The three major stock market indexes (^DJI, ^IXIC, ^GSPC) are starting Wednesday's session in the red. Yahoo Finance's Jared Blikre breaks down the market action ahead of February's PCE print due out on Thursday, also checking performances across sectors and in the bond market.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
JARED BLIKRE: You can see it's a red morning here. And all 11 sectors in the S&P 500, the large cap index are underwater. Worst off is communication services down about 59 basis points in the corner. After that, real estate, health care, materials. But we're not looking at any losses more than 1% down.
And let's just take a quick look at the NASDAQ. And then I'm going to get to the small caps. But real quickly here, we have a lot more red than green. We do have some of the Magnificent Seven here. Microsoft in the green for one-third of 1%. Apple just barely holding on to some water onto some gains there. And Tesla up about 40 basis points.
But I want to check in on the 10-year T-note yield. It has been coiling. You can say it's coiling for a move. We don't know if it's going to be to the upside or the downside. But if it goes to the upside, could be a headwind for stocks. But we don't want to get too far ahead of ourselves. We are not there just yet.
Another thing I'm tracking is the US dollar. This is a three-month chart of the US dollar index. And it is just breaking this negative trend line to the upside. This also has potentially negative implications for the market. But then, overall, small caps have really been ripping. And that's thanks to what we've seen in the biotech space. And a couple of names really driving things.
Let me just pull up one of the smaller players. Hard to see but Vertex Pharmaceuticals-- Viking Therapeutics, excuse me, up 132% over the last two days. Over the last three years, you can see up over 1,200%, guys.
