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Market check: Nasdaq falls, U.S. dollar at highest level since 2002

In this article:
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Yahoo Finance's Ines Ferré discusses how markets are performing in early trading.

Video Transcript

BRIAN SOZZI: Now let's get over to our Yahoo Finance's Ines Ferre at the YFi Interactive. Ines.

INES FERRE: And, Brian, we are taking a look at the markets right now, which are under pressure. And we're watching the NASDAQ, which is down 2%. We are also taking a look at the US dollar index. Jared did a great job of breaking down the euro and the dollar index. But take a look, the dollar index at highs from 2002. So we have seen that inverse relationship where, when the dollar index goes up, stocks have been coming down.

And we're watching right now the sector action. So we're watching communication services, consumer discretionary. As I mentioned, the NASDAQ really being, out of the major averages, the one losing the most right now. And we are seeing Meta down more than 4 and 1/2%, part of communication services, after that downgrade from Needham. We're also watching Amazon and Tesla, part of consumer discretionary, which are under pressure. I have been watching these Chinese stocks because they're having their worst day in about a month. You've got a resurgence of COVID cases in China and also some new fines from the government against Alibaba, against Tencent. Baba down almost 9% right now.

Checking out the travel stocks, these are under pressure as well. And then just taking a look at oil, I mentioned the strong dollar, that's putting pressure on oil prices. But also that resurgence of COVID cases in China, a new subvariant perhaps in Shanghai, that's putting some pressure on oil prices. And of course, we have seen that downtrend with oil with respect to concerns about a recession, guys.

- Yahoo Finance's own Ines Ferre. Ines, thanks for breaking that all down for us.