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Tesla, Facebook among mega-cap stocks leading Nasdaq lower

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Yahoo Finance's Jared Blikre checks out the market and sector action heading into the final trading hour of the day amid tech sell-offs, in addition to Nasdaq leaders and retail stocks.

Video transcript

[MUSIC PLAYING]

RACHELLE AKUFFO: Welcome back, everyone. We're less than 45 minutes away from the Closing Bell. Obviously, a lot of market action today with the selloff that we're seeing. Let's get you more details now with our very own Jared Blikre. Jared?

JARED BLIKRE: Yes, the Dow moves and the risk-off has continued here. We see the NASDAQ off 2 and 3/4 of a percent. And we've seen this many times. I just want to show you the sector action.

And you're going to notice communication services, that's XLE, just printing a negative 4% right now. That houses, guess what, the social media sector. And we've been talking about that quite a bit. So I just want to get to the fact that consumer discretionary, lots of negative earnings in that space, especially last week. That is down 3%.

And then tech, so it is the mega-caps once again, the generals who are leading the market down, Alphabet off more than 5%, Facebook down another 8%, and Tesla down 7 and 1/2 percent, the worst mega-cap performer of the day.

Now, I also want to take check in on some other sectors. I did mention retail. We got some Abercrombie earnings this morning. Also in the auto space. But Abercrombie is really what we're looking at here.

So let's take a look. And we can see ANF down 30%. Now, this is after Walmart-- I had mentioned this before. Walmart and Target coming off those terrible weeks, more of the same. Inventory is building. And I expect some of this carnage to continue in some of our earnings.

It's all not for naught, though. We do have some positive earnings surprises today. We're looking at AutoZone. The do-it-yourself sector is doing well. That's up 5%. Zoom video, a little bit less than feared. We talked to the CFO earlier today. That's up 5%. WOOF, Petco, we also talked to that CEO, that's up 3%. So maybe we're noticing a trend here.

Nevertheless, another down day in the markets is unfolding here, guys.

RACHELLE AKUFFO: Indeed. Thank you very much. Our very own Jared Blikre at the YFi Interactive.

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