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Tesla tumbles, Nasdaq on track for worst start to March since 2009

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Yahoo Finance's Ines Ferre breaks down the latest market action.

Video Transcript

- The NASDAQ seeing the steepest losses in the session, down about 1 and 1/2 percent right now. Tesla also tumbling down significantly. Let's bring in Ines Ferre for the very latest on the market moves. Ines.

INES FERRE: [INAUDIBLE], consumer discretionary, technology, real estate-- those are the sectors that are leading to the downside. And let's take a look at the NASDAQ 100 because it's gotten hit over the last several sessions. We've been seeing this rotation out of tech, out of high-growth names, COVID [? plays ?] as well. Tesla down 9% today during today's session.

Now, you have to go back to about November of last year to see these kinds of levels. Tesla has been spiraling down for several weeks. And now, I do want to mention that Tesla has partnered with a nickel mine. Elon Musk has said before that nickel would be a challenge for its EV batteries. But nevertheless, the stock down today.

Then, taking a look at some of the other movers to the downside, you've got DocuSign, Peloton, Zoom, all of these plays that were very big during the early stages and late last year of the pandemic. And then just taking a look also at Costco, that stock is down 3% today after an earnings miss for its latest quarter.

I do want to mention what's happening with the travel sector. We had seen this sector in green territory over the last week or so. We are seeing today quite a bit of red. You've got Norwegian Cruise Line that's down 14%. It's tumbling after it announced a stock offering of 47 and 1/2 million shares.

And then lastly, just taking a quick look at the shorted stocks, which heavily shorted stocks, which we've seen over the last month or so, SPCE is down more than 15%. Virgin Galactic. Chamath Palihapitiya, the billionaire who serves on the board of Virgin Galactic and also helped take the company public via SPAC, sold his personal holdings in SPCE. He still holds about 6.2% of the company in partnership with investor Ian Osborne.

But still, his solo stake now is a zero. The stock is down. It has been turning to the downside over the last several sessions, though. [INAUDIBLE]

OK, Ines. Thanks so much for that.