Markets aim to close with losses, ARK components and Chinese stocks make gains

Yahoo Finance's Jared Blikre breaks down the market losses heading into the day's final trading hour, volatility levels, the U.S. dollar, sector losses, ARK ETF components, and Chinese stocks.

Video transcript

DAVE BRIGGS: Let's get to Jared Blikre now with a closer look at the numbers. Jared, what are you seeing?

JARED BLIKRE: Well, I'm seeing a bit of red, as you notice. We see the majors are about 8/10 to 1% down right now. But I want to dive inside the market. Here is the Dow Jones, and we can see it is down about 314 points today. Going to put a two-month chart so we can get some perspective. And we are just in a solid trading range over the last eight sessions. You look at the NASDAQ, very similar. S&P 500 in a holding pattern here. So not much has changed, even though we're looking at some red on the screen.

Now, here's the Russell 2000 as well. You can see it's actually trending up a little bit, but also in a kind of trend channel there. Also want to check in on volatility. We got the VIX up just a little bit, but at a lower level than it was just a few weeks ago. Also checking in on the bond market, the MOVE Index seeing bond market volatility pick up yesterday as of the close. We'll get the closing print in about an hour here. And then finally, the US Dollar Index ticking up ever so slightly.

Now, when we take a look inside the market, you're going to see a lot of red on the screen here. And in fact, if we go to the sector action, all 12-- all 11 sectors are in the red, lead down by real estate, materials, and utilities. So the defensive sectors are the worst off. And let me show you something interesting that's happened. We can take a look at the ARK Innovation components. A lot of green here, so that's a lot-- that's a little bit different than we're seeing in the rest of the market.

We can take a look at the two-day totals here because they were green yesterday. And we're seeing some more impressive action. We got Shopify up about 8%, Path up 10%, and a similar thing is happening with Chinese stocks. This is, again, over two days. Pinduoduo up over 20%. Alibaba up over 20%. Tencent up 9%. So some of the current leaders in the market are some of those that have been beaten down the most.

So I've said this in the morning. We may be in the mood for a breakout here. It seems like stocks want to go up. But it's going to depend on what happens with that big CPI print tomorrow morning. Now, if it comes in super hot, we could see stocks take a nosedive. But I think if it comes in line or much better than expected, a little bit pressure off, I think we could see the majors take off. But that's just speculation right now. We'll have to see what happens. Again, most of the markets we're looking at are in the red. But some of those beaten down markets, those are in the green, guys.