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Apple drags markets lower, energy sector continues making gains

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Yahoo Finance markets reporter Jared Blikre observes the market action heading into the final trading hour, in addition to the bond market, U.S. dollar, and Chinese stocks.

Video Transcript

- All right, stocks are currently trading like this at the hour. They are all pointing down. A dramatic turn in the last couple of hours. For a closer look at what's happening in the markets, what moved them, let's welcome in Jared Blikre. Jared, looked like a decent day--

JARED BLIKRE: Yes.

- --and then what happened?

JARED BLIKRE: A swoon. We got some news on Apple. They're gonna be slowing their growth and hiring as well. Let's see if we can get an intraday up here. This is a two-day, kind of fell out of bed on that news. It was right around 1:30 PM there.

Don't usually lead off with Apple, but that is the big story of the day. Want to check out what the broader indices are doing, everything was green before we got that news. Here's the NASDAQ, managed to bring down basically the entire market. So pretty impressive price action there.

We want to check on the S&P 500. This is the two-month chart that we have been tracking, Dave. Now, we are into our fourth week of consolidation, almost right back to the upper end there. So not surprisingly, seeing a little bit of a pause. We'll have to see what the catalyst is that can break to the upside or bring it down to the downside.

Also checking in on the bond market, five year T-note yield, that is up 2 basis points. Let's check in on the 10 year, that's up 3 basis points. And the 13 week, that has been one of the driving factors here, that has been in a small trading range for the last few sessions. No new highs there.

And I'll tell you what, I said this last week, you want to know what risk markets are doing? In general, it's usually the opposite of the US dollar index. And now, we're seeing a bit of a downdraft today. And I think that's why we did see a lot more green before that Apple news.

Want to get some sector action here just to see who's in the lead, energy. Crude oil knocking on $100 per barrel. Energy is up 2.5%. To the downside, we got healthcare. That is down 1.5%.

I'll show you what's been perking up just a little bit, China. These Chinese stocks holding on mostly to their gains for the day, guys.