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Market check: Stocks rise after last week’s lows

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

Video Transcript

JULIE HYMAN: Welcome back to Yahoo Finance Live. We got a little bit of a lift in markets today. Let's get to Jared Blikre on the floor of the New York Stock Exchange. We were talking earlier. Bear market rally, I guess, is what you would call this one, Jared.

JARED BLIKRE: Yes, and I got to tell you, I was out last week for the FOMC meeting. And that was when we had the most recent low put in, in most of the major indices. Here's the S&P 500. Here's a little bit of lift-off that we're looking at right now.

Now you take a look at a year to date chart of the S&P 500. This is when we got that 9%, 10% rally in the indices. That was late March. Guess what? That was the last few weeks of quarter one. We are now in the last few weeks of quarter two. We've seen incredible declines in equities yet again. And it looks like the Street is warming up to the idea of a flashy bear market rally perhaps into quarter end.

I should point out, too, this is something I'm going to be writing about as I'm studying it this week. But the bear market rallies get bigger and bigger the farther down you go and the more you get into the bear market. So the point of these rallies is to lure in new longs and to flush them out at new lows. So we'll have to see what comes of this. There's always a small chance that we do climb up to new highs, but just not seeing the catalyst. Everybody's waiting for the Fed to pivot.

I'd throw out one more thing. We saw a big downdraft in crude oil last week. A drop in energy prices would also be a huge buoy for the market and for consumer confidence. However, we are not seeing that just yet. So this is the Bank of America MOVE Index. This is bond market volatility. Very elevated. Also taking a look at the VIX, we can see that's around 30 right now. The VIX of the VIX-- that is volatility of the VIX-- creeping a little bit higher-- or actually, lower in this here. And then finally, taking a look at the bond, here's the 10-year T-note yield, just hovering around those recent highs.

Now I want to take a look at the sector Ark action. This is going to be very instructive. Not what's going on today, but what's going on in the longer term because today, we have energy in the forefront. Just want to show you what's happened to some of our leaders over the trailing month. We have Chinese stocks and solar and also retail picking up here. So it might be some areas that will get the greatest lift off of these lows here.