Indices and sectors continue to see losses, oil prices dip

Yahoo Finance's Seana Smith looks at how markets are faring in the final hour of trading.

Video Transcript

SEANA SMITH: Let's get you up to speed on this afternoon's market action. Because once again, we are looking at losses. The Dow off 473 points. It was down nearly 500 points today. So we're looking at a two day drop of nearly 1,000 points for the Dow.

The NASDAQ moving to the downside, off just over 2%. S&P 500 also under pressure this afternoon, off just around 1.7%.

The Russell 2000, the small cap index, that's under a tremendous amount of pressure as well, off nearly 2% this afternoon. Taking a look at the bond market, you're looking at the 10 year yield pulling back just a bit, off just around 9 basis points at 351.

Interesting action here in the bond market. 30 year yield also pulling back just a bit. Taking a look at where crude ended the day because some pressure there for WTI. That's off just above 74 bucks a barrel, a decline of just over 3% this afternoon.

Taking a look at some of the sector action that we are seeing play out all, actually 10 of the 11 sectors, trading to the downside. Utilities though, the only sector trading to the upside here, as we kick off the final hour of trading.

Inside the NASDAQ, I mentioned some of the selling that we are seeing in some of those larger cap tech names. You can see it reflected in Apple, Amazon. Both those stocks off over 2%, as well as Microsoft and Google.

And bank stocks, we heard from some of their CEOs earlier this afternoon. Some concerning comments about what we could expect over the coming months as we look out into 2023, just in terms of a slowdown, what that means here for the markets, for the economy going forward.

We're seeing losses here. Bank of America having one of its worst days that it's had since March. That stock off nearly 5%. But Wells Fargo, Morgan Stanley, and Goldman Sachs, Dave, all in the red this afternoon.

- The dress just blending right into the losses.

SEANA SMITH: I know. It did. I wish it didn't. I wish I didn't color coordinate.

- Yeah, green would be nice.

SEANA SMITH: It would.

- There's a lot of bad news today. It just feels very grim around the corner.

SEANA SMITH: It does. It does. And I know you hate when we have down days, and any sort of negative news. So it could be a tough two hours for everyone here.

- It impacts my demeanor.