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Market check: Stocks under pressure as software sector drags down Nasdaq

In this article:
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Yahoo Finance's Jared Blikre looks at what's driving Tuesday's stock market action, particularly the pressure on tech stocks.

Video Transcript

JARED BLIKRE: I'm going to lead off with our NASDAQ 100. As you said, this is where the action is. Unfortunately, it is to the downside. We have Amazon off nearly 5%, so is Nvidia. Tesla down 4.5 percent. Meta down 3.5 % Apple, Microsoft, Alphabet, you can see those losses there. You see some dark red around the screen here, those are mainly software names. Let's just skip right over there. We can see Salesforce down nearly 5% as well as Zoom down 5%, Datadog down 7% and the list goes on.

In semiconductors, not a lot better. We're going to talk about Qualcomm in a little bit. There's some speculation that Apple may be using their chip throughout 2023 because Apple's efforts have failed to produce their own chip, but that's just speculation at this point. Energy is up 2%, everything else mired in the red, these three sectors down here, those houses the mega caps and that's where we're seeing losses.

Now let's take a look at the energy sector real quick. Ah. Look at that. Nice to see some green here, but not going to see that very well-- not going to see that in a lot of other places here. Exxon up 2.5%, Conoco up 2.5%, as well. And it looks like Occidental Petroleum up nearly 4 percent. Warren Buffett still buying that stock, a lot of speculation that he may buy it outright. You can see up over 100% still year-to-date, despite giving back some of those gains recently.

But I want to check out our leaders board and that's where we're seeing a lot of the carnage. ARKK components, those are down 5.5 percent. IPOs, no love there. Internet stocks, software, solar energy, which has been doing well recently, retail, all getting pounded here, down 3 percent.

Picture's worth a thousand words so I'm going to end on this. Tesla down 4.5%, these are the ARK Innovation holdings, Zoom-- already went through that-- Shopify, Square, down about 6%, Roku down 5%, Unity Software down 8%, guys.