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Treasury bonds and the dollar are flashing warning signs for stocks

Yahoo Finance’s Jared Blikre reports moves in the market as stocks are on track for third straight session of declines.

Video Transcript

JARED BLIKRE: All right, you got it. Let's go straight to the charts because we are seeing a lot of weakness around the world, at least in equities. Notably, with about an hour to go, we have the London FTSE. That is down 1%. And in the US, we're seeing the Russell 2000 and the NASDAQ both off more than 1%. S&P 500 and the Dow off just a little bit less than that, Dow off over 200 points.

Now, looking inside the NASDAQ 100, we have a lot of red and some dark red. The mega caps definitely under some pressure here. Microsoft, Amazon, Alphabet all down more than 1%. Tesla, Nvidia, and PayPal off more than 2% here. But some of the biggest losers-- and I'll sort by performance here-- Applied Materials, Baidu, Match, and also KLA. So it looks like we're seeing some weakness in the chip stocks and also Chinese stocks, and that's a trend that we've seen this week.

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So let's check in on in the sector action. Pretty defensive setup. As you were noting, Zack, utilities down-- or excuse me-- up the most, along with staples, real estate, and then finance. Financials up about 2/10 of a percent. We are seeing some green there. And if we check in on the banking sector, they are outperforming today. That is despite the fact that we have a stronger US dollar. We are at the highest level in the Dixie since last November. And also we had to check in on the bond market here. We're seeing the 10-year T-note yield down another basis point. That's about 15 off of the highs that we see here, guys.

ZACK GUZMAN: All right, Jared Blikre bringing us the latest there. And of course, we're going to keep our eyes locked on big tech today with that hearing now just about 30 minutes away. We'll chat with one of our experts around big tech. And New York University's Stern marketing professor Scott Galloway will be joining us on the other side of the break to break down what expectations there are for that hearing. Stay with us.