Market check: Tech stocks mixed, 10-year Treasury yield retreats

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

Video transcript

JULIE HYMAN: Let's take a look at what's going on with markets in a little more detail here. We've got the Dow that is trading lower on the day by about 7/10 of 1%. It's actually leading the three major averages. The S&P 500 off about a 1/2 of 1%. And the NASDAQ, which, a moment ago, briefly peaked just into the green, is now back in the negative by only about a 1/10 of 1%.

And I've been watching rates closely here, as we've been hearing from the Fed Chair, even as he has talked about the Fed continuing to raise rates in that congressional testimony today. We are seeing rates pull back off by 15 basis points. So a pretty big move here in rates, even as he is talking about raising them.

Now, to be fair, we had seen rates bump up closer to 3.3% in the prior few sessions before falling back here today. We are also continuing to watch those oil futures, which are pressing lower, and in fact, right around the lows of the session, I believe, today, up by 6 and 1/2%, around $102 a barrel.

So even as we hear that the Biden administration is considering some kind of push to temporarily pause the gas tax collection, whether that's going to be successful or not, you're probably going to start to get a bargain on your gas-- well, what feels like a bargain on a relative basis, I guess, if these oil prices continue to pull back.

Looking at some of the groups and sectors on the move here and looking at large cap tech first up, we've got a little bit of a mixed picture here. You can see pretty equal red and green on the board here today. Tesla one of those that's standing out to the upside, up by nearly 2%. And if you look at the sectors by ETFs here, we've got energy pulling back the most, along with those oil prices here today. And of course, energy is the best performing sector year to date. Oil, by the way, poised for its first negative month going back to November. Also, we've got healthcare on the upside today.