Markets consolidate gains, consumer discretionaries lead sector action
Yahoo Finance's Jared Blikre breaks down how stocks are trading into the closing bell Wednesday as investors weigh upcoming Fed rate hikes.
Video Transcript
RACHELLE AKUFFO: We're less than two minutes away from the closing bell. So let's bring in Yahoo Finance's Jared Blikre to break down the market action. Hi, Jared.
JARED BLIKRE: Hi, there. And it's looking like a risk-on day as we head into the final minutes. Just want to show you the NASDAQ, now up over 2%. Not a bad day considering where we started. And let's take a look at the sector action. By the way, we did get that statement by Chair Powell through the Wall Street Journal-- "Dear stock market, please drop dead." That is the title of my "Morning Brief" article for tomorrow morning.
But guess what? Stocks did not die today, so maybe that's a problem for the Fed. Deep teaser. Discretionary, that is consumer discretionary. That is up the most, barely by utilities. Both of those up more than 3%. That is followed by materials, financials, communication services, and real estate, kind of a broad-based hodgepodge there. But all of those outperforming.
To the downside, only energy. That is down 1%. Healthcare is a laggard, but still up 1 and 1/2%. And you take a look at some of the beaten down names in NASDAQ 100. We see them doing moderately well today. Here's Tesla. It's up 3%. Alphabet and Amazon up 2%. Apple up less than 1% after announcing its latest Apple Watch price. I think that was $800, $799. Don't quote me on that. But we do want to get a look at the travel sector as we head into the closing bell with seconds to go. United Airlines up 5 and 1/22%.