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Market check: Stocks recoup some losses after Friday’s sell-off

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Yahoo Finance's Jared Blikre runs down how markets and the travel sector have begun a bounce back since Black Friday's market sell-off following reports of the Omicron COVID variant.

Video transcript

BRIAN CHEUNG: We are 10 minutes into the trading day on this Monday, November 29, so let's head down to the floor of the New York Stock Exchange where Yahoo Finance's Jared Blikre has been watching the market action. Jared.

JARED BLIKRE: Boy, we got some fireworks Friday, didn't we? And I was crunching the numbers, and let's go to the YFi Interactive so we can see the price action here. Pretty big snapback rally, first thing Friday morning. I started calculating the numbers. As to Thanksgiving days where we saw steep selloffs in the past, I found about 25 or 23 going back to 1896-- that's the beginning of the Dow-- and some surprising results. Doesn't happen that often.

Last time it happened was 2009. I remember that day, and there was a very strong, powerful rally that actually began overnight in Europe. So a little bit different situation here. But I'm looking at the YFi Interactive, and we have now come back to a key zone-- 4,650, 4,660, which, I believe, we hit on the open-- is about the halfway back point from the high to the low. That's a 50% retracement. Anyway, any trader who's looking to short is going to get in right about here.

So it's going to be pretty interesting and important to monitor the close, not only today but tomorrow. I'd say if we have two subsequent close-- two closes over 4,650, probably in the clear here. Also want to get a take on the bond market because that was where we saw the real fireworks on Friday, really the biggest move since we've seen since March of 2020. That was a huge COVID selloff. We're seeing a bounce back, a really big bounce back, today.

Just given the fact that Omicron may not have been fully priced in-- we still have a lot of details that remain to be sorted out-- I'm not exactly sure if I can say-- or if I can say, you know, we have a couple of positive days here and we rally into the end of the year. But that is the calculus. These snapback rallies can either provide entrance for shorts who would like them or, I'll tell you what, if you're a portfolio manager on Friday morning and you were underweight financial stocks, energy stocks, you got them on sale.

So here's the NASDAQ 100. And we're seeing a lot of green today. I just want to check the travel section because I think this is instructive. You see a nice green heat map like this, but you put it on a two-day performance and you can still see there's a lot of work to be done in order to claw back some of these losses. I'm going to keep it on the two-day view and take a look at the sector action. Financials and industrials still the hardest hit sectors. Only health care, which is actually just about breakeven, is in the green.

And just want to check out the health care sector and some of the virus stocks that we've been tracking here. And we can see a lot of movement, but during a-- up 31%. That's over two days now. BioNTech, 18.5%. Novavax, 10%. So an eventful holiday so far. We'll see what remains of it.

BRIAN CHEUNG: Yahoo Finance's Jared Blikre helping us shop for those deals on the market on this Cyber Monday. Thanks so much for breaking that down. Well, it is now time for our Yahoo Finance stat du jour. The markets may not be too far off of record highs, but many companies that have IPOd this year can't say the same. 49% of the 43 IPOs that raised a billion dollars or more this year are trading below their issuance prices.

That's according to data from the FT and Dealogic. And by the way, Goldman Sachs has led on 13 deals that raised more than a billion dollars this year, and nine of those stocks are now in the red. Last point here, six of the 14 deals led by Morgan Stanley were trading below their IPO price.

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