S&P 500 holds above record 5,500 after private payroll data

US equities (^DJI, ^IXIC, ^GSPC) are opening Wednesday's shortened trading session in the green. The S&P 500 maintains its lead above its 5,500 record high as the Nasdaq 100 (^NDX) blows past 20,000.

Madison Mills eyes movements in Treasury yields (^TYX, ^TNX, ^FVX) as markets digest private payroll jobs data this morning, while Jared Blikre reports on the sector gains and upside movement in meme stock Koss Corporation (KOSS).

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

Video transcript

We are going to get to the opening bell here on Wall Street happening right now.

So let's do a quick check of the markets.

You're looking at a mixed picture across the major indices, the S and P just hovering above that flat line, the NASDAQ just covering below the flat line here.

I want to take a quick look at what we're seeing in the Treasury space because we know that yields were falling after the jobs numbers coming in and continuing claims in particular hitting the highest high since no of 2021.

You're still seeing that downward pressure particularly in the 10 year yield and also the 30 years.

So looking at the longer end of the curve in terms of the pressure on Treasury following this morning's data, but let's get to Yahoo Finance is Jared for a broader look at what's moving markets, Jared.

Thank you, ma not surprisingly, markets are a bit quiet.

Now, looking at the dow behind me, this is over three days, up about three quarters of 1% just want to show you the NASDAQ 100 real quick, passing 20,000 closed above that level yesterday.

And finally, the S and P 500 over these last three days, you can see it's been from the lower left to the upper right and yesterday was the 32nd record close of the year.

So really stacking up there and I want to focus on the sector action today.

The number one sector consumer discretionary, that's XL Y.

That was up pretty big yesterday as well.

That was a leader yesterday.

And I've been tracking on this five year chart.

Well, that's materials right there.

I wanna pull up XL Y and on this five year chart, we can see a lot of these sectors have formed cups, but you know, you'll notice that this high right here is lower than this record high over here.

So a little bit of a different pattern but could be setting up for a longer term breakout.

But, uh, just looking at the three month chart here, you can see only break into the upside.

We got a lot of records with respect to uh, some of the mega caps here, but I do want to get to our main stocks because cost is definitely parking up.

If I sort on an equal weight basis, you can see it is our number one stock here up 33%.

And I was looking at uh the episode of Game stop surging recently from here, this is cost.

So from this low to this high was 200%.

Game stop in the same period went from uh all the way up to 400%.

Uh But this, as we know, beams, talks kind of go up in concert.

And so is this the next play?

Well, at least today it is guys.

All right, Jerry Blier.

Thanks so much, tracking all things around the opening bell.

Hey, for anyone wondering who rang the opening bell today, it was the United States Coast Guard at the NYSC Macy's, who's, uh, authoring the fireworks this year in New York, gonna be ringing the closing bell over there.