Market check: Dow falls 600+ points, Nasdaq stocks nearly all in the red

Yahoo Finance’s Emily McCormick joins the Live show to break down how stocks are moving in midday trading.

Video transcript

BRIAN SOZZI: Now let's get over to the YFi Interactive, where we find our very own Emily McCormick. Emily.

EMILY MCCORMICK: Well, guys, it is a sea of red out there. I have pulled up the S&P 500 sector action. And as we can see, all 11 major sectors within that index are trading sharply in the red in intraday trading here. I do want to highlight that it's these cyclical sectors, this consumer discretionary, energy, as well as materials, that are underperforming today, as those concerns over a potential recession are starting to rise yet again among traders.

Now I also want to highlight what we're seeing inside of the NASDAQ 100. We're also seeing the NASDAQ composite under considerable pressure. And if we look on an equal weighted basis, we can see only one component is still narrowly holding onto gains during today's bloodbath that we're seeing again in the tech stocks and in the broader markets.

Now, taking a look at some of the sentiment indicators, some of these ETFs that tend to really point to how market participants are thinking about the market and the economy, I want to highlight that. Again, we're seeing the Ark ETF moving sharply lower today, down by more than 6 and 1/2% on an intraday basis, and now adding to those year to date losses of about 61%. So, clearly, quite a lot of selling action there for Cathie Wood as well.

Also want to highlight that we're seeing a sharp move lower in homebuilders. The S&P 500 Homebuilder ETF off by nearly 5%. We did just get a new reading from Freddie Mac on mortgage rates. We saw that the 30-year average fixed rate mortgage did move up yet again in the latest weekly reading by the most since 1987, so something to continue watching there as well.

And then, finally, I also want to highlight what we're seeing in the cryptocurrencies. Bitcoin prices moving to the downside yet again. Bitcoin hovering near its lowest level since December 2020, as we do have those prices just around that $21,000 level, guys.

BRAD SMITH: All right, keeping a close eye on the cryptocurrency landscape, as well as the equity markets, of course, Yahoo Finance's own Emily McCormick. Thanks, Emily.