Dow falls, Tesla stock reverses gains, SoFi stock halted on early earnings release

Yahoo Finance's Ines Ferré breaks down the latest market action.

Video Transcript

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AKIKO FUJITA: Welcome back to Yahoo Finance Live, all three major indices now in the red, which is in what has been a very choppy trading session. Let's bring in Yahoo Finance's Ines Ferré, who's on top of the market action for us, Ines?

INES FERRÉ: Yeah, that's right, Akiko. This modest rebound that we saw when the market first opened today has pretty much evaporated. Looking at the sectors right now, we're looking at real estate, utilities, consumer discretionary, and financials that are dragging. You've got technology and energy seeing some gains but keep in mind, I mean, XLE was just-- was up about more than 2% earlier this morning. Still not as much as what it lost yesterday but nevertheless, the sector still eking out some gains.

Over on the NASDAQ 100, if you take a look at the left-hand side of the screen, some of these names had been in the green earlier this morning, they have flipped into the red. You're looking at Tesla, that's down, Amazon down. You've got Alphabet and Apple that are slightly higher but they are definitely giving up the gains from earlier this morning, Akiko.

AKIKO FUJITA: And finally, Ines, we're seeing shares of SoFi halted right now. What's going on there?

INES FERRÉ: Yeah, so SoFi's results for its latest quarter were supposed to come out today after the close. They have come out early. So we are seeing that SoFi shares have been halted.

Now keep in mind that SoFi was down about 18% after Upstart reported its quarterly results and gave poor guidance. So it was down in sympathy but now the results are out for SoFi for the fintech, coming in with a loss per share of $0.14, that met expectations. Its sales exceeded what the Street had been expecting for its last quarter.

But it's the second-quarter guidance that is amiss with second-quarter adjusted revenue coming in and the company seeing $330 million to $340 million. That's a miss because the Street was expecting $343 million. Also, adjusted EBITDA what it sees for adjusted EBITDA that would be coming in anywhere between $5 million to $15 million, and that's a miss because the Street's expecting $23.2 million. So that seems to be what is also what could weigh on the stock further. Nevertheless, a stock-- the stock right now still halted for trading, Akiko.

AKIKO FUJITA: A steep fall for the company. Ines Ferré, thanks so much for that.