoff in March.

But the thing is, we haven't seen much continuation, have we? And we still have volatility elevated. We got the VIX. It looks like it's hovering right below 29 or right below 30 right now. The Bank of America MOVE Index importantly has tapered off a little bit, but certainly not giving the all clear signal. So we've got to look to the markets here. Do we have the potential for a bounce, a material bounce? Yeah, of course, we do.

But we are seeing some negative price action right now, especially in some of the markets that we saw back-- bouncing back not only Thursday, but also Friday. Thursday, I think, was instructive because it was a down day in the market, but we saw a lot of the ARK components, we saw a lot of the meme stocks perking up here. Today, not the case. KWEB-- that is a Chinese internet ETF-- that is in the green for about 8/10 of a percent, followed by a bond ETF. And then we got basically more bond ETFs.

So let's take a look at what's happening with the meme stocks as a sentiment indicator, seeing more red than green. It looks like GameStop down 3%, AMC down less than 1%. Checking in on crypto land, it wasn't as bad as it could have been over the weekend, but Bitcoin touching 26,000 late last week was a bit of a headache for a lot of people. Here's Bitcoin over the last 24 hours. Let's check out the five-day chart. And we can see it just kind of hovering around the flatline over that period.

Finally, I do want to check in on the travel space here. And we're seeing kind of a mixed board. It looks like the airlines are feeling some love, but not the bookings and not the hotels. Hilton down 1%, but we do have American Airlines up about 9/10 of a percent and United up 1%, guys.

BRIAN SOZZI: Jared, hard turn here. Wheat prices catching a bid.

JARED BLIKRE: Yes. I'll tell you what, this reminds me of 2007. It really does. I was trading futures back then. Let me go to a max chart of wheat, and this is the electronic futures. This goes back to about 2001, 2002. So here is that peak we saw in 2007, 2008. Crushed traders absolutely. There was all kinds of hinky things going on in the futures market, and it looks like that's going on today. Wheat definitely surging in price here.

Let's take a look at the year to date. On a candlestick basis, we did get that jump up in March, but we are jumping up once again. So now that we have cleared this resistance, I would be very surprised if we didn't see new highs in wheat and also other commodity prices, which means higher input-- excuse me-- higher input prices for food means, Brian, you're going to be paying more at the grocery store.

BRIAN SOZZI: Yeah, it sounds like my deli meat might be going to $20 a pound. I'm going to have to give up that salami. Jared Blikre, thanks so much.