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Stock market rally pauses, oil prices rise on planned OPEC+ production cuts

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

Video transcript


BRAD SMITH: Welcome back to "Yahoo! Finance Live," everyone. Taking a look at the major averages here in the US. Ten minutes into trade, we're seeing declines across the board for the Dow, the S&P 500, and the NASDAQ. Let's get on over to Jared Blikre at the YFi Interactive for more on today's tape. Jared.

JARED BLIKRE: Yes, easy come, easy go, more volatility here. We had 2-- up to 2% up days, back-to-back depending on the market you're looking at, some three. And today, we're giving a little bit back.

Here's the three-day price action in the NASDAQ composite. You can see we're still holding onto gains of over 4%. The Dow has been the outperformer in this nascent quarter. That's up 4 and 1/2%. So maybe just a little pause, and wait-and-see right here.

Here is the sector action for today. Energy, the only sector in the green. And let's take a brief detour here to the futures market, because some of the big news of the day is OPEC+. And they are recommending cuts of two million barrels per day. Now, let's see if we can find [? CL-equals-F, ?] there we go, up half a percent here.

Now, let me just show you on a year-to-date what the price action is. We have come back-- we came back almost to the lows of the year, which happened early in January. And you can see, we are just trying to break this upward trend line here. Now, this is probably going to get approved in a few hours with respect to that OPEC+ decision. Just a matter of signing some papers. Although, in the past, we have seen some fireworks, some surprises out of left field. But barring that, should be perfunctory here.

Bottom line, we have seen over the last three days, we see a lot of red here. But check this out, we are still looking at big gains for energy of over 10%, followed by industrials, materials, financials, tech. All of those outperforming. And we'll have to see if this can continue.

Now, I want to take a look at the S&P 500. But first we've got to check out the US dollar index because that has been the driver of the price action, at least in the risk markets. And we can see that green candle right, there that is up and that's probably why the markets are down right now.

Rounding out the discussion, want to check out the volatility. This is in the bond market. This is a MOVE index. You can see, as of the close yesterday, that is heading up. And the 10 year having a big day. That is shooting up 10-basis points on a year-to-date basis. You can see almost where that is. And we'll see if we can get a better graph. Well, we're gonna have to take a look at that. But sending it back to you, guys.

BRIAN SOZZI: Jared Blikre, thanks so much.