Amazon, Apple lead tech stocks to the downside

Yahoo Finance reporter Emily McCormick looks at what's leading the Nasdaq sell-off and tech sector downturn and previews the earnings outlook for Oracle.

Video Transcript

AKIKO FUJITA: Welcome back to "Yahoo Finance Live." We are continuing to see a sell-off in the markets here with the Dow now down more than 2%.

We've got Yahoo Finance's Emily McCormick tracking all the biggest movers, although, Emily, today it's all the movers.

EMILY MCCORMICK: Absolutely, Akiko. It's a down day for almost everything, as you and Brian were just talking about, in these markets but especially when it comes to US stocks.

Now we're taking a look here at the board of the NASDAQ 100 on an intraday basis, and you can see that a number-- really, almost all of these major mega-cap tech names are under considerable pressure today. Amazon being one of the names leading the way to the downside, down nearly 6% on an intraday basis and bringing it down by 38% on a year-to-date basis.

Now a similar story here when we take a look at Apple. This is one of those stalwart companies that investors really look to as being a general, has a really strong balance sheet, has typically been seen as generating reliable returns, and yet we now see this down 24% on a year-to-date basis and by 2% on an intraday basis alone. So certainly seeing a lot of these heavily weighted index components when it comes to the FAANG names, Apple and Amazon especially as well as Microsoft under pressure.

Now I want to zoom in as well on the broader software space because we do have a relative lull right now in terms of earnings season, but there is one stock that will be reporting after market close today, and that's Oracle. And as you can see, the stock really getting pulled by this broader tech sell-off, down by about 3.6% on an intraday basis. It will be interesting to hear what Oracle executives have to say about the macroeconomic environment, customer demand trends when it comes for its software, et cetera.

And Wall Street specifically is looking for their fiscal-fourth-quarter results to show revenue grew by 4% on a year-over-year basis to about $11.7 billion, slowing by about half from the 8% growth rate that we saw in the same quarter last year. So this theme is still really taking hold where we're seeing a slowdown in those top-line results for many of these technology stocks and really a drawdown when it comes to these tech and growth stock share prices as well, guys.

BRIAN CHEUNG: Emily, obviously we've been talking about Bitcoin so much, having that resistance point around $29,000, $30,000 so far, but levee broke over the weekend. What are you seeing in the Bitcoin and Bitcoin-adjacent space?

EMILY MCCORMICK: Absolutely. Well, I'll focus on the crypto-adjacent space, the Bitcoin-adjacent space because it is a sea of red across the screen here. All of these crypto-linked stocks really coming under pressure after Celsius Network, that crypto lending platform, said this weekend that it was freezing withdrawals, swaps, and transfers of its crypto-linked platform due to what it called, quote, "extreme market conditions." As a result, seeing a lot of pressure here, particularly for names like MicroStrategy Incorporated as well as Coinbase, even Tesla, of course, which is also getting pulled in by that broader tech sell-off. So, guys, it really is a sell-everything day when it comes to these markets.

BRIAN CHEUNG: Yeah, certainly wild. A lot of double-digit decreases for those stocks.

Yahoo Finance's Emily McCormick, thanks so much. Appreciate it.