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Stocks under pressure as traders await inflation, earnings data

In this article:
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Yahoo Finance's Ines Ferre breaks down yield curves, sector action across industries, Nasdaq leaders Tesla and Microsoft, semiconductor stocks, the energy market, and WTI crude oil prices.

Video Transcript

[MUSIC PLAYING]

RACHELLE AKUFFO: Welcome to Yahoo Finance Live, everyone. I'm Rachelle Akuffo, along with Brad Smith and Dave Briggs. Now Elon won't be joining Twitter's board, but there's still plenty of news to tweet about today. Now it's the first trading day since the $43 billion merger between WarnerMedia, Discovery and assets from AT&T officially closed. The media and streaming powerhouse upping the ante in the streaming wars, with rivals Netflix and Disney+. We'll break down the deal's impact on the industry and your viewing options.

Plus, we'll bring you the biggest highlights and surprises from the Bitcoin Conference and what's weighing on crypto today. Bitcoin falling below 41,000 and other major tokens keep tumbling today as well. We'll have expert insight on crypto week and beyond. And as interest rates are returning to pre-pandemic levels, new data shows the sharp rise in mortgage rates is putting American home buyers in the worst position since 2007. Our guest from Zillow breaks down where the housing market is headed and how first-time homebuyers can navigate this period. All that and more coming up.

BRAD SMITH: Let's begin the hour as we always do taking a quick look at the major averages. And the Dow, the S&P 500, and the NASDAQ beginning this week on a down note. You're taking a look at the S&P 500 right now in negative territory by more than a percent. The Dow Jones Industrial Average, that's down by a little more than half a percent right now, 194 points in negative territory and still in the ballpark or hovering near some of today's intraday lows that we've been tracking. So we'll see when we get off of some of these levels.

The NASDAQ composite, about the same case there. Not at session lows right now, but still down 201 points, 1 and 1/2% in negative territory. So we'll continue to track that, of course, as we get closer to the end of today's trading session. But for more on today's tape and what's been at play, let's bring in Yahoo Finance's own Ines Ferre, who's standing by with the YFi Interactive. Ines.

INES FERRE: Yeah, Brad, and just taking a look at the 10-year Treasury, it's at 2.78%. But earlier, we had seen it at 2793. That's the highest level since January of 2019. So we've seen those yields climbing higher and higher. Looking at the sector action for stocks, we're watching energy, the biggest laggard, followed by technology, and also health care stocks. Over on the NASDAQ 100, want to mention Tesla down 3 and 1/2%, trading below $1,000 a share right now.

Also Microsoft down more than 3%. UBS came out with a note saying that it's seeing-- or it sees gentle deceleration with Office 365 as work from home begins to fade. Also looking at NVIDIA, down more than 4%. Baird, that analyst there has downgraded the stock over concerns of slowing demand. In fact, speaking of the semis, semis have really gotten quite hammered over the last week or so. Just taking a look at a five-day chart, you can see the pressure that semis have been under.

And then looking also at the energy stocks, as I mentioned, some of these energy stocks today being laggards. These are some of the biggest gainers for the week-- or for the year, I should say. Occidental Petroleum year to date up about 100%, but today, seeing some declines. Finally, just want to mention what's been happening with oil because we have been seeing the oil market pulling back. And this is amid continued lockdowns in China. We're watching WTI that today settled down more than 4%. Brent crude also down 4%. Guys.

DAVE BRIGGS: All right, Ines Ferre there with a check of all our markets in the YFi Interactive. Thank you, Ines.