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Market check: Stocks fall on recession jitters, bitcoin continues slump

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Yahoo Finance Live's Jared Blikre breaks down midday trading in the stock market.

Video Transcript

- Also, switching gears here, we've got to check in with Yahoo Finance's Jared Blikre joining us now for a quick check of the markets. Jared?

JARED BLIKRE: Yeah, inauspicious start to this holiday-shortened week. Check out the S&P 500. It's down almost 2%, having its worst day. Dow is having its worst day in a couple of weeks. It's down a little bit more, the value trade really flagging today.

And that's because of what we're seeing in the bond market. We're seeing the yield curve shift down. Now, here's the five-year T-note yield, down 5 basis points. Let's take a look at what it's done over the last two months.

This is a huge move here, even more so on the more closely-watched 10-year T-note yield. Now, this is down 4 basis points today, a little bit less, but testing those lows that we had from our last session, which was last Friday. All in all, this move right here-- lots of consternation for the equities market, not gonna help out value stocks. But, in the end, it could help out growth stocks.

So, once the volatility settles-- and we're gonna talk about the currency market moves with Ines Ferre at the top of the next hour, which I'm gonna be hosting here, we see energy and materials taking a huge whack down to the downside. Energy, XLE, is off 5%. And just take a look at what's happened year to date. So energy is still the best-performing sector of the year, up 24%. And I'll tell you what-- over the last 10 days, getting whacked as well with a lot of other things, guys.

- Jared, you are indeed the Bitcoin whisperer. And I'm just doing some rudimentary chart analysis here. And you really get the sense Bitcoin prices could test those late 2020 lows. And those lows were below $18,000 a pop.

JARED BLIKRE: Yeah. I'm actually looking for them to test some prior highs. But we also have those prior lows in place. So let's take a look at a one-year chart. This is gonna show us the record highs from last year. This was just short of 69,000. And we're gonna have to go back farther.

We're gonna have to go back three years to see these levels that were tested. And we can see it a little bit better on candlestick chart. But 13,000-- and that is the level right here that we were up against for some period of time-- that is what I think could be the ultimate support here.

Now, the converse to this-- the converse to this-- if it goes to the downside-- it looks like I can't annotate here, but we could see those lows of 3,500. That is a huge wipeout. The fact that crypto prices have come down this much this fast-- and not even fast.

In a pretty regular fashion for a lot of the major coins like Bitcoin and Ether, this has been slow and steady for the most part. Now we're starting to see the phase where we are having wipeouts, and the latest weekend one par for the course here.

And I know Val hates this word, but I have to say there is never one cockroach. You're always gonna have more that come to light when you have a period of economic contraction. That may be what we're in right now. GDP went negative.

We also have the Fed. The Fed-- quantitative tightening that is weighing on the markets as well. Plus, it is the dog days of summer. And, simply, not many people are trading guys.

- If you live in the South, it's referred to as a Palmetto bug, I believe.

JARED BLIKRE: There you go.

- Always more than one Palmetto bug. You know, it's interesting, though, here, too. When we think about the broader Bitcoin move, what does this winter or washout or wipeout also mean for some of the altcoins?

JARED BLIKRE: I think a lot of them are just gonna go permanently. It's gonna be like the dot-com bubble bust where you're gonna have a few winners and a lot of losers. We remember pets.com from back in the day. So we'll see.