Yahoo Finance’s Ines Ferre joins the Live show to break down how stocks are moving in early trading.
BRIAN SOZZI: Now let’s head over to Yahoo Finance’s Ines Ferre, who is at the YFi Interactive. Ines.
INES FERRE: Guys, a continuation of what we were seeing on Friday with the sell-off here. So we are looking right now at the Dow. That is down more than 1%. The NASDAQ also down and the S&P 500 down more than 1%. Looking at this sector action, we are seeing that energy stocks are losing the most, followed by materials and industrials. In fact, all 11 sectors of the S&P 500 being in the red right now. Over on the Dow, Coca-Cola bucking the trend, up 8/10 of a percent. It was up more than 3% earlier, actually touching new highs after those quarterly results.
And looking at the NASDAQ 100, take a look at Tesla down more than 1%. We’re also watching AMD, which is up. This is after a Raymond James upgrade. And looking at the Chinese ADRs, we are seeing some of these heavily under pressure. Baba down 3%, NIO, Xpeng. Now, these have come off of the lows of the session from earlier, but still in the red.
And then I just want to show you what’s happening with commodities because we are watching WTI crude oil that is under pressure. This has a lot to do with those China lockdowns in Shanghai and concerns that they may spread over to Beijing. So you’re looking at Brent crude that’s trading around $101 a barrel. WTI trading below $197 a barrel.
And guys, I can’t stress enough also the significance of these lockdowns. I have been in touch with a contact over in Shanghai, and they have been in lockdowns for weeks now. They can’t leave the building for any reason, not even to walk their dogs. They are getting tested every morning in their building. So, significant.
JULIE HYMAN: And we’ve seen some protests happening in Shanghai as well by the residents there.
INES FERRE: Yes, and they are told– they were told weeks ago that these lockdowns would last at least until the end of April, locked in their homes for weeks. You can imagine also the mental toll that it takes on people.
JULIE HYMAN: Yeah, for sure. Thank you so much, Ines. Appreciate it.