The main stock market averages (^DJI, ^IXIC, ^GSPC) ended Tuesday's session lower, setting the tone for a somber start to the second quarter. Yahoo Finance Julia Hyman highlights the session's market action while Jared Blikre reviews the leading and lagging sector of the day.
For more expert insights and the latest market action, click here to watch this full episode of Market Domination Overtime.
Editor's Note: This article was written by Lucas Carberry Mogan.
Video transcript
JULIE HYMAN: Let's see where the major averages ended slightly, slightly off the session lows in the case of the Dow. That's a drop of 395 points, a drop of about 1% here. And what you're seeing in the major averages is a little bit of weakening as we see bond yields rise. And as people pay attention to economic data, it shows continued strength in sectors like the labor market, as demonstrated by today's JOLTS report.
The S&P 500 was down 7/10 of 1%. The S&P has only fallen at least 1% on three different occasions this year. Remember, you have set 22 closing highs.
In other words, the index has been very resilient. And although it's down 7/10 of 1%, it's not a huge drop by historical standards. The NASDAQ fell almost 1% in today's session here.
We've been talking about what's been happening with returns. So, ending the day, ending the session, which of course, ends at 2:00 pm technically at 4.37% here. That's one of the things we see: putting a lot of pressure on things.
We've also been watching that oil, which we'll delve into a little bit later, was up 1.7% on the day, just above $85 a barrel. Jared gets a closer look at today's sector action, Jared and more.
JARED BLIKRE: Let's take a look at these sectors here. Behind me in a second, you'll see energy as the number one sector, up 1.41% in the top left. Then followed by public services.
After that, we ran out of green. Then you have communication services and materials. But it gets interesting down here.
We have three sectors that have each dropped more than 1%. Consumer discretionary real estate and healthcare. We've been talking about how healthcare could be unique today.
But take a look at the leaders here. There's not much red. In fact, there is some dark red. We see that in cryptography.
GBTC is my Bitcoin. Proxy, that's down 5%. Solar, as illustrated by the tan that has decreased by 3%.
What is green today is oil. WTI ends above $85 a barrel. This has inflationary consequences in the future for both producers and end users. Consumers too.
Cannabis is very volatile on a day-to-day basis. China's emerging markets and then Korean stocks.
So you'll notice a strange taste on some of the few losers here, besides the oil and not much else on the green here.
