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Market check: Tech stocks lead Nasdaq, S&P 500 lower

Yahoo Finance's Jared Blikre breaks down the midday market action, focusing on the tech sector and Virgin Galactic's shares performance.

Video Transcript

ALEXIS CHRISTOFOROUS: I want to check in with Jared Blikre for more now on the sell-off we are seeing, especially in the tech sector again, Jared, is becoming almost an everyday occurrence.

JARED BLIKRE: For the entire year, but definitely a theme, what we've seen-- for what we've seen so far. On the YFi Interactive, in the NASDAQ 100, what stands out is to the left side of your screen, just about everything is red. Well, everything is red. And there's a lot of dark red there. Tesla's down 3 and 1/2%. We'll get to them in a second. NVIDIA is down over 3%.

And if you take a look inside the software space, this is really what's grabbing my attention because software has been weak for months now. But if we sort by performance and show what's happened in the first nine trading days of this year, look at the bottom row. We have all of those off more than 17%. We have at least four names off more than 20%. Datadog, Mondo DB, HubSpot, Shopify all down more than 20%.

To the upside, we got Zynga. OK, well, that's a takeover story. Playtika, that's up in sympathy with Zynga, so not a lot of meaningful green there. Notably, Oracle and IBM, two stalwarts of the tech industry, those are in the green. So new tech not faring so well. I just want to go back and take a look at our NASDAQ one more time. This is what's happened this year. Only Tesla of the mega caps is in the green so far, Alexis.

KARINA MITCHELL: All right, and then Ford is surging today, above $100 billion in market cap.

JARED BLIKRE: Yeah, let's take a look at the YFi Interactive one more time. You can see the return on your screen. F is-- Ford is in the middle. That's 4.39%. If I put this on by market cap, you can see, indeed, Ford has a market cap of $102 billion, topping GM's $91 billion right here. Lucid Motors, 71. But nobody's topping Tesla right now. Tesla stands firmly at $1.07 trillion. Now I want to show you what Ford has done over the last year. It's been an incredible ride. I tweeted some of this earlier. Friend of the program, Stephen Guilfoyle, tweeted back at me, a month over 200% in this stock. So, good for Sarge. Happy about that. 161% hitting record highs today. This is a stock that won't stop.

And you want to see what EV has done this year. I'm going to put this back to a nine-day view, sort by performance. And look at the names at the top-- Ford, we see Toyota Motors, which is hitting record highs, GM, that's up 7%. Most of those are old school names. Not all of them, but most of them. So it's really been a case of have and have nots with this space. And look at the one-year performance. Ford, Lucid Motors, Toyota, VW, GM, Tesla-- those are the guys who are probably going to win at the end of the day. At least I think so.

ALEXIS CHRISTOFOROUS: All right, we always like to know what you think, Jared. You've got a little more information for us on Virgin Galactic. We started the hour with the fact that that stock is under some pressure after that convertible bond offering. And also, looks like there is a new meme stock, and it's new to Wall Street. We actually had the CEO of Dave.com, that banking app, on our show not long ago, the day they went public. That stock moving today, but on no apparent news.

JARED BLIKRE: Yeah, and I don't know if it's a meme stock just yet. It might be jumping the gun a little bit. We'll take a look at that in a second. I want to show you what Galactic-- Virgin Galactic is doing right now. So let me put this back to our daily returns. Here's space. It's down 15%. Now this is a one-year chart. In fact, let's put a max chart on here, going back to the inception of-- or the IPO of its SPAC. Now you can see, it has been prone to various spikes not only on the way up, but also on the way down.

An incredibly volatile stock, but take a look at what's happened over the last year. From August to current, it's just been a steady slog down. And we can see that in this three-month chart. Lost over 56% of its value. So yeah, the company is getting-- is loading up with debt, $425 million. Maybe people got ahead of the space race. I think the TAM on space is probably infinity, but we got some realistic things pulling us back right now, including gravity, for the most part.

Now, on Dave, let's take a look at Dave here. As you said, Alexis, listed last week. Brand new start to the year, but it's been down ever since. The IPO price of this SPAC was $10. So it traded all the way to 4 and change. That's a loss of over 50%. But having its best day ever-- give it credit here-- up 14%. So still well below that SPAC IPO price of $10, but having a decent day overall. We'll have to track this in the coming weeks, see if it still retains its meme ish qualities, Alexis.

ALEXIS CHRISTOFOROUS: [LAUGHS] Meme ish qualities. All right, thanks a lot, Jared Blikre.