Stocks sink in afternoon trading, energy sector gains
Yahoo Finance's Seana Smith breaks down how stocks are trading near the closing bell on Thursday.
Video Transcript
[WHOOSH]
SEANA SMITH: Let's get you up to speed on this afternoon's market action, because we're still looking at losses. You can see the Dow off 258 points, although we are well off the lows of the day, that slight bump, if you want to call it that, coming after St. Louis Fed President James Bullard making some positive comments, at least that's how the market's looking at it, when it comes to inflation.
So we're looking at losses of only about 250 points. Try and put a positive spin on today's declines. S&P off just about 8/10 of a percent. You're looking at the NASDAQ 100, the worst performer of the three, off just over 1%. We've been closely following the action that we have been seeing in crude as of late, and crude getting a bit of a bounce this afternoon, up just below $74 a barrel.
Until you look at the sector action, you can see that reflected in the leadership that we are seeing today, the XLE up just over 2% on an intraday basis. Communication services the only sector there holding onto gains. Worst performers are real estate and utilities. And real quick, taking a look at some of those energy names, again, a lot of these names have been pretty beaten down, at least over the last couple of days. You're looking at Exxon today up just over 2%, as well as Chevron. A number of these names, Dave, in the green for this afternoon.
- And an amazing collapse of the natural gas prices continues today as well. But it's interesting how eager the markets are to hear anything dovish.
SEANA SMITH: I know. At least that's been consistent.
- I didn't hear it.
SEANA SMITH: I know, I didn't hear it either. But they're looking for anything that they can, you know?
- Hider longer is all I hear.
SEANA SMITH: Yeah, well, we've got to take it.
-Good.
