Stocks are trading mixed on Wednesday after rebounding moderately from Tuesday's huge sell-off triggered by hotter-than-expected CPI data. The Nasdaq (^IXIC) and S&P 500 (^GSPC) have clawed back some losses while the Dow (^DJI) was flat at midday.

Yahoo Finance's Jared Blikre breaks down the details.

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 Angel Smith

Video Transcript

AKIKO FUJITA: Jared, a better picture today, at least, so far in the day.

JARED BLIKRE: Yes, especially the small caps. And not for the Dow though. Dow is just barely trading to the downside. But take a look at the Russell 2000 here up 1% today. Nice gain. But when you put it in the context of yesterday, which was the worst day since mid-'22 for the index, still down 3%.

A pretty big move there. And investors still reeling. As you were keen to mention, we saw a big jump in yields that pressure stocks. We also saw a big jump in the dollar. Those two go hand in hand.

But critically, not moving too much today. And usually, the day after a big lopsided move to the downside, you do get a little bit of a pause. Question for investors being, will it continue or are we going to see ourselves at record highs soon again? First, before I tackle that, let's take a look at the sector action.

We have industrials in the lead today, followed by communication services, and healthcare trading to the downside just a little bit. We have staples, energy, and consumer discretionary. And we want to check in on the NASDAQ 100. And taking a look at the mega caps, split picture there.

We got Apple down 1%, but Meta up 1.4%. Nvidia, another record high. That's up 1%. But I want to get into some of the nitty-gritty stuff in the market going on. First, the 10-year T-note yield.

This is at a multi-month high. This is a three months chart. I want investors and everybody to see that we are at the highest levels since December of last year. And that big rally that we had late last year, the everything rally as I was talking about, that was predicated on downward-trending interest rates.

Right now, we have the opposite. So just thinking about that. Also I want to track the VIX. And here's an interesting way of looking at the market. This is a six-month VIX chart. We got a spike yesterday.

And I want to show you the market map for the VIX for the entire year. This is something that worked very well last year. So I'm presenting it again here. This is January through December. We see a big turning-- an important turning point right here.

Guess what that is. That's February 14. That's when we tend to see seasonally strong VIX readings. When we see the VIX go up, that means stocks go down. And so that means we could face some headwinds going into the early part of March.

And people tracking the S&P 500 are also seeing a very similar thing here with respect to their market map, which is just a different way of looking at the market. I want to close here with Bitcoin because we are seeing Bitcoin solidly, solidly above $50,000 for the first time in years.

$51,591. Let me just quickly show you a one-year chart. And that is from the lower left to the upper right. Crypto enthusiasts, you've got to imagine, at least, they're celebrating today.