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Market check: Stocks open lower, Nasdaq falls further into correction territory

Yahoo Finance's Jared Blikre breaks down how markets opened on Friday.

Video transcript

JULIE HYMAN: We've got to get to Jared Blikre because we are seeing this selling of course not just in Netflix, but really extend for a lot of these hard hit NASDAQ names and the index overall. Jared.

JARED BLIKRE: That's right, Julie. And for the month of January, I'm looking at the NASDAQ down almost 10%. NASDAQ now heading for its worst month since November 2008. That was before QE1 back in the day. That was post Lehman, so really something interesting going on here.

Let's take a look at the Wi-Fi interactive. We can kind of plot what's been going on this week and really ugly price action. We had a little bit of a respite in here. Things seemed like they were getting back to normal, but just took that huge leg down. Not only at the close yesterday, but also the day before. So the NASDAQ now down over 5% for this holiday shortened week.

Let's check on the DOW. It's a little bit of a outperformer here today, but not by a lot. Still down about 61 points for the day, down 3.5 points for the week. And then let's take a check inside the market. And the sector action for today, we do see a little bit of green in real estate, staples, utility, and health care. But guess what? Those are the defensive sectors.

Also tech, a little bit of a respite there. I think that's probably from what's going on in the bond market. And just getting back to the discussion of bonds and-- excuse me-- their effect on equities. Sometimes it's just the amount of movement and it almost doesn't depend on which direction and the other can really upset the markets. So here we have the five year, that's down seven basis points, ten year, that's down 8 basis points.

And I want to look at a two month chart just to kind of gauge the relative action here. So we had this huge run up from mid-December into mid-January here, and we're backing off a bit here. Normally, this would give all the mega caps a little bit of an edge here. And let's see what's happening inside the NASDAQ, and you see, indeed, we do have some green.

But Amazon, which had a nasty slide into the close yesterday, that's down about seven-- seven basis points today. Seeing Netflix, we've been talking about that, really negative price action. This is a stock that tends to trend sideways.

If anything else, had that false break to the upside, and now really testing the 400 level. So before we leave here, let's take a look at the travel sector, lots of red there as well, guys.

JULIE HYMAN: Yeah, lots of red in a lot of places to choose from this morning. Thanks so much, Jared.

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