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Bond markets move to the downside, mega cap tech stocks hold on to gains

Yahoo Finance reporter Emily McCormick looks at how bond markets, semiconductors, and the mega cap stocks are faring amid the release of June PMI data.

Video transcript

- We had that shoot up in the major averages after the PMI number. It seems to be holding on after this one.

EMILY MCCORMICK: That's right we are seeing this recovery from what we saw yesterday still holding steady here in the S&P 500, NASDAQ, and the Dow. We do have the S&P up about half a percentage point on an intraday basis. Of course, that's after it opened in the red. But I do want to highlight the move that we're seeing in the bond market because we're still seeing quite a bit of a drawdown in terms of that benchmark 10-year T-note yield now below 2.9%. And if we'll recall what we actually saw in mid-June, rising to about 3.5%. So about 60 basis points of a decline there. Quite a market move to the downside on that yield.

Now, also want to highlight what we're seeing in the commodity space because, of course, we've been seeing quite a bit of volatility there as well. WTI Crude actually closing out June with its first monthly decline since November 2021. We are seeing a little bit of recovery today, those prices moving higher by about 1 and 1/2%.

Now, diving a little bit deeper in terms of what we're seeing in the S&P 500, we could see a bit of a mixed picture here. Consumer discretionary, real estate, and utilities leading to the upside, whereas we do have materials as well as health care and information technology the laggards during today's session. But if we look inside the NASDAQ 100, again, a bit of a mixed picture, but still seeing some of those large-cap, mega-cap tech stocks, including Amazon and Tesla, holding onto gains.

Now, finally, do you want to leave you guys with a picture of the semiconductor space. We've been talking a lot about that guidance, that missed expectations handily from Micron Technology. We're seeing that stock down by about 4.6% on an intraday basis. And a number of these major semiconductor stocks, really bellwethers here for demand and for the economy, moving to the downside in intraday trading. Guys.

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