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Market check: Stocks mixed, Apple shares rise, yield curve contracts

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Yahoo Finance Live's Jared Blikre breaks down midday trading in the stock market.

Video Transcript

AKIKO FUJITA: And today, we got some additional inflation data here pointing to continued price pressures. PCE jumping 5.8%, hitting a 40-year high. Let's bring in Jared Blikre with the very latest on all of the market action and how investors are reacting to some of that data. Jared.

JARED BLIKRE: That's right, mixed market, indeed. We got bond yields down. And so guess what? The NASDAQ is leading. But let's hit those inflation numbers first. As you said, the headline number coming out 5.8%. But it's really the core number, when you strip out food and energy, that the Federal Reserve is interested. That number is 4.9%.

Also, we just got the-- excuse me-- University of Michigan Consumer Sentiment out, and that was a little bit of a disappointment. But the number I'm looking at there is the one-year inflation expectations. And guess what? That came in at exactly 4.9%. So the public's aligned with these numbers. And that's why the Fed is having to act. They did not dial back their hawkish rhetoric the other day.

And if I could get the YFi Interactive back, I will go to some of our heat maps because we do want to track the day's price action here. So Apple after earnings, nice, nice beat. We got that stock up almost 5%. It has been a little bit beaten down this year. Tesla up over 1% after suffering a nasty loss yesterday. I think it was 10%, 12% down after its earnings. But you look at some of the software names, they're not doing that badly either. We got Adobe up 2%, ServiceNow, day after their earnings, up another 5%, and Salesforce, that is up 3%.

Want to take a look at the travel sector as well, and we could see more red on the right side of the screen. These are the hotels and the booking agents, Airbnb up half a percent. But Carnival Cruise Lines, that's down over 2 and 1/2%. United Airlines and American Airlines down 4%. We're digging through a number of earnings in that sector.

Also want to check the ARK Innovation components. Now those are getting a little bit of a bump today. I think that has to do with the yield curve situation. I'll get to that in a second. But just as a general sentiment indicator, that is important to watch.

Now here's the sector action. You can see concentration in tech. That's up almost 2%. That's XLK, followed by communication services. That houses Alphabet and Facebook. Those are the two outperformers. To the downside, we see industrials, energy, materials, financials. Those are the biggest underperformers. And those are the value and cyclical trade.

I'm going to end with the bond market here. And we want to see what the third year is up to. It's about flat, just up about 3/10 of one basis point. The 10-year is down two basis points, and the five-year is down four basis points. Put it all together, you have a yield curve that is contracting right now. And so that is-- excuse me. So that is benefiting those growth stocks.

AKIKO FUJITA: OK, Jared Blikre with the market action. Certainly a lot of investors hoping for the weekend right now--

JARED BLIKRE: Yes.

AKIKO FUJITA: --after the week we've had. Thanks so much for that.