Stocks bounce back from tech selloff, opening in the green

The major indices (^DJI, ^IXIC, ^GSPC) move higher Wednesday morning coming off of Tuesday's tech selloffs. Tech leads in sector gains in the market open.

Yahoo Finance Senior Markets Reporter Jared Blikre breaks down all of this morning's market and sector action, taking a minute to check in on bitcoin (BTC-USD) prices as the cryptocurrency gets back on track after dropping off yesterday.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

BRAD SMITH: Jared Blikre at the home base here at the Interactive. Jared, what are you seeing?

JARED BLIKRE: Well, I'm seeing a marked difference from yesterday. You can see tech express through the NASDAQ, and also the Russell 2000, small caps, both up 1%, clawing back some of those big losses we had yesterday.

As you were saying earlier, earlier in the year, January 2 was the last time we had a tech sell-off in XLK of that strength. But then, look what's number one today, XLK up 1% followed by E for energy, then materials, communication, services, and real estate. All of those outperforming. In fact, as you can see, everything in the green here.

And just kind of continuing on Mady's theme of the bifurcation that we see in the Mag Seven, and just in general in big tech, there is Apple. Really stands out. It's trading to the downside, not by a lot. But just check out this one-year chart. I've been tracking this support level here at about $165. And we are heading down to that level, just about $5 away.

And on a three-year basis, you can see, if we break this level probably heading to what-- $150, $125-- something in there. So this does have repercussions. Apple is still a very important bellwether stock for the market.

Do want to mention bonds here quickly, because we have the 10-year T-note yield hovering near one-month lows. You'd have to go back to February to see what's happening there. In terms of the price level, that's 4.12% for that rate. It's down one basis point there. We've been seeing rates go down. And it's unusual in that the NASDAQ usually does the opposite of what rates do, but we've seen kind of the opposite with that recently.

All right, just with a few seconds to go, I want to check out what's happening with crypto. Give you a quick pick-- there we go. Quick peek at the Bitcoin price, $67,178. So we'll have to see if any more record highs after yesterday are in the cards, guys.