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Currency markets trend lower, homebuilder stocks lead gains

Yahoo Finance's Jared Blikre examines currency markets, Nasdaq leaders, homebuilder stocks, and the travel industry.

Video Transcript

SEANA SMITH: We're minutes away from the closing bell. Let's bring in Jared Blikre for a closer look at this rally, on track for one of the best days that we've seen in a number of weeks.

JARED BLIKRE: Yes, I'm looking at two months right now. You can see the Dow, S&P 500, NASDAQ, all above 2%. Russell 2000 above 3%. And let's take a deep dive inside the market. By the way, you can thank the British authorities for massively intervening in their bond market, buying gilts on an unlimited basis until my birthday, October 14.

Here is the US dollar. Everything basically in the red, except for a couple of emerging markets right here. But that's where I want to start because as much as everything is predicated on a declining US dollar, we are seeing some massive risk-on in the rest of the market. And you can see Apple down 1% now. That is an idiosyncratic event linked to the iPhone.

But look, Microsoft, Alphabet each up more than 2%. Meta, more than 5%. Haven't seen numbers like that in quite some time. And you take a look at some of our leaders, an impressive story. Home builders up nearly 5%. That has to do with declining interest rates in the US. By the way, massive reversal in the US 10-year yield. It is down by the biggest amount, something like 22 basis points, since the pandemic lows. That was over two years ago.

We also have MJ-- that is cannabis. That is soaring. That's up 4%. Meme stocks, biotech, 4%. Bets, that is gambling. So the list goes on. But you can see here, as we head into the closing bell, a very risk-on period of time here. But as, Dave, as you mentioned in the break, how fleeting is this? Can we expect more to come? We're going to have to stay tuned for it tomorrow. Here's the closing bell.

[BELL]