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Nasdaq leads stocks lower, bond markets move higher ahead of Fed meeting

Yahoo Finance Live's Jared Blikre and Dave Briggs examine today's market action, sector gains in energy, and losses seen in Big Tech stocks.

Video Transcript

JARRED BLIKRE: Well, time for a market update here, and let's take a look at the [? YFi ?] Interactive. We are beginning the week with a small downdraft. NASDAQ is the worst off. You can see that's down about 88 basis points.

Currently at session lows, but what a week it should be. We're going to look at the bond market here. We've got a Fed meeting on Wednesday, and guess what, we have tons of stocks offering up their earnings announcements. 33% of the S&P 500.

So right now, the 10-year T-note yield up about four basis points. We'll take a look at the shorter end of the curve. This is a five year. It's up about three basis points, and really the 13 week T-bill is up as well.

4 basis points, it looks like we're testing these highs here. So let's get take a look at the sector action. Energy is leading the day, it's up 3 and 1/2, Dave, and I know you're looking at this along with crude, which is up.

DAVE BRIGGS: Yeah. It makes a lot of sense. There's been good and bad of the dollar at a 20-year high, but it has been weakening in recent days, which has been good for energy stocks. Chevron is up about 3%. So that's good news for them, and there's good news here for the consumer with gas prices down $0.55 over the last 30 days. $4.36 a gallon, so that's excellent for the consumer.

JARRED BLIKRE: Yeah, and just taking a look, I mean, we've seen energy lead a number of times this year. In fact, it's the year's most profitable sector, but we want to take a look at what's going on inside the NASDAQ 100. That's where all these mega caps are that we are going to be taking a look at this week. We've got Apple, Microsoft, Alphabet, Amazon on deck today, Dave.

DAVE BRIGGS: Yeah. These are the big-- this is what this week is all about, the big four-- Apple, Amazon, Meta, and Microsoft. As you mentioned earlier, a third of the S&P companies, almost 50% of the market cap on the S&P will report this week, and what will we see? How much of an indicator is Snap, and I think that's the biggest question. Not just Snap, but to a lesser extent, Twitter but that Snap explosion has sent shivers through the [? ad ?] buy market, and we're really going to get some news on that, later this week. It is probably the biggest week of the summer, in terms of economic indicators, when you throw in the GDP.

JARRED BLIKRE: Especially with the Fed. So we got it all laid out for.