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Stocks rise in early trading, U.S. dollar pauses gains, meme stocks up

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

Video Transcript

BRAD SMITH: Welcome back to Yahoo Finance Live, everyone. Major averages holding on to some of the gains that we saw at the opening cross and actually building on that just a little bit more. Here is the Dow is up by about 7/10 of a percent, S&P 500 9/10 of a percent, NASDAQ composite now up 1%. For more on the early action in today's tape, let's get on over to Jared Blikre at the Yahoo Finance Interactive.

JARED BLIKRE: Well, as you can see here, you were just going through the numbers. The majors, they are up about 1%, some of them a little bit less. But the Russell 2000, which got beaten down pretty badly the other day, up 1 and 1/2%. And just looking inside the market, this is going to be the S&P 500. Over the last two months, you can see, we had a support level here. It looks like it held at least temporarily. And we are not off to the races. We are just kind of inching higher here, searching for that next catalyst. What will that catalyst be? Hard to say.

But let's take a look at the VIX, the CBOE Fear Index. That is down just a smidge from yesterday. And we're going to take a look at the bond market as well, because the bond market has been where a lot of the action has been. And you can see after that huge day yesterday, we are up just a little bit more today. So we want to see if that 2.75%, that is a support level for the 10-year T-note yield.

All right, also want to take a look at the US Dollar Index because that has been surging to 20-year highs. That has been a roadblock for risk assets. And that is just taking a breather today as well. So when we look at our sector action for the day, guess what? Energy at the top spot. Everything's back to normal, right? Materials also up 1 and 1/2%, and financials, discretionary, tech, all of those are outperforming. So a really good mix of value and also growth stocks.

And if we take a look at some of our leaders here, the stocks index, it's been a while since we've seen-- excuse me-- semiconductors outperforming. This is what's happening today. This is what's happened over the last month. So a pretty big juxtaposition there. And if you take a look at software, kind of ugly, too, but not as much dark red. And you see some standouts here. So looking at Snowflake, that's up 19% over the last month. Zoom perking up, Zscaler as well. So we'll see if we can get some continuation out of these names. Guys.

BRIAN SOZZI: Jared, what are you-- curious to what you're seeing in the meme stock patch. We have the GameStop out there, four-for-one stock split. You have Bed, Bath catching a bid because the new CEO is buying some shares. Is that carrying over?

JARED BLIKRE: Let me show you something. This is pretty interesting. It's been a long time since I've seen GameStop as the number one trending ticker here. You guys have been talking, had an excellent discussion regarding Virgin Galactic holdings. Bed, Bath & Beyond-- all these are meme stocks. And so when we see the market setting up for a risk-on, perhaps short covering rally, maybe we're going to see it in some of these meme stocks here.

Now, to go back to see the meme stock action from 2021, you got to put a two-year chart on. And I'm with you, Sozzi. This four-for-one stock split, that is not a game plan for GameStop. But if you're interested in the math, I guess, well, you're going to have a $30, $40 stock in a few days, a couple of weeks. We'll see.