Tech, communication services stocks extend losses ahead of upcoming Fed meeting

Yahoo Finance's Akiko Fujita breaks down how stocks are moving on Tuesday in early afternoon trading.

Video transcript

AKIKO FUJITA: Here's what we're watching at this hour. Raising Arizona, TMC ups its bet on the US. President Biden taking a victory lap as the world's largest chip maker announces one of the largest foreign direct investments in US history. We'll ask Bernstein's Stacy Rasgon for his take on the battle to win the new oil.

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First, though, let's look at how the major equities are trading this morning, 90 minutes into the trading day. And we are seeing red across the board here. Some of those majors extending their losses from yesterday. You see the Dow down 174 points, the S&P 500 down 40, and the NASDAQ down 170.

Pretty much a broad-based decline that we're seeing right now. In terms of the sectors, though, communication services seeing some of the biggest declines on the day. Tech another big one. Consumer discretionary as well. Of course, so much of the attention still very firmly focused on the Fed's rate hiking path with an upcoming FOMC meeting.

And let's do a quick check of how the Treasury markets are trading. We saw a bit of a pullback in yields today with the 10-year now at 3 and 1/2%, 3.55, to be exact. And the 30-year yield on the longer end, that 3.56.