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Energy stocks decline, Tesla stock sinks, Chinese stocks drop amid rising COVID cases

Yahoo Finance’s Ines Ferré discusses how stocks are moving in intraday trading.

Video Transcript

[AUDIO LOGO]

INES FERRÉ: Let's talk turkey. But let's talk right now oil because that right now is a plunging. We're watching WTI and crude futures lower, taking a leg lower, and primarily off of a headline from the "Wall Street Journal" that the Saudis and some other OPEC members are considering a production an increase of 500,000 barrels per day, according to sources.

So you are watching these levels for WTI touching the lowest levels since February. We're also taking a look at Brent Crude futures that are down 4 and 1/2%. So as you would imagine, energy stocks are lower right now, XLE down 3.4%.

Also, taking a look at what is happening over on the Nasdaq-100, we are watching Tesla down 3 and 1/2%. And the Chinese ADRs are lower as well. And this is because of rising COVID cases in places like Beijing and other parts of China. Guys, want to also mention what's happening with the Dow. Right now, we're watching Disney, as Soz was mentioning earlier, up 6 and 1/2%. The outperformer really with the Dow being slightly in the green.

JULIE HYMAN: You know, we've also been talking about developments with Twitter, right, and then the spillover potentially. It looks like President Trump has been invited back to the platform. Whether he's accepted is going to be another thing. It sounds like initially is not.

INES FERRÉ: Yeah, that's right. And so we have a DWAC, Digital World Acquisition. That is one of the trending tickers on Yahoo Finance. It is right now down more than 3%. And this is an important week for DWAC because they will be having their shareholder meeting to vote on whether to merge with Truth Social.

But guys, the really interesting thing-- I can't find it right here, right now, but it is on there. The interesting thing about this is that President Trump has on Truth Social four and a half million followers. On Twitter, he's got 88 million followers. They've got that important shareholder meeting this week. They need 65% of shareholders to approve of that merger. So he may be holding out of being on Twitter for now.

JULIE HYMAN: Makes sense.

INES FERRÉ: His exposure, though, is much wider on Twitter.

BRAD SMITH: Yahoo Finance's Ines Ferré, thanks so much. Appreciate it.