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Market check: Stocks rise, crude oil futures fall

Yahoo Finance's Jared Blikre gives an update on the market as crude oil futures fall.

Video Transcript

AKIKO FUJITA: And most notably, Jared, today, some big moves in oil.

JARED BLIKRE: Yes, and we'll get to that in a second. Just want to draw everybody's attention to the nice rally we have, not only in the NASDAQ, but also the Russell 2000. Let's get a two-day view of the NASDAQ composite, and here's that jump up on the open. Now in a larger context, let's take a look at a one-month chart here, still in the middle of its trading range. So we've got some work to do if we're going to mount any kind of rally here.

But as you said, Akiko, the moves have been in oil. First of all, let's get to some of these tickers. This is the Russia index, MOEX Russia Index. And we can see that is up 3.4% today, still in the bottom end of its range here that has been trading in since about November of last year. Also seeing the US dollar taking a little bit of pressure off. Let me get a three-day or two-day view of the US dollar. That has been trending lower. So that means the ruble is appreciating, indicating some lower tensions with respect to that particular ticker.

And then WTI crude futures off 4 and 1/2%. Haven't seen a move to the downside in quite some time this large. It is oil, and we know it can be volatile, but we're coming off of the highest price since 2014, so really, a lot of pressure to the upside on crude oil. But $100 per barrel is a huge number. And it's probably going to take a lot more than geopolitical tensions, as they are, to get crude oil above that price. So a little bit of pressure coming off of not only crude oil, but also gas prices-- and not natural gas. I was talking about RBOB gasoline, but natural gas up just a smidge today.

Well, taking a look at the sector action, we actually have a pretty broad-based rally going on right now. Consumer discretionary and tech, those are the two leaders, each up about 2%. Also houses Amazon-- that's consumer discretionary. Industrials, and financials, and materials close behind, so it's not only the value trade, it's not only the mega caps, also the cyclicals, also the growth trade. And so that's looking pretty good here. Not surprisingly, energy the sole sector to the downside, off more than 1%.

And taking a look at our leaders board, this is nice to see because this indicates a lot of interest in some of those fringe areas that you tend to see money sucked out of when there's any kind of trouble. So we have TAN, that's a solar ETF. We have chip stocks, talking about that acquisition by-- or acquisition potential by Intel. Also looking at cannabis, ARK components, Chinese internet, IPO, gamblings-- all of those are indicating a little bit of risk-on sentiment. But as I said, markets not out of the woods just yet. Do have a little bit more work to do.

Want to take a look at our semiconductors because there's a lot of things going on in that space. It's not just that Intel potential acquisition of Tower. By way, Tower Semi, that's up 42% today. It's also Nvidia, Nvidia reporting earnings after the bell. Analysts expecting a big beat and raise quarter with expectations high for gaming and also data center. So any kind of disappointment, which, usually, Nvidia doesn't produce-- it's usually pretty good earnings reports and nice beats to the upside, given conservative guidance. So we'll be looking out for that as well.

And also AMD just closed its merger with Xilinx only yesterday. And we could see AMD up 2%, so nice to see some of these chip stocks getting some love here. And let's see if I can get to our travel sector because we're seeing a lot of movement there as well. Carnival Cruise Lines up 6%, so is American Airlines. Only thing really in the red right now, Avis Budget Group, and that's after some disappointing earnings. That stock is down 13%, still up 278% over the trailing years, guys.