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Bitcoin bounces back to $20,000

Yahoo Finance anchors discuss how oil and cryptocurrencies are trading on Monday afternoon.

Video Transcript

[AUDIO LOGO]

SEANA SMITH: Once again, today, we are seeing that selling that started Friday really continue today, although we are well off the highs of the day. The Dow was off just around 300 points in earlier trading, now we're looking at losses of just around 39. S&P also moving to the downside, getting closer to that 4000 level. NASDAQ in the red here. Technology, some of those big tech names really leading the way to the downside, that's why we're seeing the NASDAQ off just around a half of a percent. As we're seeing some of the selling in equities, I want to bring your attention to what we're seeing play out in the bond market. Yields, once again, moving higher. Today, we had the two year yield hitting the highest level that we've seen since 2007. The 10 year yield up around 7 basis points today to 311.

The sector action in a bit of a mixed picture. Energy, the outlier today, up just around 2 and 1/2 percent, followed by utilities, consumer staples. On the other end of the curve, though, health care, technology, among the biggest decliners in today's action. We're looking at technology off nearly 1%. I also want to bring up the selling that we're seeing in some of these semiconductors. We know they're very interest rate sensitive. Some of the growth stocks really taking a huge hit today on the fact that the fed will likely be even more aggressive than maybe the markets had initially anticipated. So we're seeing selling here in some of the biggest names in this space. Look at that. Nvidia off just over 2% right now with 60 minutes to go in the trading day. Dave.

DAVE BRIGGS: Good stuff, Seana. Thank you. Let's get you up to speed now on what's happening in the energy market. Oil prices really jumping. Seana just mentioned, the biggest gain on an otherwise down day is the energy sector popping more than 2 and 1/2 percent. You're looking at WTI right now up 4.2%. Brent also a big move to the upside on this day. Why? Largely based on a projection that OPEC+ will cut supply when they next meet on September 5th. A lot of the positive movers on the markets, all energy companies, Chevron up 1.3%, Diamondback 5% move up, Marathon up 3 and 1/2 percent, Occidental Petroleum up more than 3% on the day. And if you're wondering, gas prices largely flat from yesterday, still down a nickel from last week, continuing that downward trajectory, but really a big day for the oil and energy sector.

Here's what's moving. Bitcoin with Rachelle.

RACHELLE AKUFFO: That's right. I mean, I want to get you up to speed here. We're going to check it out on the interactive. As we look more broadly, we're seeing that Bitcoin is actually up today, but it was struggling earlier today. Right now it's just up about 0.7%. But if you look where it was earlier today, you'll see that it really jumped around noon. It was below that key 20,000 mark around midnight. It really made that jump around noon. And we did see that that did happen. We've seen that happen since the weekend, ever since that very hawkish tone from the fed. It did pop around noon, as we did see, the US dollar index fall, which does tend to be its equivalent nemesis.

I also want to have you look at Ethereum, which is actually the even stronger gainer. That's up almost 3%. As you can see, also it was up around noon as well, and we're also seeing those gains really accelerating as we get even closer to the Ethereum merge, which is taking place on-- which is expected to take place on about September 15th. It's supposed to mean that you don't need miners anymore. It's supposed to make it more environmentally friendly. So that's definitely driving some enthusiasm there. But we'll have to see how long that balance lasts depending on what the fed does next.