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Market check: Stocks fall, bond yields jump as traders digest inflation data

In this article:
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Yahoo Finance’s Jared Blikre breaks down how markets opened on Wednesday.

Video Transcript

[MUSIC PLAYING]

BRAD SMITH: Welcome back to Yahoo Finance Live, everyone. Markets are officially open for trading here. We're about 11 minutes into today's session. Let's get on over to the floor of the New York Stock Exchange where Yahoo Finance's Jared Blikre is serving Bath and Body Works' lavender realness with the fit today. Jared, I love it.

JARED BLIKRE: Thank you. It is July. I'd be remiss if I didn't celebrate. I'm looking at the YFI Interactive. It is a down day in the markets, and this was kind of one of the worst fears. You got CPI with a 9 handle right here. That is bad news. Let's take a deeper dive inside the market.

And this is going to be the S&P 500 over the last two months. But you can see over the last three weeks, about the last 15 trading sessions, absolutely nothing. Just going sideways right here. So as long as the 3750, I would say, support level, current support level is respected, not the biggest deal in the markets.

But you've got to take a look at what's going on in the bond market because we have yields screaming higher once again, seven basis points for the 10 year. By the way, I no longer say beeps. I've been corrected on that. It is bips. But sometimes I do beep boops. You've got to ask the Emily account about that.

But I'm also watching the dollar, the US Dollar index up to 20-year highs. Once again, the Euro flirting with parity. So we could have a washout in the currency markets. And of course, those are highly leveraged, and that could spill over into risk markets. So I guess the bottom line here is we're kind of on a knife's edge. We're waiting for more comments tomorrow from Jamie Dimon to see if he has any update on our hurricane status. Is it a Cat 5, a Cat 4? Who knows?

Energy in the green here. That is the only sector in the green. Crude oil had a wash-out day yesterday, $95. Let's take a look at the futures because I think this is important. If we see crude oil-- I'm not finding the chart right now, but if we see crude oil trade down to, let's say, 62, that's where I see support.

That could print negative for the CPI in a few quarters, maybe a year. So I think we have to think about the future here because there's not a lot going on in the present, just kind of waiting for the next catalyst. And that would probably be those big earnings that we have on deck tomorrow, guys.

BRAD SMITH: Always good to see you in the present, of course. Jared Blikre, thanks so much. All right, high gas prices not only have people searching to buy [COUGHS]-- excuse me-- electric cars but also electric motorcycles. You can see there on the screen a surge in Google search activity for electric motorcycles since April as gas prices have soared.