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Market selloff reverberates across sectors, energy hit hardest

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Yahoo Finance's Ines Ferre breaks down today's market trends where energy and travel are taking hits amid news of the latest COVID-19 variant.

Video transcript

[BELL RINGING]

KARINA MITCHELL: Welcome back to Yahoo Finance. Well, markets continue to sell off with about an hour left to the trading day on this abbreviated session. And you can see, the Dow is lower by 999 points. That's slightly off session lows, it was down by over 1,000 points just a short time ago. The S&P and the NASDAQ also lower. Reopening trades getting crushed today with stay-at-home doing very, very well. And tracking it all for us is our Yahoo Finance's Ines Ferré. Ines, it's Black Friday but it is nothing but a sea of red on Wall Street.

INES FERRÉ: Yeah, that's right. And I want to point out what's happening with the 10-year Treasury yield because that's down 15 basis points at 1.5%, falling by the most in a year. In fact, an interesting fact is that since November 2020, there have been four times when the 10-year T-note fell by 10 basis points or more, two of those times were related to COVID. And of course, a lot of the selling of the sell-off that we're seeing is because of that variant of COVID-19 in Southern Africa.

So let's take a look at where we're at where the sector action. Now all 11 sectors of the S&P 500 being in the red. We had seen health care holding out there for a while. But we are seeing energy, financials, industrials, leading to the downside. A bit of what we saw really during the thick of the pandemic last year where we saw those sectors really leading lower. And we're taking a look right here at the Dow, you see only one component of the Dow being in the green, but other than that, you're looking at a sea of red. On the NASDAQ 100, also quite a bit of red there.

The travel stocks which you mentioned, Karina, really getting hit today. We're also watching not just the airlines and also the cruise line operators, but we're watching Airbnb booking, down more than 8%. Some 52-week lows that I should mention off of this chart, Delta, JetBlue, Carnival, and Norwegian, all hitting 52-week lows.

And then finally, I also want to check out the work-from-home, which some of these stocks had been seeing some gains today, we're watching Zoom up more than 9%, Peloton, Teladoc. These stocks that have really gotten hammered lately because people were thinking that well, we don't need now to do so many Zoom calls, we don't need-- we're now going to the gym. Well, fears of lockdowns in the future, fears of travel restrictions, that is what's sending these stocks higher right now. Akiko, Karina?

AKIKO FUJITA: Ines, another stock we're seeing under pressure today, Didi, the ride-hailing company, of course, down for a different reason, and reports of a potential delisting from the New York Stock Exchange. What more do we know about that?

INES FERRÉ: Yeah, that's right. We know that regulators reportedly have asked Didi to delist off of the Stock Exchange. And let me just find right here on our Chinese companies, we're watching Didi, that's down more than 4%. If you just take a look though, this stock has really struggled since their IPO in July, because of crackdowns on tech companies, Didi has had numerous investigations by regulators. And there was a time when you saw some of the Chinese names here that had sort of-- investors were sort of buying the dip after you saw a big decline because of regulation from Chinese regulators on virtually every industry in China. But now we're watching that not just Didi but we're also watching some of the other Chinese names also lower today after that report that regulators have asked Didi to delist off the Stock Exchange.

AKIKO FUJITA: Yeah, and of course, regulators have consistently raised concerns about some of the data privacy, or at least so they say. So we will continue to watch that story. Ines, appreciate you bringing that to us.

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