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Market check: S&P 500, Dow inch higher, Nasdaq in the red

In this article:
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Yahoo Finance's Jared Blikre breaks down how stocks opened on Friday.

Video Transcript

BRIAN SOZZI: Jared Blikre is down at the New York Stock Exchange for us on this Friday morning. Jared, at least in the early going here seeing a little more bulls overtaking the markets as opposed to bears, but how do you see it?

JARED BLIKRE: More buyers than sellers, it could be, Brian. Let's take a look at the Wi-Fi interactive. Not seeing that in the NASDAQ, but we are seeing that in the DOW and the S&P 500. The DOW just climbing back into the green for the week.

And let me put a five-day chart, so we can see the price action. But the real action this week has been in the NASDAQ. Down just a little bit today, but you can see still holding onto gains of almost 2% right there.

And it's really been all about the NASDAQ since we launched off of those lows about nine days ago I think it's off something like 13% to the upside here. And also sticking with our five-day price action here, I do want to check out what's happened in the sector action.

And here's a five-day look. Energy in the lead-- it's up four and a half percent Real estate, the biggest loser-- 1% to the downside. But it's really been about some of the fringe markets here. We were talking about cannabis earlier and how there's really no news.

We're seeing MJ, that cannabis ETF up 12.7% here only this week. But you take a look at a three year chart, this is a stock-- this is an ETF that is down 70%-- simply incredible.

So I think with all the enthusiasm that's been surrounding this risk rally-- we don't know how far it's going to go. Finally, we're seeing some money move into some of these fringe markets like cannabis-- also the meme stocks.

You take a look at what's happened with GameStop this week-- it's up over 50%. You can see AMC's up over 30%. So you put it all together, this is a risk on feel to the markets, but I don't know that it's news-driven.

JULIE HYMAN: Let's then switch to one other area that seems to maybe be benefiting from that risk on-off switch-- and that is China, which sort of exists in its own universe, if you will because of other currents that affect it. So China's been bouncing all over the place this week.

JARED BLIKRE: That's right. And you just take a look at some of the carnage. This is a heat map that shows today's price action only. And lots of dark red there. Many of these names like Tencent, Alibaba down 3%. Now they did get a lift when we were coming off of those lows last week-- they got swept up like everything else.

But the news is so incrementally bad for everything to do with Chinese stocks that they're just not catching a break. You take a look at the year to date and it gets even worse-- some of these names down 50%. And again, this is not even the end of the first quarter just yet.

So the latest news is that in the US we know that the SEC started proceedings against five different companies, including Yum China, to potentially delist them. It's a three-year process. That's because their audit procedures are not up to snuff. And the news yesterday was, well, there's no guarantee that they can cure these problems or that will allow them to keep their listings.

So the bad news just continues on that front. And looks like almost all of these names-- or at least half of these names down about 25% here. One quarter this year alone, guys.

BRIAN SOZZI: Jared Blikre, thanks so much.