Yahoo Finance's Jared Blikre and Akiko Fujita discuss stocks extending losses on the back of jobless claims and other catalysts.
JULIE HYMAN: To break it all down for us, we've got our very own Jared Blikre standing by. Jared, you said it's been a while since we've seen these weekly jobless claims being a big market mover.
JARED BLIKRE: Yes. They mattered in the pandemic sell-off two years ago to the downside and now they're making a difference as we're trying to climb out of this morass. Second bear market by the way, and here can see NASDAQ down almost 3%, and that's after being up over 2% yesterday. So the net effect is we are down nearly 1% on the week.
And I did do a little bit of market history digging, if we're up 2% one day and down 2% the next, does that mean anything in the long run? Well, we caught some bottoms and tops this year but for the most part, it only means and signifies that we have a lot of volatility and that we should not read too much into what I am calling noise.
Now, here the SPDR, the S&P 500 sectors for the day, we can see consumer discretionary, this is the worst off. This has a lot of retail names, we can look at that screen in a second, that's down almost 3%, tech closely on its heels, real estate, utilities also down more than 2%, as is the S&P 500 itself. Nowhere to find any green, at least on this board.
Looking at our leaders, another completely red board, ARKK is taking it on the chin here, that is down the most, that is down 5% followed by solar energy, cannabis, which had been doing very well as of yesterday but I think a lot of people get excited about these, what I'm going to call short covering bounces. Guess what? We can see as has happened today, that they can just get reversed on a dime.
Now, here's our meme stocks, this is also kind of a sentiment indicator, only Palantir in the green here. Got to check out that story to see if there's anything there. I did promise that we would check out the retail landscape here, there we go. Here's our retail board, Bed & Bath Beyond, we're going to talk-- we have been talking about that, down 3%, Shopify down 5-- or 7%, excuse me, and Amazon down 3%.
Want to go back and check out our travel screen here, are you going to be flying to Tokyo or to London to take advantage of those exchange rates? Well, not showing it in the flights here, Dallas-- or Delta is down about 4%, Royal Caribbean down 4.5%, Carnival not close behind here. And also checking out the banking sector, that's been underwater as of today. Looks like the foreign banks really feeling the heat there, and we know the situation in Europe, particularly leading to the downside, guys.