Yahoo Finance

There, you're taking a look at the opening bell on Wall Street at the New York Stock Exchange as Travelers Institute rings the opening bell. And at the Nasdaq, you've got Dollar Tree. Wow! Squad deep with the green. My goodness, they hit the branding elements perfectly in the entire color code for the team there, Dollar Tree with the green jackets there. And some funfetti, fittingly, also in green. All right. Taking a look at how the markets open on the day to begin today's trading activity. We're going to take a quick glance at the Dow Jones Industrial Average right now, opening the day down by about 3%. And here's the context coming into today's trade, as you're taking a look at some of the slippage over the past. We'll put this on the four-day view here, just to populate this chart for you. We are down 11.5% over the past four trading sessions here. And even as we've got some movement around on this markets board, as I want to get the Nasdaq composite back up on this screen here as things are jumping around, let me just take a look at, okay, somebody is in there. The gremlins of the Wi-Fi interactive are at play here this morning. For much more on today's early trading activity, let's get on over to Yahoo Finance's Jared Blickre, who might have a little bit more luck. Jared.

Sometimes the ghost in the machine is trying to send us a message. So, let's see if I can wrangle the Wi-Fi interactive, and I think it gets a little bit behind when we got all those quotes coming in. And there are a lot of quotes updating. Here's the VIX. Um, I'm actually going to get to that, but I want to start out the S&P 500. I need to show you a six-month chart so I can show you the highs that we had from last year that are now in sight as a potential support, which would coincide with the level at which the S&P 500 enters a bear market. That level basically 4,800 to 15,000, the exact bare market level is 4915.32. Um, so we'll have to see what's in play here. I'd be surprised if we don't hit that, but it's possible that we, uh, it's possible we don't. And here's that six-month chart. Looks like we need a year. Um, but just thinking about the markets and, just thinking about the markets in general, I'm going to avoid the longer term charts and see if I can get a VIX. Here's the VIX. It touched 60. So right now, it's just under 50. It touched 60, and you can't tell it here because this isn't showing the intraday, but, uh, intraday, over in August, we did touch above that. And so this is quite the setup for the VIX. As I've been saying, the VIX has been trading a little bit differently than, uh, some of the other markets and then some of the ways that has historically, it's been comfortable at these elevated levels in a way that it hasn't in the past. And so that just kind of illustrates that we've had a new playbook over the last, uh, month or so. Here's the Nasdaq 100. Um, why don't we just stick here? Because, uh, the touch seems a little bit stable. Apple down 5.8%, Nvidia down another 7, meta down four, Amazon down four, lots of dark red on this board. And this is just one day. If I punch up the sector action, you can see tech here. Tech is the worst off down 3.9%, consumer discretionary right behind it, energy right behind that. Uh, so the mega caps really leading things down, but let me show you the year to date. See if that punches up real quick, because tech is down 20, 25%. That's not even off of the highs. That's just since the start of the year. Consumer discretionary also down more than 20% since the beginning of the year. Nothing in the green right now, not even the defensive sectors of staples, utilities, health care, and real, real estate. So everything kind of flashing these bearish warning signals. And, uh, we are in the midst of it right now. I want to show you our leaderboard and I'll go back to an intraday view. Um, ITA is standing out to me. Now I don't talk about this a lot. It's an aerospace and defense stock ETF, and, uh, it was recently touching new highs as the rest of the market was under pressure. It has finally capitulated. Look at this dump right here. Uh, that is significant. That's showing that even the residual winners have turned into losers now. It is now down for the year, down half a percent, so giving up all those gains since the beginning of the year. Uh, we can also see some of the carnage happening in futures markets. And, uh, what might be a good thing for energy prices, crude oil has been plummeting. Uh, I think it touched, it hit below 60. You can see it's at 60.27 now. Uh, it doesn't look like, uh, it's stopping anytime soon. I'll put a five-year chart on so you can see the last time we were at these levels basically was in 2021. So huge distribution there in crude oil, and even in gold, which was touching record highs recently. Now, that is up 18 basis points. It did dip below 3,000. I'll show you the two-day price action, so you can see. Gold has been kind of volatile as well. Um, there, we got that dip and then bounce up, so it is above 3,040 right now. And, uh, I think I'm going to leave us on Bitcoin, because Bitcoin has been capitulating as well. It finally broke multi-month support, and it touched just below 75,000 and rose a little bit. Uh, if anybody remembers some of my commentary from the afternoon shows, going back a few months, I was looking for 72,000 thereabouts, and that would be the old highs. Almost touched those. So Bitcoin almost had a very natural place where it would stop, but, um, as much as, in as much as it's a leader, we might think of it as a bellwether. So, honestly, I'm looking at bell, at Bitcoin here to kind of lead the way higher or lower.