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Market check: China stocks gain, Tesla shares climb, bitcoin recovers

Yahoo Finance's Jared Blikre gives an update on today's market, China stocks, Tesla, and bitcoin.

Video Transcript

- But for more on the market coverage and the reaction to that inflationary print, I'll toss things over to Yahoo Finance's Jared Blikre. Jared.

JARED BLIKRE: Yeah, and I think you were talking about orange inflation, too. Orange is probably reacting to some of this cold weather we've had recently. But let's go to the Wi-Fi interactive and talk about something a little bit different. This is a performance of the S&P 500.

We're going to step back, take a little bit of a longer term look. This is a two-month candlestick chart. And this was Monday afternoon. We got that bounce off of the 4,600 level, thereabouts. We had a nice rally yesterday. And today, we ran into a little bit of resistance. And we're just kind of backing off and consolidating. These are the old highs from November and December, so not surprising to see bulls taking a little bit of a cooling period right now.

I also want to get-- take a look at the NASDAQ. It's consolidating as well after hitting a high, kind of not an important one but a minor technical level close to the open here, but also really watching the bond market. That's where a lot of the action has been recently. And we're seeing it cool off again today.

We got a little bit of a respite yesterday, some relief off of that Powell testimony. And today, we are down 2 basis points on the 10-year T-note yield. And important to look what's going on inside the market, we saw breakevens perk up yesterday. And they're still retaining about half of those gains.

So on the inflation front, we're seeing some of these stocks that we have hit highs on the open here give a little bit of a pullback. But you can see Tesla there towards the center of your screen. That's up almost 2 and 1/2%. Alphabet and Microsoft each up more than 1%.

The sector action is really telling again today. Real estate in the forefront, that is up 73 basis points in the upper left. That's followed by materials, industrials, and tech. And so that's kind of an interesting mix for the leadership board today. You really want to see-- We had a broader mix, a more healthy mix on the open.

But Chinese stocks were jumping earlier today. They're still maintaining some gains. We see Alibaba up 3 and 1/2%. All of this comes on news that DiDi will likely relist in Hong Kong. That was known. But some of the plans have been firmed. And we're seeing some incremental progress towards that.

Now, here are the art components. This was all green and dark green on the open. So a little bit of giving back, some of these risk markets that we saw pick up yesterday and Monday afternoon. If we take a look at a three-day view, we can see Tesla really cleaning up here. That's up nearly 6%, and not seeing as much red as before. But some of these stocks giving up the prior day's gains.

And why do I focus on them? Because it is a great sentiment indicator. And speaking of sentiment indicators, we can see this in the leaders today, where we have emerging markets. That is up the most. That's up 1%, followed by Chinese stocks. That's KWEB, then High Yield, but really, more red than green, so kind of a flip that we had from the open here.

Finally, I want to get a check on Bitcoin prices because we're seeing a rise off of that 40,000 level that we hit yesterday. Maybe it was two days ago. Let me get a five-day view of Bitcoin, and there we go. So we hit that low Monday morning. That was hitting the same area that we hit Saturday. And it's been up since then. Are we out of the woods? Well, let's take a three-month view. I'd say still in the lower end of that trend. Guys.