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Stocks open higher as markets get reprieve from U.S. dollar

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Yahoo Finance’s Jared Blikre breaks down how markets opened on Friday.

Video Transcript

JULIE HYMAN: We've got stocks trading higher today to end the week, at least for now. Let's get to Jared Blikre on the floor of the New York Stock Exchange with more on what he is seeing in the early going. Hey, Jared.

JARED BLIKRE: Hey there. Well, it was really interesting to see stock futures lift off this morning on that retail sales report. And I say that because it's nice that good news is actually good news. And by the way, bad news yesterday on the PPI front. Bad news on Wednesday on the CPI front. That was shrugged off.

So let's take a look at the YFi Interactive. I'm going to pull up a two-month chart of the S&P 500. That is what we've been tracking. See if I can get some candlesticks. There we are. We are in the middle of a three-week range right here. As you can see, we got-- we touched the bottom end of it yesterday. And now we are straight smack back in the middle of it. So not a lot necessarily going on there.

But I'll tell you, what's been moving the market lately, it's short-term interest rates reacting to the Fed, reacting to those CPI numbers, and also the US Dollar Index. And let's see if I can get a chart of the [? Dixie ?] up here. I was writing about this in the "Morning Brief" today. And the dollar has surged by a huge amount. And we've been talking about the euro crashing back to parity. The yen is down about 20% versus $1.

These are huge moves in currency land. And so any day we get a reprieve from the dollar-- and let's see if we can get this US Dollar Index up there. There we go. That is just an incredible move over the last few months. And you might say 3.9%, so what? That means a lot because the currency trade, those are highly levered when they are unwound when there are huge movements. That creates not systemic risk, but it creates systemic problems, systemic hiccups for the market-- let's call it that.

Let's take a look inside the market. Last time I looked, everything was green, except for utilities. That's on a sector basis. And unfortunately, it looks like my YFi Interactive connection is a little bit slow here. But I was cycling through some of the charts. Lots of things are working today. And I think it's just because we are finally getting a reprieve from that huge rise in the dollar and also those short-term interest rate. Guys.

BRIAN SOZZI: All right, Jared Blikre, thanks so much.