Yahoo Finance's Jared Blikre joins the Live show to break down how stocks are trading as Fed Chair Powell continues to testify before Congress.
BRIAN CHEUNG: 20 minutes to the noon hour here on the East Coast. Let's get to Yahoo Finance's Jared Blikre at the YFi Interactive. Seems like stocks actually moving a little bit towards the downside since we began the show.
JARED BLIKRE: More than a little bit. A little birdie told me a couple of minutes ago that FOMC member Bowman talking about 75 basis points at the July meeting. So let's take a look at the markets right now. Dow just turning green. But we did see a little bit of a downdraft here.
And not the biggest deal in the world. But we do know that 75 beeps-- bips, excuse me, is on the table. I'm not going to say that again, Brian, I swear.
But looking at the sector action, we do have staples in the lead. That's up 1 and 1/2 percent, followed by health care, utilities, real estate, tech, consumer discretionary, and communication services. All of those outperforming.
What's underperforming? Energy again. So crude oil has been under pressure recently. I want to get to our futures board. The dollar has been surging. You can see all the red here. At the bottom, we have natural gas followed by corn, oats, cotton. And we are seeing a lot of weakness in the grain complex.
Let's take out a one-year chart of soybeans because these had been on the move. And you can see this huge, huge selloff, almost getting back to the breakeven point over that one-year time period.
Now let's see what's playing out in our market leaders. These are our sentiment leaders. In the lead, IPOs. Guess what, that IPO ETF is up 4 and 1/2 percent followed by ARK Innovation components. IGB, that's software. Homebuilders, got to talk about KB Homes. And then biotech--
Let's check out that homebuilders sector that we have right here. And I'm not seeing it. We'll have to go back to that in a little bit. Maybe we can find it right here. And we see that Home Depot is up 1.3%. But really, it's the homebuilders in focus. KB Homes had a better than expected outlook. And that stock is up 9%.
But you check out what's been happening year to date, a lot of these stocks have been caught in the same malaise as the rest of the market. Market seeing DR Horton, that is up almost 5%. And also Lennar up similarly.
Want to check out what's going on in the travel sector. Excuse me. We just got word that United is going to be cutting flights to-- excuse me-- out of New Jersey. That's going to happen on July 1. 50 per day, that's 12%. Don't want to see that trend escalate. Nevertheless, we see United Airlines down 19% year to date. Guys?
BRIAN CHEUNG: Newark Airport always a mess though.
JARED BLIKRE: Yeah.
BRIAN CHEUNG: To be fair.
JARED BLIKRE: I've been there recently.