Market check: Dow falls 600+ points, Russell 2000 approaches bear market

Yahoo Finance's Jared Blikre gives an update on the market as stocks continue to sink ahead of earnings and the Fed meeting.

Video transcript

AKIKO FUJITA: We are beginning this hour, though, with the market moves, a selloff on Wall Street, with stocks extending their losses from last week. The Fed firmly in focus. We're going to get to Brian Cheung on that FOMC meeting in just a bit, but let's kick things off with Jared Blikre on the moves we're seeing so far in the session today. Jared.

JARED BLIKRE: That's right, Akiko, what another start to another week, the fourth one this year. And let's take a look at the YFi Interactive. I've been charting the price action on a year-to-date basis. Here is the Dow. And you can see it just really falling off of a cliff here, the losses really accelerating to the downside over the last few days. There are some technical reasons for this, but sometimes selling just begets more selling. And any attempt to buy the dip has just been met with a lot of force in the other direction.

Now, I also want to show the small-caps. This is the Russell 2000. I'm going to put a one-year chart on. And we are on bear market watch for the Russell 2000. We already reached the magic level earlier today. I think it's 1951 and change. But it would take a close at that level or below to officially generate those headlines.

And then let's take a look at the VIX, because we're seeing some of the highest levels that we've seen in months here. Now, we took out that November, December spike here, and we are back to the levels seen not-- not seen until last March. So really picking up on the fear index, as well.

Then you take a look at what's happening in the bond market, we have the 10-year and the five-year T-note yield cooling off a little bit. This is a two-month chart. It is down three basis points today, continuing the down move from last week. And then the 10-year T-note, that is down two basis points, as well.

And finally, we've got to take a look at the US dollar before we get to our heat maps. That is crawling back into the territory that we saw back in early January, and also in December. Let me put a three-month chart here. I think this is important. Dollar had been basing sideways, then it broke down. And it looks like this was a false breakdown because we are right back up. So pretty interesting to chart that here.

Now, as promised, here is the NASDAQ 100. And it is a ugly-- it is an ugly picture. We've got Tesla down 6%, Microsoft and Alphabet each down more than 3%, Nvidia getting hit, 6.5% down. And you take a look at the sector action, nothing in the green today yet again. Tech taking it on the chin, actually just switching places with materials as the worst-off sectors. And that is as the US dollar is rising, putting pressure on commodities. Also seeing health care down over 2%. So is consumer discretionary, financials, energy. And the list goes on.

Want to take a look at the travel sector here. A lot of red on this screen, as well. Carnival Cruise Lines off more than 5%, Hilton down 3.5%, Airbnb down 10%. And we've got to take a look inside the ARK Innovation Fund components. A lot of red, dark red on your screen here. And want to kick it off to Brian so we can get his thoughts on what's going on here.