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Saudi Aramco surpasses Apple as most valuable company

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Yahoo Finance Live anchors break down stock futures.

Video transcript

JULIE HYMAN: And here are the three things that you need to know right now. We've got to start with the markets and what we continue to see this morning, more selling pressure for the major averages, Dow futures pointing to a drop of about 140 points at the open. We've got S&P futures down about 8/10 of 1%, NASDAQ 100 futures down 1 and 1/2%. And this selling pressure that we are seeing this morning comes on the back of, once again, heavy selling pressure that we saw in yesterday's session, the NASDAQ falling by 3%.

So, obviously, here, we keep talking about the potential for a bear market, not just in the NASDAQ, where we have it already, but in all the major averages, as we continue to see the selling. And we look for a bottom and signs of a bottom in the market. One of the places that we've been watching very closely on a regular basis has been within the tech sector, which, of course, has led the way downward here. Here's yesterday's action for large cap tech, the NASDAQ 100. And you got the likes of Tesla down 8% yesterday. I mean, it's just incredible, the selling pressure that things have been under.

Another standout, of course, to the downside has been Apple, Apple down 5% intraday. What is going on here when you've got a stalwart like Apple seeing that kind of selling pressure? For the year to date, Apple is now down 17 and 1/2%. And that means it's reached a milestone of a sort, not necessarily the kind of milestone that Apple wants to be reaching. But here is Apple here versus Saudi Aramco.

And you can see because of the decline that Apple has had-- it's in purple-- and Saudi Aramco in the sort of aqua color, Saudi Aramco's market cap is now larger than that of Apple's. Remember, the two had been sort of neck and neck for largest company. Apple had surpassed Saudi Aramco for a while. But, you guys, this is really one of the stories of what we have seen this year to date, right, where energy stocks largely have outperformed with oil prices, and tech has just been smacked, tech from titans like Apple, all the way down to some of the less profitable companies, shall we say.

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