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Energy and retail stocks lead markets down, Treasury yields move higher

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Yahoo Finance’s Jared Blikre breaks down how stocks are performing amid the broader market sell-off.

Video Transcript

- Just ugly out there. Over now to Jared, who has a deeper dive inside the markets, and a sea of red at one point just about every stock, and the S&P was down. Jared, what are we seeing?

JARED BLIKRE: That's right. At one point, nearly every stock was down in the S&P 500. You can see the sector action right now. Energy really taking a huge hit, so is consumer discretionary, real estate, communication services. But this would be the first time, if it happens on the close, that I think only one other time did we have all the stocks in the S&P 500 closing down, that was in August of 2011 right around the time that S&P itself downgraded the US debt.

Now, here is the NASDAQ 100, not that much better than the crypto boards that Ines was showing us. We have Apple, Microsoft, Alphabet, all down more than 3%. Nvidia down 6%, so is Tesla. Amazon down nearly 5%. And it's really sparing just about no sectors. I just want to show one. I did manage to find a little bit of green today. We're seeing some in the consumer staples.

And here is the QSR board, these are fast food restaurants. We're seeing McDonald's up about 7/10 of a percent. We got pizza, that ticker, Papa John's is up a half percent, not much else out there. I want to focus on the bond market, because it's not just stocks that are selling off. We are having a major route with bond yields climbing higher, actually surging higher. Here's a year to date chart of the 5-year. You can see it broke to the upside on Friday in a major way and is getting continuation today.

Here's a 10-year T-note yield. Very similar situation, up to 3.36%, highest that we've seen in years. And if you go to the very short-end of the curve, this is really interesting. Here's where we're seeing some of the most dramatic movements right here. Up 21 basis points at the 13-year T-bill yield. So when you take a look at the bond market, and we talk about inversions, now the 2 and the 10-year already inverted, that's when the 2 rises above the 10.

What we want to look out for is when this basically doubles and starts getting to parity with the 10-year. So it's not doing that yet, but we definitely want to track that. And finally, here's the Japanese yen. US dollar, all right, is admittedly higher here. This has been a trend versus the Japanese yen. But despite the broad strength in the dollar today, it's not appearing in the yen. That means haven flows to the yen. This is what happens at the end of bear market.

So we don't know how things-- how low things are going to go, but they could definitely go lower. The good news is, we might be in for some kind of a bottom or at least a reprieve coming in the coming weeks, maybe this Wednesday with the Fed. But 75 basis points, that is new, that is the new norm, I think so. Back to you guys.