Crypto: Bitcoin under pressure, dogecoin up on Musk’s Twitter bid

Yahoo Finance's Ines Ferre joins the Live show to break down how stocks are moving in midday trading.

Video Transcript

BRIAN SOZZI: Welcome back. Let's get back to the YFi Interactive, where we find Ines Ferre looking at the markets and individual stocks. Ines.

INES FERRE: Yeah, that's right, a little bit of a turnaround as what we've seen right now, with the NASDAQ composite right here. It's up 2-- 0.22%. So you can see the movement here. We had it opened in the red, now in green territory. Looking at the sectors, well, the turnaround that we saw was with communication services and also technology. Actually, communication services had been in the green when we first opened this morning.

But this houses also Twitter. I'll get to that in just a second. Looking at the NASDAQ 100, we are seeing the mega caps here on the left-hand side. Microsoft up 1%, Google up more than 2 and 1/2%. Tesla had flipped into green territory a little-- a few minutes ago. Before, it was down more than 2 and 1/2%. And we are seeing Amazon, which had flipped also, into green territory momentarily, now relatively flat.

Taking a look at what I was just mentioning, which was Twitter and the social media stocks, we are seeing green here on this chart. Twitter up more than 3% after the headline that the company would be perhaps making a decision on that Elon Musk proposal. And so that's sending shares to about $50.50 each, guys.

JULIE HYMAN: Ines, there's something else that sort of has become Twitter-- well, has become Elon Musk adjacent. I'm talking about Dogecoin, which actually rose initially when he first made his bid. And I think it might be getting a bid again today, even though Bitcoin is under pressure.

INES FERRE: Yeah, let's take a look right now at where we are with crypto and where we're at with Doge because Bitcoin has been under pressure and Doge up 5%.

JULIE HYMAN: There you go.

INES FERRE: Julie, you are right. You are the winner today. Yeah, so Dogecoin definitely seeing a bit after the whole Elon Musk. And, you know, I think that the most important question that you guys were posing this morning is, what next? And I mean, he's the CEO of Tesla, also of SpaceX. I mean, how much more-- he's obviously-- if he does buy it, he'd appoint somebody.

BRIAN SOZZI: I think when I eventually am forced to get my next Tesla, it's just voice controlled Twitter. I just go right down the street, no hands on the wheel, and out there tweet. I can tweet at you, Julie.

JULIE HYMAN: I don't know. Is it a good idea to remove even more of, like, the things that would get you to think a little bit more before you tweet?

BRIAN SOZZI: We're all just turning to robots anyway.

JULIE HYMAN: Yeah, well, that's true. Thanks so much, Ines. Appreciate it.