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Market check: Stocks rally at open, U.S. dollar retreats

Yahoo Finance's Jared Blikre breaks down how markets opened on Monday.

Video Transcript

- Live, we are seeing a bounce in markets today on this Monday morning. Let's get to Jared Blikre on the floor of the New York Stock Exchange with what he is seeing underneath the action. Jared.

JARED BLIKRE: Yes, let's look at the YFi Interactive. We had a really constructive day Friday and this is Monday, but the real action doesn't really get underway until Tuesday. But we'll take this I think. Let's take a look inside the market here. We're going to take a look at the sector action. Only the defensive sectors are in the red right now, see if I can get this screen up. Once again having a little bit of connection problems. There we go. Utilities, health care, and staples all trading to the downside, but importantly energy, financials, and consumer discretionary-- those are the big leaders here.

Consumer discretionary one of the most beat up sectors of the year, down 28%, 29%. Energy the best sector of the year, so everything kind of rallying in unison here. And let's check out our leaders board, where we have Chinese stocks finally bouncing back, had one of the worst weeks in months last week. KWEB is up over 4 and 1/2%. Solar energy, which got beat down last week on that Manchin news, that's up 3%. And then ARK Innovation, that is up 2 and 1/2%, followed by retail IPO, and the list goes on here.

I want to take a look at the S&P 500 over the last month. And you can see-- if you're saying-- if you're thinking this is a very choppy sideways trading action, you are correct. We are just marching right back up to the very top end of the range. So nothing really matters until we clear about 4,000. And if we put a longer term price chart on here, you can see we are still just trying to break out of this downward trend slope here. So I think once we get back to 4,200-- if we can get there, that's, kind of, the level to reclaim. That's way higher here.

And we haven't had a meaningful rally in some time, have to see if we can get off the ground here. But I do want to point out that the US dollar index is on retreat, that's a big down candle. Let me put this on a two-month basis. You can see a big down move here. That has been the pressure point for markets. And when the US dollar is retreating, that is going to allow stocks to rally. So inasmuch as the US dollar is largely a non-trending asset usually, not recently, we could see a little bit of mean reversion and that would help out stocks.