Oil prices rise, stocks fall as Russia-Ukraine peace talks fail

Yahoo Finance's Jared Blikre examines the market action occurring in the Nasdaq heading into the final trading hour, along with volatility levels, Amazon and Tesla, Chinese stocks, and price actions surrounding commodities like wheat and crude oil.

Video Transcript

BRAD SMITH: And for more on today's activity, let's bring in Yahoo Finance's Jared Blikre, who's standing by with more. Jared.

JARED BLIKRE: Let's get straight to the Interactive, where we have the NASDAQ down 1%. Now the good news is, it had been down 2%. You can see the intraday price action here. It has clawed back most of those losses. And if you take a look at the two-day chart, you can see it is well within, I'd say, the upper 2/3. It's retained 2/3 of its gains from yesterday. So let's take a look inside the market here in a second. I want to check out the VIX first.

Really interesting to see what's going on. We have the VIX declining today. Usually, the equities markets, the indices, and the VIX do not move in the same direction. Today, that is happening. Could be an indication that maybe the market is not as concerned about these downdrafts as one may think. Here's the VIX of the VIX as well. You can see it's also down today, so pretty interesting to note that.

Quick check of the bond market. We got the 10-year up six basis points. And you'll notice here, getting very close to those highs, multiyear highs, that we only saw last month. So we'll have to keep an eye on that as well. Now when we take a look inside the market here, it looks a little bit uglier than yesterday. Amazon a real standout here. We're talking about that 20-for-1 stock split that was announced yesterday after the bell. We can see that stock up 6% here. Another standout, Tesla-- that's down 3%. But you take a look at the year to date-- very much in the lower end of its range here. Chip stocks have been a little bit weak today.

But what I really want to focus on is China because a lot of these ADRs, I will call them correctly, are just absolutely getting smoked. ACMR, which is ACM Research, is put on a list today by the SEC with four other companies. And this is according to the Holding Foreign Companies Accountable Act. There's a three-year delisting process that ensues now because their accounting is not up to PCAOB standards. So have to follow that, and we'll see some of these other stocks really just tanking here.

Now IT is not on the list, but you can see the carnage that this stock has endured over the last year. The Netflix of China down almost 90% in that time frame. Also Yum China, probably the most famous ticker among the list, that stock is down 27%, 11% today alone. Just do one-- want to take a quick check of the futures markets here because we are seeing wheat down. Limit-- that is the price action limit-- down from the exchange two days in a row, so pretty incredible to see that as well, guys.