Stocks plunge to 2022 lows, bitcoin hovers around $21,000

Yahoo Finance's Emily McCormick breaks down the broad sell-off hitting the markets on Thursday as investors digest renewed recession concerns.

Video Transcript

BRIAN CHEUNG: While markets remain red as we get closer to the noon hour here on the East Coast, you could see across the board losses across all of the major indexes. Actually, the NASDAQ down over 4%. Now let's get a little bit of an under the hood check on where markets are with Yahoo Finance's Emily McCormick with us by the YFi Interactive. Emily, what are you watching so far in this pretty ugly session?

EMILY MCCORMICK: Well, guys, we're seeing stocks accelerating to the downside here. And we should note that the S&P 500, as well as the NASDAQ, are trading at their lowest level so far of 2022. And you could see that very clearly when we take a look at the NASDAQ composite on a year to date basis, down more than 30% since the beginning of this year. Now a similar story. Not quite as bad for the S&P 500, but still down more than 23%, continuing to trade in that bear market. So, again, a lot of pressure that we're seeing across the three major averages.

Now taking a deeper dive into the NASDAQ 100, I do want to highlight the sea of red that we're seeing across the board here. Only one component is trading in slightly positive territory. This is similar to what we saw earlier in the day. Vast majority of these index components are trading in the red, with Lucid, actually, is the one that is leading the way to the downside.

Then I also want to highlight the sector action that we're seeing inside of the S&P 500, all 11 major sectors still trading in the red as well. Continuing to see those cyclical names, consumer discretionary, energy, as well as the technology sector, trading sharply to the downside and underperforming in the broader market. And we can see here that this technology sector ETF is down nearly 30% on a year to date basis as well, so similar to what we're seeing in that NASDAQ.

Then, finally, I do want to get a check of the cryptocurrency space because of course, that is another area of risk assets we've been continuing to watch closely. Still seeing quite a bit of pressure here for the major names. Bitcoin trading just above that $21,000 level. And we can also see that it's also trading near its lowest level since December 2020. So quite a bit of pressure that we're seeing across the cryptocurrency space, across risk assets in general. So, again, a lot of selling pressure that we're seeing across a number of asset classes, guys.

AKIKO FUJITA: OK, a brutal day, no matter how you slice it. Emily, thanks so much for that.