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Market check: Stocks sink, Treasury yields fall as recession fears flash

In this article:
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Yahoo Finance’s Ines Ferre joins the Live show to break down how stocks are moving in early trading.

Video Transcript

BRIAN SOZZI: Ines, I see you at the board. I'm so far away.

INES FERRÉ: You are so far away, Sozz. But let's take a look at the markets right now. And what we're looking at are parts of the markets that are flashing sort of these recession fears. So we are taking a look at the bond market right now, we're looking at the five year treasury that's down eight basis points. You've got the 10-year note yield that's down eight basis points at 2.81%.

Also looking at the US dollar index of 106 right now, above 106, this is a 20-year high. We're also taking the euro against the dollar, and that is at a 20-year low right now. We are also seeing WTI Brent Crude that's also lower as you've got the stronger dollar and concerns about demand going forward, if there is a recession. So we're watching WTI, down almost 5%.

Taking a look under the hood at equities. We are seeing that all 11 sectors of the S&P 500 are all in the red. You've got materials and energy, which are leading to the downside. Over on the Dow, I just mentioned, also industrials is also one of the ones that are also leading to the downside. Boeing down 6%.

And we are looking at the NASDAQ 100. And you're seeing the mega caps quite a bit of red here on the screen. And you've got Tesla that's down 4%.

I do want to mention the energy stocks because that's been also one of the big laggards. Occidental Petroleum, we've been watching this one, down more than 3%. Berkshire Hathaway buying more shares of Oxy, increasing Berkshire Hathaway's stake of Oxy to 17.4%. And even though today is a down day, we are still looking at year to date, Oxy is up 100% year to date. Brad.

BRAD SMITH: Really great breakdown as always there. Ines, appreciate it here.

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