Stocks trend lower, Dow and S&P 500 eye worst session in two weeks

Yahoo Finance Live's Jared Blikre breaks down the intraday losses seen across markets and sectors, as well as trends in Nasdaq leaders.

Video Transcript

- All indices in the red, Jared. Why?

JARED BLIKRE: Well, we got some negative Fed speak, or at least it was interpreted that way. You can see the Dow, S&P 500, and the NASDAQ, each down by over 1%.

Let me just pull up a chart of the S&P 500. We got some comments out of Bullard around noon. And we saw some small fireworks right there. The net result, we went to the downside.

Both he and John Williams of the New York Fed saying the Fed is expected to keep rates higher for longer. Williams saying that he doesn't expect the Fed to cut rates until 2024, more than a year and a month away.

And I just want to take a quick check of the bond market here. The 10-year [INAUDIBLE] yield not doing too much. But here's the US dollar index. Let's focus on that real quick.

That is bouncing off of its 200-day moving average. Not shown here, but that is a huge movement for the dollar. S&P 500, meanwhile, selling off from its 200-day moving average.

All of this put together, do these moves have legs? Well, we got that Santa Claus rally that investors are expecting, at least hoping for, into the end of the year.

And let's check in on our sectors for today. Everything in the red, as you can see. But taking the biggest hit to the downside, real estate interest rate sensitive sector, along with energy, materials and tech.

We're going to be talking a lot about crude oil. That is sinking to the lowest levels of the year. And also taking a quick check of the NASDAQ 100, we do see some spots of green, mainly in retail and also Chinese stocks. So again we're going to be checking up on those, Dave, and I--