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Nvidia, Alphabet gain as mega cap stocks move higher

Yahoo Finance's Jared Blikre breaks down the latest market action.

Video Transcript

[AUDIO LOGO]

BRAD SMITH: Welcome back to "Yahoo! Finance Live" this morning, everyone. We're taking a look at the US major averages. We are mixed right now with the Dow just barely in negative territory here. And so we did open the day lower. Now, we're seeing a little green on the screen there. For more, let's get on over to Yahoo! Finance's own Jared Blikre. Jared.

JARED BLIKRE: Yes, let's take a look at the four-day price action here. Dow just passed into the green yet again. This is a one day. And so let's take a look at Monday, Tuesday, Wednesday, Thursday, right up against the upper end of this range that we've been looking at. Good for 6%. Very impressive start to the quarter. A day ago, it was the best start to a quarter since 1938. Have to retabulate that at the end of today. So far so good.

A lot of seasonality studies out there. This is a midterm election year. And a lot of times we do see a rise in October. I've spoken to a number of commentators, analysts, strategists, and they do expect largely a big bounce sometime between now and mid-November. But the debate centers around, is it going to be reflecting the low or is that just going to lead to yet another low? Jury's open on that one.

So we have energy, tech, communication services, and consumer discretionary all in the green outperforming. So that means the mega caps, plus energy, are feeling the love right now.

And let's take a look at the NASDAQ 100. You can see mainly green here. Nvidia up over 2 and 1/2 percent. Alphabet up over 1%. Not a lot of outliers that I'm seeing. Looks like software and also semiconductors is feeling some love. AMD up about 3% there.

Let's take a look at the Dow. And we can see more of a mixed board. We can see pharmaceuticals taking a little bit of a backseat here. Johnson & Johnson and Merck off by about 2/3 of percent. And just taking a look at our leaders for today. We can see a lot of love for ARKK, as well as Korean stocks, chip makers, IPOs, retail.

Let me just show you what's happened so far this week. This is gonna be the four-day price action. And we can see a ton of outperformance by stocks. Those are the chip stocks, once again.

Meme stocks, and let's take a look at that as well. We can see the four-day price action on this. Very indicative of a risk on, let's-buy-everything mood. And we know these don't necessarily last, but that's what we're seeing right now. So a little bit of enthusiasm as we still approach this liftoff from those lows.

BRIAN SOZZI: Gosh, love that heat-map analysis. Jared Blikre, thanks so much. Appreciate it.