Markets: 10-year bond yield hits highest level since 2019, China stocks gain momentum, oil falls
Yahoo Finance's Ines Ferre joins the Live show to break down how stocks are moving in early trading.
Video Transcript
INES FERRE: And Brian, taking a look at bond yields, as we've been seeing them rise, we're looking at the five-year right now. That's at 2.38%, up four basis points. We're also checking out the 10-year bond yields, which are up more than-- rates now up 5 basis points at 2.37%. This is, by the way, the highest level since May of 2019. Taking a look at the sector action, we're watching financials that are in the green, as you'd expect. We're also looking at communication services and consumer discretionary that are in the green.
Also looking at the Chinese names trading higher today after Baba announced it's extending its share buyback program. And we're also looking at some of the trending tickers. On our trending ticker page, we're seeing Upstart shares, the fintech company that is under pressure right now after Wedbush Securities downgraded the stock to underperform from neutral with a new Street low of $75 a share, with the analysts there concerned of weakening delinquency trends.
And also wanted to show you Dave, the banking app, shares of Dave after its quarterly results and also after announcing a strategic partnership with FTX-- this is the crypto exchange. FTX is investing $100 million in the banking app.
JULIE HYMAN: Ines, in terms of the broader action today, I guess it doesn't hurt matters that oil is down.
INES FERRE: Yeah, that's right, WTI down right now more than 1%. Brent crude is also lower. There's been talk of the EU considering a possible ban on Russian [? Urals. ?] Now the EU is increasingly divided on this. Germany is not going for this, Hungary doesn't want this. And analysts are now increasingly doubting that this would possibly be voted on as a yes, just because Europe is so reliant on Russian [? Urals, ?] especially when you're talking about Germany and Poland. So while you have the UK that has already imposed a ban on the import of Russian oil, the EU as a whole importing ban on Russian oil, [INAUDIBLE]
