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Market check: Stocks drift, crude oil hovers under $100 per barrel

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Yahoo Finance's Ines Ferré discusses the latest market moves for stocks and commodities.

Video transcript

BRIAN SOZZI: All right, what is good is another market check by our very own Ines Ferre, who's had to listen to all of our hot takes here on bad songs and $5,000 drinks. Ines, what do you have for us?

INES FERRE: Yeah, $5,000 drink. Sozz, well, let's take a look right now at our charts because we're watching the markets down slightly. We are seeing the NASDAQ composite. Take a look at that graph right there that you're seeing. Quite a lot of-- a little bit of volatility there, flipping between green and red territory.

But I want to take a look at the US Dollar Index, because it's up above 107. Again, these are multi-decade highs for the US Dollar Index. This is the dollar against a basket of other currencies. And when we see a strong dollar, we also see commodity prices going lower. Now, we have seen a leg lower-- a violent leg lower, really, when it comes to WTI and Brent crude. Today, continuing the losses for oil, as concerns about a recession grow. And so you are looking at WTI down 3 and 1/2%. Brent crude below the $100 level for the first time since April.

And just taking a look under the hood at the sector action, we are seeing that energy stocks are losing the most right now, down more than 3%, 3 and 1/2% for the XLE. Consumer discretionary is also lower, but you're looking at utilities, healthcare that are in the green. And then just looking at the NASDAQ 100 there, you can see sort of a mixed picture there in the chart, with Tesla down more than 2%, guys.

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