Yahoo Finance’s Emily McCormick breaks down how stocks are moving in intraday trading.

Video Transcript

BRIAN SOZZI: Welcome back. Stocks are at the lows of the session. Let’s get right to Yahoo Finance’s Emily McCormick over at the YFi Interactive. Emily.

EMILY MCCORMICK: Well, guys, it is another ugly session across risk assets. As we can see here, the S&P 500 now down about 2.4% intraday. And the index is also setting a new low for 2022, just above that 4,000 level. If we take a look at how the indexes performed for the year to date, you can see now down about 15.6%. Similar story here when we take a look at the year to date gains for the NASDAQ composite, down about 25% at this point. And the Dow Jones Industrial average performing slightly better by comparison, but still down by nearly 11% year to date and 1.6% during today’s session.

But again, going back to the intraday price action, I do want to highlight what we’re seeing in terms of volatility. The CBOE Volatility Index or VIX, which is, of course, an options-based measure of expected S&P 500 volatility for the next 30 days, is spiking above that 33 level. So really above that long run average of 20, really underscoring the volatility that we’re seeing and the expected volatility going forward in these markets. Now, in terms of Treasury yields, I do want to highlight the move slightly to the upside that we’re seeing in the 10-year T-note. Of course, when we tend to see a move higher, we do see some pressure on these technology stocks. That’s exactly what we’re seeing during today’s session.

Now, looking at some trending tickers also during today’s session, we do have Palantir is one of the big losers to the downside, down 22% intraday. That’s after this company issued a disappointing forecast for revenue for the current quarter, what it had just reported earlier today. Seeing Rivian also under pressure, and that’s after Ford reportedly is selling some of its stake in this electric trucking company. Now, if we take a look as well at what’s going on more broadly in the NASDAQ 100, a lot of selling pressure that we’re seeing across the technology industry overall.

Apple, of course, being one of the most heavily weighted index components that’s weighing on all of these stock indices. And then finally, we’ll take a quick look here at what we’re seeing in cryptocurrencies. Still seeing the selling action in risk assets extending here as well. And Bitcoin, if you want to see in terms of level where we’re at, we’re actually now at the lowest level since July 2021. So, risk-off day in markets, extending both to the stocks, as well as to cryptocurrencies, guys.