Markets: Nasdaq, S&P 500 eye five-day winning streak, value and cyclical stocks lead gains

Yahoo Finance's Jared Blikre examines the market and sector action heading into this week's close, as well as bond market yields, Nasdaq leaders, and bitcoin pricing.

Video Transcript

DAVE BRIGGS: Happy Friday, my friend. Let's check out the markets on this getaway day in the middle of the summer. The S&P down 20% on the year. But how did they finish out the week? You got it-- five straight days in the green, albeit by a very narrow margin today. And the Dow up 71 points, the NASDAQ up 2.6%, with about an hour left in trading this week. For a closer look at the markets, let's toss it over to Jared Blikre, who is watching that wage growth number more than anyone I know. What did you make of it, my friend?

JARED BLIKRE: You know, it came in, in line as expected. I think that's a good thing, Dave, because had it come in hot, we might see the market at a 3% down day. Might see the S&P 500 at its lows. So I think investors will take this little bit of green that we see in our screen. By the way, for the week, looking at some decent postings here, let's see, about 5 and 1/2% for the NASDAQ. S&P 500 is going to be a little bit less, about 3.3%. And the Dow kind of the laggard for the week. Tech has done better. That is up 2% for these four days.

Now, let's take a look at our sector action. And for today, we are seeing in the top spot, we got healthcare, energy, discretionary, financials. All of those outperforming. Value is really in vogue today, and also the cyclicals as well. Let's take a look at what happened this week. So four days, we have consumer discretionary, tech, and communication services. Those are the mega-cap sectors. Those are up the most, so a little bit bucking the trend today.

To the downside, utilities taking it on the chin. That's as the bond market creeps up here. And we've got to take a look at those bond market yields. First, this is a NASDAQ composite. As you'll notice, we're up against prior resistance. But I want to get to the five-year and the 10-year. Here's the 10-year. Look at this, 2.75% at the lows. Now we're at 3.1%. 35 basis points in three days is a huge move. And we're seeing the short end of the curve screaming higher as well. Not so much today, but a big jump up here this week. That was the 13-week T-bill rate that tracks what the Fed is doing at the short end of the market.

Now, this is our-- let's go to our NASDAQ over the last five days. You can see, as I said, those mega caps really flying high this week. Nice to see them bouncing back. Are we going to get any kind of continuation into next week? Well, we got retail sales next week. We got CPI, so we'll have to see what comes of that. Also want to take a quick check on crypto. Let's see if we can get that up. Decent week for Bitcoin. Well, at least the four days. I guess we'd have to go back seven to get an accurate representation of the week.

But let's just take a look at what's going on here. Here is a year-to-date chart. I've been charting this all day and probably all week here. We are consolidating near lows, but it looks like we might have liftoff. Haven't gotten it just yet. What we want to avoid is a similar situation that we had before, where the market would simply consolidate and then kind of fall off a cliff here. So far, so good. But 17,000, that's going to need to hold, as I've been saying. 13,000, 13.5, that could be a downside target.

RACHELLE AKUFFO: And we know people are keeping an eye on that. A big thank you there, our very own Jared Blikre.