Market check: 10-year Treasury yield climbs to 2-year high, Dow falls 500+ points

Yahoo Finance’s Ines Ferre breaks down how the stock and bond markets are performing in early trading.

Video transcript

BRIAN SOZZI: Now let's get over to Yahoo Finance's Ines Ferre for market rundown on the YFi Interactive. Ines, on a day like this, we can use some of that cannabis-infused booze. What a day.

INES FERRE: [CHUCKLES] We sure could, Soz. Let's take a look at the bond market because there's quite a bit of action happening there. We are taking a look at the 10-year treasury. It had climbed to 1.85%. Right now, it's at 1.83%, its highest point since January 2020. Also looking at the 30-year climbing to 2.16%.

So, of course, all of this is putting some pressure on these tech stocks. And if we look at the NASDAQ 100, we are watching the mega caps that are under pressure. You've got Alphabet down more than 2 and 1/2%. Amazon also lower. Facebook down more than 3 and 1/2%. Also looking at the semi space, you can see quite a bit of a sell-off here in the semiconductor space as well.

We're also looking at the bank stocks this morning after Goldman reported its quarterly results with Goldman tanking about 8%, tumbling the most since January 2020 after missing earnings expectations. You are seeing a sell-off in these bank stocks, and if we just look at the two-day chart you can see quite a bit of red here with JP Morgan down 9% over the last two sessions.

And then if we are looking at the electric vehicle space, I do want to point out Rivian that's down 5%, it was down 6.2% earlier this morning. That's a record low. And our trending tickers are showing that Microsoft and also Activision Blizzard, those are the top two trending tickers on Yahoo Finance on our page. Activision Blizzard up 28% after Microsoft announced that it will be acquiring the video game maker with Microsoft down 1%. This is the biggest deal for Microsoft, and Activision Blizzard being acquired at $95 a share. Soz.

BRIAN SOZZI: All right. Thanks, so much, Ines.