Stock market: Tesla dips, Facebook up amid red day across the board

Yahoo Finance's Jared Blikre breaks down today's trading trends across markets, highlighting performances by Tesla, Facebook, and crude oil.

Video Transcript

- We're seeing the major indices bounce off just slightly of their lows. The NASDAQ now off less than 1%. And we are seeing a mixed day when it comes to the sectors. Right now, consumer discretionary and energy two biggest laggards.

And for more on all the moves, want to get to Yahoo Finance's chart master, Jared Blikre, who's been watching that for us. Jared.

JARED BLIKRE: That's right. We got three full weeks left of trading, and no more. And this is typically the time of year that we do kind of see the Santa Claus rally kick off into high gear, although officially it's only the last five days, five trading days of the month, and the first few of January. But we're not going to split hairs here.

Let's get to the NASDAQ 100, where we are seeing a little bit of down action today. One of the standouts is Facebook. That stock is up 1 and 1/3 percent. You can see that at the bottom of your screen.

But some of the other standouts, first let me get to a market cap view, because we came within inches, inches of Apple hitting $3 trillion intraday. But not just there quite yet. In fact, we're seeing the majors and the mega-caps largely off.

And some of the standouts also include Tesla. Now, we've been covering this story because, of course, Elon Musk named by Time magazine its Person of the Year. Lots of comparisons to Amazon. And we can see the stock off about 5% today, but let me get back to Amazon because, in 1999, Jeff Bezos was named the man or the Person of the Year for Time magazine.

If we put a max chart on, let's see if we can see the price action. Now, it's going to be too small from way back in the day, but there was a roughly 95% drop from the peak to the valley after that call. So that's what everybody's looking at on Twitter today. By the way, the NASDAQ surged another 30% after that call. So it just goes to show that bubbles can persist for some time.

So let's take a look at the sector action. It's pretty defensive here. We're seeing real estate, staples, utility and health care. Those are all taking the top spots today. And to the downside, we're seeing consumer discretionary, which houses Amazon, by the way, and energy and financials. Each of those are off 1% to 2.5%, as we can see here.

So let's dig into the financial sector. This is the banking sector, where we're seeing some negative price action. We saw some surges in this sector over the last few months, but I would say in the last month or two, the value trade really having fallen off. And so we're seeing a continuation of that today.

And in the travel sector, wow, a lot of dark red here. Just about everything off 4%, 5%, or even more. And we're seeing that in the United. That's off more than 5%. So is American Airlines. So is Avis Budget Group. So not a lot of love for the travel sector right there.

But there is a little bit of a respite here. Well, there was earlier in the day. Not seeing it now. But semiconductors taking it on the chin, as well as tech sinks into the red, guys.

- And Jared, in the commodity space, you know, we remember that big selloff we saw in oil immediately after that first reported case of the omicron variant, but it sounds like OPEC is still pretty optimistic about where their demand levels are likely to be Q1 of next year.

JARED BLIKRE: That's right. And they've increased their demand forecast for not only this year, but next year, roughly 200,000 barrels. And I'm going to go back to the Wi-Fi Interactive, where I'm going to show a chart of crude oil, basically trading-- treading water for the day. We can see it's only up about seven basis points there.

But we've seen some volatility as of late. We're going to see this when I put a two-month candlestick chart on. And you can see, Akiko, you were talking about that big downdraft on the omicron news. Well, that was that day there. And we also saw President Biden releasing Strategic Petroleum reserves from our stocks in the US, as well as around the world. Nevertheless, it looks like we have a pretty firm trading range. And we're going to see $85 to $75 be really in focus as traders try to navigate here.

And Akiko, you also mentioned the Saudi oil minister, some statements today with that OPEC Plus announcement of their demand forecasts. Well, they're saying we reserve the right to dial down our production. We know that they've been-- we know that they've been increasing at 400,000 barrels per month. However, that could flip on a dime, guys.

- All right, Jared Blikre bringing us the latest moves there. Appreciate that.