Yahoo Finance's Jared Blikre looks at how the stock market is performing in early trading, with FedEx weighing down the energy and tech sectors, and Adobe shares down following its Figma acquisition.
BRAD SMITH: Welcome back to "Yahoo Finance Live" this morning, everyone. Major averages, they are down across the board. For the Dow, down nearly a percent. S&P 500, a little more than a percent. And the NASDAQ composite, about 1.4% right now. Triple-digit decline day for the tech-heavy average. Let's get on over to Jared Blikre at the YFi Interactive for more on today's tape. Jared.
JARED BLIKRE: Yes, let's check out the week here because we are adding or subtracting from the week's gains. And we can see the NASDAQ, these are the futures, down 7% right now.
And let's take a look at some of the sector action. And we can see for the day here-- there we go. This is actually the last five days. We might as well start there. Energy down 1.6%. By the way, you can see everything down here. But then healthcare, those are the two outperformers along with utilities and staples so kind of a defensive setup here.
Materials, that's a US dollar story. Materials down 7 and 1/2%. That big CPI number from earlier in the week that really sent the dollar stronger. And so tech suffering as well. Industrials, those cyclical stocks, real estate, communication services, all of those underperforming. The S&P 500, itself, down 5% this week.
Let's take a quick look of what's happening today. And we can see everything in the red, although utilities and staples just barely so. Industrials, again, just taking it on the chin.
I do want to take a look at the effects sector because we have the pound, the British pound, that is at a-- well, I've lost track of how many decades it's been, but if we take a look at what's happening there, not since-- not since-- there we go. We're gonna to see the US dollar is stronger than it has been in quite some time.
And this comes as we celebrate the 30-year anniversary of George Soros breaking the Bank of England. That's when he forced the Great Britain out of the exchange rate system that they had at the time they were pegging. And then he said, no, we're gonna short. And that trade worked out for him. He made $1 billion, guys. $1 billion on that trade.
JULIE HYMAN: You never forget your first billion. I don't even know if that was the first billion. But--
JARED BLIKRE: I don't remember mine.
JULIE HYMAN: --they call it-- they call it Black Wednesday, I believe.
JARED BLIKRE: Yes.
JULIE HYMAN: Unlike the Black Monday here in the US with the markets. You're also taking a look at the trending tickers for the week here--
JARED BLIKRE: Yes.
JULIE HYMAN: --on the Yahoo Finance platform.
JARED BLIKRE: Interesting, we've got a couple of bellwethers here. Adobe is one of them. Here's the NASDAQ 100. I'm gonna sort by performance and go to a five-day look. And you'll see some of these stocks at the bottom.
So Adobe, a story of acquisitions. I think we're still gonna see a lot of these. A lot of talk over whether or not they overpaid. I would just remind people that Facebook, back in the day before it was Meta paid, I believe it was $16 billion on its face for WhatsApp. Actually ended up paying $22 billion. Decision roundly criticized as being too expensive at the time, and then roundly criticized as being maybe too cheap because regulators do not like the fact that Facebook, now Meta, owns those.
Meta, itself, down 13 and 1/2%. And then the chip stocks, AMD and Nvidia, each down about 11%, 12% there. That has been another story of chips being the underperformers, not only of the year but over the last month, I would say. And that comes in a very cyclical business for them.
And then finally, want to get to some of the Chinese names. These are kind of outliers. But Baidu, that's down 11%. And we've seen a lot of action in those names as well, guys.
BRIAN SOZZI: Jared Blikre, thanks so much.