Tech stocks, bitcoin surge in first quarter of 2023

Yahoo Finance’s Jared Blikre joins the Live show to discuss the latest stock moves as the first quarter of trading for 2023 wraps up.

Video transcript

- All right. Jared, let's talk another area of the markets that's seen some gains this month as well. You actually wrote about this sector in today's Morning Brief. So this is up now on the Yahoo Finance homepage. But give us a deeper dive into some of the bigger names in the field that have come out of the gates and sprinting to start the year.

JARED BLIKRE: Yeah. Broadly, we know that the NASDAQ has been the leader. Well, I guess I just said that a few minutes ago.

But remember a few years ago, before the pandemic, maybe in the midst of it, but really going back to 2017, when we'd hear only a few stocks are driving the entire stock market, well, that was the case. But guess what? That is back.

Tech stocks, just a handful of them, in fact, in the case of the NASDAQ 100, 10 of them driving 88% of the NASDAQ 100 gains this year-- and that falls under the familiar names Apple, Microsoft, Meta, Amazon, Alphabet, AMD, ASML, AVGO-- that's Broadcom, Tesla, and NVIDIA. So a lot of chip names have made their way into that upper spot in terms of market cap-- so interesting to see that play out.

And I prepared those. You can see this chart in the Morning Brief, play around with it. But, basically, the lower this is here, the worse the performance was last year. The more far right it is, that is the better performance this year. So this bright purple spot right there, that is NVIDIA, up-- what did I say?-- 85 to 90% this year. But it was a dog last year.

This is Meta. This is Tesla. So you can see there's been a huge comeback story, particularly in some of these megacap names.

And that's really what I'm focusing on because when you think about what the bond market has done, it kind of crashed in March with that banking crisis. Well, that facilitated the tech trade because people getting ahead of the Fed, saying, all right, they're gonna cut rates. This favors the growth trade. We're gonna get back to low rates.

Yeah, it's a good story, and it might happen. But I think people are getting a little bit ahead of themselves. So a little bit of caution is warranted here.

Just think about the timeline. The dot-com bubble, that took three years. That was a three-year bear market. We're barely into the second year here, guys.

- As you mentioned there, a bit of caution, a bit of patience pays off there.

JARED BLIKRE: Patience.

- Indeed. Thank you so much, our very own Jared Blikre.