Yahoo Finance's Jared Blikre breaks down how General Motors is moving on Tuesday.

Video Transcript

MYLES UDLAND: All right, let's go to Jared Blikre now for a look at how things are trading as we get the markets underway. Stocks higher in the early going, Jared, certainly a lot of focus going to be on the banks. And as you just noted in our Slack channel, never too early to talk about gamma squeezes.

JARED BLIKRE: It never is. Let's take a look the YFi interactive here. We can see Russell 2000 once again outperforming. That has been the story of the year. Dow also up nicely up about 8/10 of a percent here, good for 250 points.

Let's take a look at the NASDAQ 100 heat map, see what's moving in the early going. Now, the big caps, those have been under pressure at various times last week. But we can see today, they're starting out the week in the green. Alpha-- excuse me, Google here is up over 1%. So is Tesla. And then Apple and Amazon and Microsoft, each up about 2/3, 3/4 of a percent, as you can see there.

Let's check out the sector action. That kind of tells a story that we've been seeing. Materials is going strong. So is energy, industrials, and discretionary. All of those outperforming. And that comes as we see the 10-year T-note yield off a little bit. And also, also looking at the US dollar-- now, the US dollar has been broadly weaker. It's weaker today. And that is supporting the structure that we're seeing right here, guys.

And just a quick check on those banking stocks, looking at Bank of America and also Goldman Sachs. Bank of America off 2%, although we do see Goldman Sachs should be good for a record high here. If it's not, it's very close. Goldman performing very well so far in 2021. Guys? ?

MYLES UDLAND: And Jared, let's talk about another name that is moving higher. That is GM. Some news today the company teaming up with Microsoft to kind of get these self-driving electrified commercial vehicles on the road. GM shares up about 6% premarket.

JARED BLIKRE: Yeah, and they've had a really nice run recently in their pivot to EV. We know that Mary Barra was giving that keynote or one of the speeches at CES last week. But the news today is Cruise. Now, this is a company that's now valued at about $30 billion. This is majority owned by General Motors.

And we can see that's the big reason these shares are popping here in the early going. They're going to be teaming up with Microsoft. And Microsoft is going to be using their Azure platform to provide web services for GM. We know that's going to take a lot of computational work as we kind of plow towards the inevitability of autonomous vehicles here. So GM getting a nice pop.

And let's just check out the EV space. We can see Tesla up there almost 2%, NIO up 4%. So we do see some money flowing into this space today, guys.

MYLES UDLAND: Jared, GM is a name that you and I both know has been pitched by value investors for quite a long time. Stock went nowhere for years and years. And here we see the stock finally getting up to some new highs. And, as you mentioned, that Bruise valuation, $30 billion there. GM's overall market cap is $70 billion. So we can all do the math on how investors are kind of imputing that value relative to GM's total stock price, down at $20 around the lows in March, today trading closer to $53.