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Market check: Stocks open lower as investors brace for earnings

In this article:
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Yahoo Finance's Jared Blikre reports on how stocks and currencies are trading ahead of earnings season.

Video Transcript

- Welcome back to Yahoo Finance Live. We are seeing markets under pressure-- a quick drop at the open here. The NASDAQ, what I mentioned had just opened up, was down a percent.

Now it's 1.8%. Let's get to Jared Blikre on the floor of the New York Stock Exchange. Jared?

JARED BLIKRE: That's right. We got mega caps leading the way down. You can see it on the Wi-Fi interactive here.

NASDAQ down about 1.8%. Let's take a look at what's happened over the trailing five days. You're going to see we're still pretty close to the upper end of the trading range [? by ?] giving back some of those gains from late Friday.

Now let's take a look inside the market. We have a fairly defensive setup here, staples and utilities the only sectors in the green, each by about one third of 1%. Now to the downside, communication services, that is a worst off.

That houses Facebook, Alphabet, et cetera it's down 2 and 1/2%, then tech and consumer discretionary. So when we take a look inside the NASDAQ 100, that's where we're seeing a lot of those broad based losses concentrated in this tech field. So Alphabet down 3%.

So is Amazon, Nvidia, and Meta, each down more than 4%. And we're seeing a lot of weakness in the Chinese space here. These are ADRs which have been under pressure all year.

We did see some signs of life over the last month, but you can see Alibaba down 8% here, Pinduoduo down 10%. Not looking much better in the Ark components. Now some of these guys have lifted off, like Zoom, over the last month, six weeks, but a little bit under pressure today.

Also want to take a check of our leaders and see what's-- that's a more defensive setup as well. So we got the Chinese internet stocks, Ark, IPO, Solar, and Korean stocks. Those are all in the dark red. Now I want to spend a little bit of time looking at the US dollar and specifically versus the euro.

So I'm going to scroll down the [INAUDIBLE]-- that is, the US dollar index-- is at two decades high. And then versus the euro, it is at two decades low. So let me just show you what is happening in this space right now.

And now the low on the day hasn't punched through the critical parity level of one there, but you can see on your screen, it has been a lower trend into the current period. Now when this happened with the yen about 10 years ago, it took several months of bouncing around before it broke through a critical level.

At that time, it was 80, not 1. But that was a very significant event for currency traders. Broadly speaking, we've just seen the bond market volatility spread into the foreign [? effects ?] market.

All of these trades are highly levered, and they just take a long time to de-lever. So that's a process that we've been in here. Finally, we got earnings this week, CPI. So I think those catalysts are down the road. Wouldn't pay too much attention, put too much stock in what happens today, guys.

- Jared Blikre bringing some of that summer heat from the floor of the New York Stock Exchange. Thanks so much.