00:00 Josh
Stocks end in the week mixed. Let's get to data and markets editor, Jared Blikre, for the train day takeaways, Jared.
00:08 Jared Blikre
Thank you, Josh. We're going to start with the week that was. Let's check out some of the weekly scores here. Interestingly, uh, it was a mixed week. The Dow actually did it finally crossed into that territory that allowed me to say record intraday high. We have not had one of those since last year. So, I'm going to show you the five-day chart of the Dow, and I think we got that right in here, and you can see we ended pretty close to the highs of the week, 1.74%. Now, the Nasdaq, which ended the day down, you can see off of the highs, but still keeping some positive territory for the week, up about 8/10ths of 1%. Here's the S&P 500, very similar to the Nasdaq, 1%, and the small caps, which we were talking about around the close, those actually stole the show, up 3%, and, but you can see we actually gave back some territory. They were up close to 5% earlier, just a few days ago. What I've been watching is what's happening in the bond market. I'm going to show you the 13 week T-bill yield first, and we can see that it's been dropping here by a few basis points. I don't show this a lot, it doesn't move that much, but it closely tracks what the Fed does in the market, it's overnight rate. And so, that's why I'm looking at this. We had a big drop, and this came after that CPI report that we got on Tuesday. And so, while short-term rates are heading down, longer-term rates are heading up. 10-year up a few basis points, up to 4.33%, but here's what I'm watching here, the uh, the 30-year, up to almost 5%. And we remember 5.0 to 5.1, that's when equities start to tumble over, and that's because the bond market, the bond vigilantes are somewhat in control there. US dollar index also uh, kind of down on the week, not too concerning. I will go next to the sector action. This is where it gets really interesting. Healthcare, which has just been slammed, not only this year, it has not had much love over the last few years, but it is up 4.6%. That is XLV in the leadership position. Then we have Communication Services and Consumer Discretionary. Those are two of the mega cap sectors. Then we got Materials and Financials. So, overall, it was a pretty bullish week for stocks, and I will also take a look. Here we go. Here's my leaders. Uh, we can see MJ, that's cannabis. We're going to go to the monthly in a little bit, but just want to let you know that cannabis has been on fire recently because of President Trump. Uh, not going to make it legal, but kind of de-escalated from the DEA, uh, and just make it a little bit less illegal. So, that's a rescheduling that we're talking about. And then solar, my favorite ETF, TAN, that was up 8.4%, and that's also based on, I think, an expectation of an executive order that's going to be lowering, uh, some of the subsidies, but not by as much as had been feared.
05:14 Josh
So, we did it weekly?
05:16 Jared Blikre
Yes.
05:17 Josh
What about monthly?
05:18 Jared Blikre
Let's just change this right here to a month-to-date. And this is going to show you, there's cannabis in the number one position, but then we have home builders, IPOs. I was talking about some of the meme stocks in the fringier parts of the market. Those have been lighting up recently. Then we got solar, then we got retail, Biotech is part of the pharmaceutical trade. Healthcare has been unloved, Biotech has been unloved, but not this month so far. And then we got Chinese stocks, and there's another biotech transports. So, the bottom line is what has been working, and that would be software down here, not working this month, and some of the other parts of the market have stepped up. And that's what we see in part of a market rotation. That is the lifeblood of a bull market. So, you put it all together, I'm not too concerned about this, because we got a lot of green on the screen, and we're just seeing money move into some of those pockets of the market that have been unloved so far this year.
06:38 Josh
Let's talk crypto.
06:40 Jared Blikre
Let's do that, and we're going to do, I'm going to fast forward here because Bitcoin rug pull, what does that mean? We got a new record high only a few days ago, and guess what, we are back down. We had a kind of a nasty fall off that. It's not anything that's disrupting the long-term trajectory of Bitcoin here, so I don't want to scare anybody, but nevertheless, we climbed to a new record, and then we had a big downdraft. That is something that I see all the time in crypto, those false breaks to the upside, and sometimes you get them to the downside too. So, that's kind of the rug pull situation. But we can also take a look at Ethereum. That's up 22% month-to-date. That is just on fire, 4400. Uh, I wouldn't be surprised to see 5,000 soon, just a guess. But I also had the chance to talk to Keith Bliss about some of the crypto moves that we've seen thus far, uh, so far this year on Stocks and Translation. Let's take a listen.
08:08 Speaker A
So, web3, as you're pointing out, is the value layer on the internet, and there will be a web4 and a web5 as we continue to advance the technology. But again, when it comes to payments, using stable coins, or using some of the other altcoins to actually move money, transfer value from one part of the globe to the other part of the globe, we're just scratching the surface, and people are now realizing what to do with that. The next iteration then will be for all of us as consumers to walk into our, you know, convenience store or grocery store, and actually pay with stable coins or other digital assets, and that's coming rapidly.
09:27 Jared Blikre
Real quick, really telling that I got to know him on the floor of the New York Stock Exchange. Now he's just doing crypto.
09:34 Josh
That's right. Keith Bliss, I got to know him on the same floor. Nice guy, great guy. Um, and here, what is on the Jared Blikre radar for next week?
09:46 Jared Blikre
I am always interested about Jackson Hole. That's going to be, Chair Powell is going to be the leader, kind of the keynote speech on Friday, so I'll be tuning into that and see what it does to interest rates.
09:57 Josh
Well, I'll be watching. Thank you, appreciate it.
