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Stocks: Microsoft slumps, Sony pops on EV announcement, Wayfair sinks

Yahoo Finance’s Ines Ferre breaks down how Microsoft is heading for its longest losing streak since September, Sony's new operating company Sony Mobility is entering the EV space, and how Wayfair continues to sink to a 52-week low.

Video transcript

AKIKO FUJITA: Welcome back to Yahoo Finance Live. We are continuing to watch all the market action today, with the Dow the only one in the green, up about 64 points. We're continuing to see some of that rotation out of tech, with Microsoft now headed for its longest losing streak since September. Let's bring in Yahoo Finance's Ines Ferre tracking the market action for us today. And Ines, what's happening with Microsoft?

INES FERRE: Yeah, we are watching Microsoft that's on its fifth day of losses. Take a look right now. The stock is down about more than 2%. In fact, I've got the YFi Interactive Board software chart up. And you can see quite a bit of red here as the Treasury yields have been rising. So information technology stocks have been getting hit. Software stocks are taking a hit. And we are taking a look also at Salesforce, which is also down more than 5%. This is after a downgrade from UBS. And over the last two days, you can see quite a bit of red here for those software stocks.

Looking at the electric vehicle space, we have been watching Tesla that's been hugging the flat line, now down about 4/10 of a percent. We're also seeing Rivian and Lucid that are down. And probably in this chart, we may-- should be putting in at some point Sony because Sony just announced that it's a new operating company. It's creating a new operating company called Sony Mobility looking at entering perhaps the electric vehicle space, unveiling a new prototype ahead of the CES conference. And Sony's got an arsenal, really, of technologies that sort of dovetail when it comes well into the EV space as far as sensors are concerned, as far as also cameras.

So the stock right now is popping up more than 2% in New York. Also the stock closed higher over in Tokyo. And then I want to also mention what we're seeing with Wayfair because that stock is plunging to 52-week lows, down about 5%. Wayfair over the last couple of days has seen a decline. Wedbush Securities downgraded this stock to neutral from outperform, saying that Wayfair results in 2021 were underwhelming. Wells Fargo also slashed its price target on the stock to 195 from 250. Right now, the stock is trading at about $175 a share.

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