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Stocks trend lower in afternoon session, sectors turn red across the board

Yahoo Finance Live anchor Seana Smith breaks down the market and sector losses seen today, while also looking at Nasdaq leaders and banking stocks.

Video transcript

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SEANA SMITH: Let's get you up to speed as we kick off, or really wrap up the first trading day of the week. And once again, we are looking at losses. The Dow right around its lows of the day that's selling-- accelerating throughout the trading day, now off just over 500 points. Taking a look at the S&P, that's also moving lower, off just about 2% right now. NASDAQ 100 also under a bit of pressure, off just about 2% as well, that hotter than expected ISMP services report really putting the pressure on the markets. Thought out there is that maybe the Fed is going to stay aggressive for longer. That's why we're seeing losses in the equities market this afternoon. Taking a look at the bond market, you see the 10year yield pushing to the upside, up just around 9 basis points at 3.60. The same is true for the 30-year yield as well, just around a 3.62.

Let's dig in to some of the individual movers that we are seeing and taking a look inside the NASDAQ. Once again, we are seeing a lot of red on the screen with the NASDAQ 100 off just about 2%. Some of the largest losses coming from some of those big tech names. You have Apple-- Amazon off just around 3%. Microsoft off about 2.5%. But look at Tesla. Tesla now off just about 7%. Reports said it's cutting some of its output from a factory in China, that is placing pressure on the stock this afternoon. Taking a look at some of the other sign that we are seeing play out across the market. Bank stocks, once again, leading to the downside. You have JP Morgan, bank of America, Wells Fargo. Wells Fargo off just around 4.5%.

And wrapping it up with the sector action this afternoon. Utilities, health care, consumer staples, the best performers of the bunch, if you can say that, on a day like today. But energy by far the biggest laggard off just over 3% right now.