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Market check: Dow plunges 500+ points, 10-year yield climbs, crypto stocks sell off

Yahoo Finance Live’s Jared Blikre breaks down how markets are moving in midday trading as Amazon, Meta, Nvidia, Apple, Microsoft, and Tesla stocks underperform.

Video transcript

AKIKO FUJITA: We are kicking things off, though, with team coverage of the markets. As we said, we have seen some of those losses accelerate within the last hour or so. Emily McCormick is going to be touching on some of the big events this week in just a bit because we've got big inflation data, as well as the start of the earnings season. But let's kick things off with Jared Blikre, who's tracking the market action for us. Jared, we're watching the NASDAQ here, the biggest laggard on the day. Last week, we saw its worst week since February of 2021, extending its losses in a big way today.

JARED BLIKRE: Yes, another inauspicious start to another week here. And let's take a look at the YFi Interactive. We're going to get to all the stock action in a second. Just want to show what is happening in the bond market, up another two basis points. That is the 10-year T-note yield. And I'm just going to show you what has happened over the trailing five days here. We've seen a steady march higher. And all told, I think the 10-year is up something like 30 basis points this year so far, just an absolutely huge move. And we're seeing it play out in the market to the negative side today, to the downside.

We can see Amazon off 3% or more, Facebook off 4 and 1/2%, NVIDIA off 5%. And then each of Apple, Microsoft, and Apple-- app-- excuse me, Alphabet and Tesla, each of those off more than 2%. And you can really see it in the sector action here. Everything in the red, to the downside, consumer discretionary. That houses amazon.com. That is down 3%, followed by communication services and then tech. All of those are underperforming. So really, the mega caps getting slammed. And if you're looking for any kind of respite, the least bad sectors are utilities, healthcare, and staples, so seeing a very defensive setup to the market right now.

If you take a look at the travel sector, not too much going on to the upside there. Carnival Cruise Lines, Norwegian, each down more than 3%. Trip.com off more than 5% and Airbnb down 7% on an analyst downgrade. Difficult to find some positive pockets of green here, but we're going to poke around. Let's check out the financials. Now these companies had been at record highs earlier today. They have sunk into the red, Berkshire Hathaway among them. A lot of the insurance companies and banks have been screaming towards their record highs recently-- not today.

So in the semiconductor space, seeing a little bit of green. Intel had a decent week last week, kind of bucking the trend. That's up 1% today. But as I said before, NVIDIA is down 5%, ASML down 6%, Applied Materials down 4%. And you get the picture here. Software not looking any better. Let's just take a year to date look. This is one of the first industry groups to really get slammed. And some of these names now down over 25%. Look at this. HubSpot down 26%, MongoDB almost right there with it. Atlassian down 25%, Datadog down 24%. So this year has seen a lot of carnage in the software space.

And we'd be remiss if we didn't check out Bitcoin. Bitcoin broke support, broke 40,000 earlier this morning. We did get a nice bounce back up. And if you take a look at the five-day, you can see we had a similar breakdown over the weekend. You don't see it necessarily on this line chart, but on a candlestick basis, we did breach those lows. There's that 40,000 that we've been taking a look at. Haven't seen that price in three or four months. Also the crypto stocks not doing well either. All these names just kind of sinking in the red today.