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MARKETS: Nasdaq ends best 3rd quarter in 10 years — YF Premium is bullish on Arista Networks (ANET)

Yahoo Finance's Jared Blikre joins Seana Smith to break down the day's price action in stocks as well as a long in Arista Networks (ANET), a Yahoo Finance Premium Investment Idea. Not a subscriber? Start your free trial to join our next webinar on Wednesday, September 2nd at 2:00pm ET live!

Video Transcript

SEANA SMITH: When you take a look at some of those performance numbers for the quarter, we have the S&P rising 8.5%, the NASDAQ up just around 11%, that Dow up 7.6%. It's hard to figure out, just in terms of where we are going to go and how big of the gains or losses we could see, like Myles was just pointing out, just in terms of the lack of catalysts that we are likely to have over the next several weeks, and in terms of what that means for gains or losses that could be on deck.

- Yeah, I think we're going to see some kind of erratic, choppy, sideways action here. We're probably not going to go too much higher or too much lower than recent highs and lows. And let's just take a look at the quarter in our charts here. So here's the Dow, up 7.6% for the quarter, can see solidly above its-- closing above its 50-day moving average here for the first time since it sold off in September. And looking at the NASDAQ here, better gains.

As you said before, this is the best third quarter for the S&P 500 and the NASDAQ since 2010. And we can also see this in the S&P 500, up 8.5%. Now, I would expect maybe-- so it's 3,410 here to be resistance in the near term and 3,200 to be support. We could very well chop around in this range for a little bit. If we started getting in this area above 3,410, probably going to make a run at these all-times-- all-time highs, close to 3,600 here.

And as you also said, this is the worst month for all of these markets that we're looking at since 2011, the worst September since 2011. Can see the S&P 500 is down four days. And let's take a look at the NASDAQ 100 heat map over the last month. And we can really see where these losses were concentrated. All the big cap names sitting on some pretty substantial declines here, from Apple down 10%, Alphabet also down 10%, and Facebook as well, Tesla down nearly 14%.

Some of the chip names that had been leaders struggling as well. AMD down about 9.7% over the period. But over the quarter, still looking at some nice gains here. And if we sort by performance, we can see the biggest winner here-- Tesla up nearly 100%, just incredible, Zoom up 85%, AMD, 55%. So a lot of these names that got hit in September, still sitting on substantial gains for the quarter.

And just one quick look at our quarterly sector heat map here. We can see everything in the green, except for energy, which really stands out, as it's down 20%. Looking at the month to date here, we can see energy, the biggest loser, down 16%.

Only materials and utilities in the green. But switching back to that quarterly view, we can see discretionary, and materials, and industrials all up 12% or better. Discretionary leading at 15%, Seana.