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Markets trend lower amid unease from China, energy stocks lead sector gains

Stocks are lower near the close of trading amid economic uncertainty in China while energy stocks are among the leaders.

Video Transcript

DAVE BRIGGS: Let's get you up to speed now on the market action. Jared, hoping to bounce back from steep losses yesterday. It looks like we are not going to get the bounce. Why?

JARED BLIKRE: Well, I'll tell you what. I think it all has to do with Apple. Apple is one of the biggest stocks in the market, but first, let's concentrate on the indices. It is a tech heavy NASDAQ, which, by the way, also represents a big portion of Apple. That is down 7/10 of a percent. Notably, the Russell 2000 there, that is up about 29 basis points. The Dow and the S&P 500 down just marginally.

When we check out the sector action, you're going to see a few sectors in the green, a few in the red. Energy leading the way. It was one of the worst performing sectors yesterday, along with real estate. So those two have kind of switched place from yesterday. Industrials, financials, materials also in the green.

To the downside, utilities and tech. Those are both down more than 1%. And without further ado, let's check out the NASDAQ 100, where we see Apple down about 2 and 1/2%. Now, we've got a couple of key pieces of news here. First is that the iPhone city over in China, which had been the subject of lockdowns, is going to be reopened.

You would think that would give the stock a boost. However, a key analyst over at TF International Securities saying that the existing protests are going to have supply chain disruptions for Apple for some time to come. Very well listened to in the market. And you can see Apple is down, brought the NASDAQ down single-handedly as well.

Now, different story when we take a look over at China. This is what's happening today. If you remember 24 hours ago, we were looking at a very similar screen. That was, in part, off of Pinduoduo earnings. But today, we see Alibaba up about 5%, JD.com up 7 and 1/2%. And let me just put a two-day view in here, and you can see some really outsized performance by, for instance, Li Auto, up 9%.

Want to get back to some of our leaders. This is today's price action once again. Aside from KWEB-- that is that Chinese ETF-- we are also looking at some strength in Korean markets, also in emerging markets, cannabis, transports. Going to take a look at UPS and a little bit. All in all, kind of a mixed day here, but Apple pouring a little water on the party.

DAVE BRIGGS: And boy, it's been difficult to know what to make of the China reopening news day to day. You wait five minutes, it'll change. Jared, thank you.