Market check: Stocks mixed, crude oil plunges, Treasuries drop

Yahoo Finance’s Jared Blikre joins the Live show to break down how stocks are moving as Fed Chair Powell testifies before Congress.

Video transcript

BRIAN CHEUNG: Let's head to Yahoo Finance's Jared Blikre for a quick check of how the stonks are doing. Jared. Stonks update.

JARED BLIKRE: I'll tell you what. I'm going to cover the indices, Brian. We did have all the three majors in the green, but you can see the Dow and the S&P 500 just kind of around the [INAUDIBLE] right now, not really doing that much. NASDAQ a little bit better off. We have a big move in the bond market we'll get to in a second.

Also, we have Chairman Powell. He is speaking before the Senate and still answering questions. So far, he hasn't spooked the markets. You can see we opened at a loss and have now climbed into the green, but given back some of that. Again, just kind of a choppy day.

And if we take a longer term look at the markets, it's going to be the S&P 500. And I want to get to this two-month chart here. Now we have this Fed bottom, the FOMC bottom from last week. We got two days which are closely matching each other. Still looking for that lift-off. Is it going to come? Well, we have some headwinds here. And that is in the form of volatility.

Here is the VIX, and we can see that's right around 30. You can see it's come down a little bit. We have the VIX of the VIX, which has been a little bit more elevated recently. And then we also have the Bank of America MOVE Index. This tracks bond market volatility. And you can see, this is what happened the other day. And this is why we are not achieving liftoff just yet.

Here's the five year T-note yield. It is down 16 basis points. Part of this has to do with the fact that oil has been crashing. It's been marching towards $100. That's WTI. And we also see the 10-year. That is down 15 basis points and the 30 down 13 basis points as well. Now this is important, keeping on the energy tab, because without the Fed being able to pivot, guess what? Lower energy prices take away some of the inflation concerns. That's what we're seeing right now. So that is a little bit of good news, guys.

BRIAN CHEUNG: Yeah, we have seen crude oil back off a little bit. But Jared Blikre, not only with the stocks update, but the bonds and commodities update as well. Man, my man can do it all. Thanks so much.