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COVID protests in China drag major indices lower

Yahoo Finance Live co-host Jared Blikre breaks down market and sector losses as pressure continues to mount from China's COVID lockdowns and protests, while also looking at bitcoin prices, the travel industry, and the bond market.

Video Transcript


JARED BLIKRE: Welcome back. And guess what? We're going to get a market update of the day's action. All three of the majors down about 1.5%. The NASDAQ off a little bit more than the rest.

Russell 2000 down about 2% there. Let's check out the sector action for the day. And here we can see all 11 sectors in the red. Staples, that was the least bad. You can see it's down about 38 basis points here.

But real estate, energy and materials and tech, all of those down more than 2%. And if we take a look at some of our leaders and sentiment indicators, that one more time here, we can see only KWEB, that is a Chinese internet ETF, in the green. To the downside, cannabis not feeling the love today.

MJ down about 4.5% followed by MEME stocks, ARKK and chip stocks. But let's take a look inside the Chinese market here, as that has been in the news with all those protests that we were seeing over there. [? Pinduoduo ?] talked about their earnings earlier today.

Blockbuster, two quarters in a row, that's up 12.5%. NetEase up 2%. Trip.com up 8% over the last month. Guess what? We've seen all a lot of these stocks really just take off and fly.

Now, have they recovered a percentage of their yearly losses? Yeah, I would say so, but Alibaba is still down 36%, JD.com down 28%, and you see some of the damage that is in the sector as we sit here. Now let me take a look at the crypto market.

We were talking about some of the failures that we've seen there before. This is Futures. We're going to talk about the crypto here. Bitcoin down 2%.

Didn't have the best weekend. And let's take a look at the 5-day price action. You can see overnight just getting ahead of that BlockFi bankruptcy filing that we got earlier today. Really just hovering above the 16,000 level.

And if put a 3-year chart on, just want to show you some of the damage that has been done to the crypto sector right here. Let me put a 5-year chart on. 20,000 was the high back here over in, I think it was the end of 2018, 2017 in there. Well, guess what?

We have now fallen below that and we're just chopping below. So what does this mean in the longer term? Probably going to have an extended crypto winter. Not the best news, but as long as these fallout's, as long as these shoes continue to drop, and as long as the Fed remains in extreme hawkish mode, as we have seen today, probably not going to get a different picture. Here's our travel and reopening picture.

Not surprisingly, seeing a lot of red. Ironically, some of the green spots do come with those China exposed stocks. Trip.com, that is a Chinese travel company up 8%, and Wynn Resorts, of course, with exposure to Macau, that is up 4%. Now, let's take a look at the bond market.

And inside, this is the S&P 500, let's take a look at the 10-year T-Note Yield. Not a lot of action today. We did see that close up about 1%. The 30-year down just a smidge, and the 13-week, well, that has been the one to watch.

That closely tracks what the Fed has been doing over the last three months. You can see that is basically risen by 50% of its value. Don't really see that, that often. And here's what's really been catching my radar today, the US dollar index.

This is over the last three months. By the way, the 200-day moving average, sitting just below here and we have risen off of that. So if the dollar were to continue to climb here, probably going to put a damper on any kind of Santa Claus rally. If it sinks below Finally, and it hasn't today, but if it does, probably going to watch out for that to finally give some love to equities in the grand old month of December.