The set up for stocks, Treasuries, and currencies in the final trading days of 2022

Yahoo Finance’s Jared Blikre breaks down how markets opened on Thursday following a better-than-expected GDP report.

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BRAD SMITH: Welcome back to Yahoo Finance Live this morning, everyone. Taking a look at the major averages, here in the US, you've got some declines, some catch-up on the screen across the board there. We're down by about 1% for the Dow, the NASDAQ, and the S&P 500-- a little bit more than that, actually, for the S&P 500 and the NASDAQ. For more on today's tape, let's get to Yahoo Finance's Jared Blikre at the YFi Interactive. Jared.

JARED BLIKRE: Yes, another down day, but as I was saying 24 hours ago, the Santa Claus rally, the five trading days prior to the new year, plus the first two days of the new year, that doesn't start taking effect until tomorrow. Very technical there, but you can see the NASDAQ underwater for about 1 and 3/4 of a percent for the week. And we'll just check out the Dow here, which has been one of the bigger outperformers of the year, especially as of late. That's up 32, 38 basis points for the week.

I just want to show you a longer term chart here. This is going to be of the S&P 500. Two years-- and let me change this to a line graph and just kind of get our bearings here. We peaked. This was the all-time high of the S&P 500 on the first trading day of the year. It doesn't happen always that way-- actually, almost never. But it's been a slow, steady slog down ever since.

And we just sold off of this trend line a couple of weeks ago. And that's kind of the mirror image, or at least, the mirror story that we have of the 10-year T-note yield. That really took off, started taking off towards the beginning of the year. We had Russia and Ukraine, and plus, Chair Powell, getting exceptionally hawkish in the second quarter here. But we just bounced off this trend line right here. And so yields are marching higher.

Now, I want to show you the US dollar. US dollar is staying put. It's still below its 200-day moving average. That's a key technical level. And it has clearly fallen out and broken through its downward trend line. Does this comport with the possibility of a Santa Claus rally? Yes, it does, and if it does, we get some help within the commodity sector as well, which we can get to in a minute.

But first, I want to check out the SPDR S&P 500 sector ETF showing tech. That's down almost 2%. That's XLK, followed by consumer discretionary and communication services. All of those down 1 and 1/2% or more. Healthcare staples, those are the least bad off, but those are defensive sectors.

Let me just show you what's happening in some of our leading markets. Basically, only gambling stocks-- that's BETZ-- that's in the green right now. We had KWEB. That's a Chinese internet ETF that had been green. That has flipped into red territory. Just want to show you, SOX and ARKK, that's disruption and chip stocks. Those are the biggest leaders to the downside. If we take a look what's happened this week, we can see a lot of negative price action in there.

So let me just show you, as I promised, I was going to get to some of these gold miners. And also the gold market, we've seen GLD pick up recently. That is an ETF that tracks the gold ETF. And you can see bumping up against some potential resistance here.

I think it's about 1,800 in the gold, 165 maybe in the GLD. And let's just take a look at what's happened over the last three months in terms of some of these gold miners and also ETFs here. 20% in silver, kind of off the radar there. So maybe that'll pick up in the new year as well, guys.

BRIAN SOZZI: And what should be on the radar, Jared, is your "Morning Brief" newsletter because it was superb.

JARED BLIKRE: Oh, thank you.

BRIAN SOZZI: I encourage everybody to check it out and give it a read. Jared, thanks so much. Appreciate it.