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Energy stocks lag as U.S. crude oil drops below $90 a barrel

Yahoo Finance's Ines Ferré gives an update on the markets as oil prices fall.

Video transcript


AKIKO FUJITA: Welcome back to Yahoo Finance Live. A bit of a flat trading day at least in the session so far. Let's bring in Yahoo Finance's Ines Ferre, who's tracking the latest action for us today. Ines, energy a big laggard on the day.

INES FERRE: Yeah, that's right. And when we take a look at energy stocks right now, you can see on our YFi Interactive board, our sectors, energy is the one that's lagging the most. You've got utilities, industrials, materials that are in the green. If I pull up a four-day chart you can see consumer discretionary, communications, technology, those are in the green for the last four days, and energy, again, lagging these last four days.

Taking a look at the NASDAQ 100, we're watching AMD up more than 3%. We're also taking a look at In fact, I'm going to pull up the Chinese ADRs. These are seeing some gains after those Alibaba results that you were mentioning earlier in the show.

And also taking a look at the crypto related stocks, we're watching Coinbase. Coinbase had been up as much as 35% before a volatility halt on news of partnership with BlackRock. That's the world's largest asset manager. BlackRock saying that the focus of this partnership initially will be on Bitcoin to make it easier for institutional investors to invest and trade Bitcoin.

And then finally, just looking at where we're at with WTI because US crude futures fell below $90 a barrel for the first time since the Ukraine invasion, right now, hovering around $88.50 a barrel. You've had inventory data that shows inventories are up. Gasoline demand is down. In fact, Americans driving less than they did in the summer of 2020 when lockdowns were in effect. Akiko.

AKIKO FUJITA: OK, Ines Ferre, thanks so much for that.