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Market sell-off: S&P 500 has worst day since June 2020

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Stocks are trading at the lows of the session as the S&P 500 has its worst day in almost two years, the Dow is off more than 1,200 points, and the Nasdaq composite is off nearly 5%.

Video transcript

SEANA SMITH: Here's some breaking news here. Just around 25 minutes to go until the closing bell, and stocks trading at the lows of the session. You can see the Dow now off just over 1,200 points. Jared Blikre is here with a closer look at some of the selling action we're seeing. Jared.

JARED BLIKRE: That's right. We're at the session lows right now. Let's get to the YFi Interactive, where we can see the Dow off 1,250 points right there on your screen. NASDAQ composite down nearly 5%. It was only a couple of weeks ago that we had another 5% down day in the markets here. And as you're looking at the NASDAQ, right there, you can see, really at the bottom, on a year to date basis, exactly how bad the carnage has been.

Now, as I pull up the YFi Interactive once more-- I'm sorry, I had a technical problem there-- I want to talk about the S&P 500 because it has been trying to form a nascent bottom here, but it has so far frustrated investors. And it looks like I have my screen back up. So let's get back to the YFi Interactive. And this is a day-- this is only what's happened today. You can see retailer here, Dollar Tree down 15%, Costco down 12%. Those are some of the retail components in the NASDAQ 100.

But also taking a look at the retail space itself, now remember, Walmart just had its worst day since 1987. That was the Black Monday crash. Here is a three-year look. And you can see right back down to some pretty big levels, right around 120. And it's not looking that much better for Target, which also is having its worst day since the crash of 1987. Now one bit of good news here, I want to go to the S&P 500 because we could be seeing some capitulation. And we saw it in Walmart. We're seeing it in Target today. And we're also potentially seeing it in Apple.

And we'll get to that in a second. But here is that bottom, the fledgling bottom that looks right now to be in serious jeopardy of being broken. Lots of people have been punting all these bottoms, and lots of people have been proven wrong. But a little bit of good news here-- I think a capitulation in Apple could signal, could be an all-clear for the markets. And I'm going to go back to the NASDAQ 100 and show you a chart of Apple that we have right here, you can see down 5%. It would take a little bit more-- I'm thinking 8%, 10%.

But once you see capitulation in the majors, that's usually a good time to buy. We're just not seeing it through all of them just yet. Here's Apple on a two-year basis, right back down. It is at a huge level, too, 140. Have to see if that holds. If it breaks, I think that's when the floodgates open, but not much solace for investors today. I've been looking around for some green, not a lot there.

You take a look at the meme stocks. Those have been doing pretty well lately. They're really not off as much as you might have thought. It's really the retail names like Macy's and Dillard's that are off the most here, guys.

DAVE BRIGGS: All right, you're also keep an eye on Cathie Wood's Ark. What are we seeing there?

JARED BLIKRE: Yeah, we all know the story of Ark. And here's a little bit more good news. Ark is not as bad off as it has been during other selloffs, and it's also not as bad off as the NASDAQ 100 itself. Here, you can see Twilio off 4% or 5%, Shopify off 3%, Zoom off 6%. And let's just take a look at a Zoom chart. Now, this is a stock, because of its low price or because of the amount of gains that it's given back, it fluctuates quite a bit every day. 6%, not that bad.

So I'm looking for a good things to say here on a very down day, not having a lot to say about that. But I do think-- I am watching Apple here. And if we get that 8%, 10% dip into the close-- probably not going to happen today-- I think that's going to be more of an all-clear signal. But in the meantime, got to hedge your bets.

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