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Stocks, energy sector carry gains towards the closing bell

Yahoo Finance's Jared Blikre looks at how markets settled on Thursday afternoon.

Video Transcript

- All right. We're just a few minutes away from the closing bell. So let's bring in Yahoo Finance's Jared Blikre to break down today's market action. Hello, sir.

JARED BLIKRE: Hello. Let's start out with the energy sector. By the way, energy sector, the leading sector today, up 3%, followed by all the mega-cap sectors. XLY. XLC. XLK. We'll get to some of those in a minute. Let's check this out because tomorrow morning we're getting Chevron earnings. Today, we are getting an announcement that they are increasing their buyback to $75 billion. This is on top of their existing authorization. They're also hiking their dividend. No expiration date on the buybacks. But RBC expects the oil major to ratchet up the monthly pace. JPMorgan also believing that this could signal better guidance in Chevron's announcement.

Tomorrow morning, we're going to bring you to that live. And let's just take a look at what's happened in the energy sector this year. We know it was one of the best-- well, it was by far the best sector last year. But we can see Schlumberger up 7%, Exxon up 6%. We're going to be getting into a lot of those energy earnings in the coming days. Also want to check out something called Sherwin-Williams here. And if I can find my home builders screen, we're going to see that is down substantially. Sherwin down about 8 and 1/2%.

And, well, I'll tell you what. The only thing worse than watching paint dry is watching your portfolio shrink because, guess what, having its worst day in two quarters. And that's after delivering a full-year forecast that disappointed. Now, we know the housing sector has been battered and bruised. And Sherwin as a proxy is now issuing a warning. Here's the CEO saying we will not be immune from what we expect to be a very challenging demand environment in 2023. Visibility. That's beyond our first half of the year. That's going to be limited. So caveat painter here.

And let's get back to some of the meme stocks that we've been talking about, most recently Bed Bath & Beyond. Let's get to the intraday. We got that right there. Bed Bath & Beyond has so shrunk that it's hard to find on this screen here. Let me just sort by equal weight here. And we can see at the very bottom-- there we go. There have been several price halts today due to volatility. And that's based on the explanation that they gave in their 10-Q or 8-K today saying that they may have to file for reorganization. That means chapter 11.

So it looks like we got about a minute left here. Let's just cycle through some of the happenings today. We checked out the sector action before. Let's check out our market leaders now. KWEB. That is the Chinese ETF. That is in the forefront. That's up almost 3%. But then we have IGV. That is a software tech ETF. FTN is internet ETF. So those leading is actually pretty strong. Ahead of ARK, even stronger. We're also seeing some strength in the chip stocks. All of these on the top line are outperforming cannabis stocks. And this liquidity, this US bond ETF, those are the only ones in the red.

Now, as promised, here is the NASDAQ 100, where we see the mega caps cooperating. We see Microsoft up 3% after its earnings the other day. Tesla up 10%. We're going to be bringing you Intel after the bell. So stay tuned for that in just a few minutes. Other than that, Meta. Even Meta is up 4%. Didn't see really any news about that today. But it's nice to see all this green.