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Market check: Stocks down ahead of CPI report on Friday

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Yahoo Finance markets reporter Jared Blikre looks at market and sector volatility, the bond market, Meta, Chinese stocks, and ARK ETF components.

Video transcript

DAVE BRIGGS: Nice to see you both on this Thursday. Let's take a look at the market action and see, are we in the red or-- yes, we are, a lot of red, a lot of it. The Dow down 0.9% at this juncture, the S&P 500 losing about 50. And the big loser on the afternoon is the NASDAQ, down nearly 200 points, or 1.6%, with still about an hour to go in this trading day. Let's get to Jared Blikre, who has a closer look inside those numbers. Hello, Jared.

JARED BLIKRE: Hello there, and we are looking at another down day. It seems to be up and down every other day. Just want to show you what's going on with the Dow. This is over the last 10 days. A lot, a lot of chop there, but still holding on to some gains. Let's take a longer term look at the S&P 500. This is going to be a two-month chart. And you can see, over the last nine days, tracing out a trading range. We are at the bottom. CPI tomorrow. I know I said that 24 hours. I was a day early. It was a deep tease. But CPI is tomorrow. That's going to be the big one. Have to see what comes of that.

Also checking out volatility, the VIX is on the rise a little bit. This is a two-month chart, but just creeping higher there. And then the VIX of the VIX, the third derivative also a little bit up. Taking a look at the bond market, we're seeing elevated yields here, up just a little bit. 10-year is up about one basis point. The five-year, that is up three basis points. But I'm looking at the US dollar. There we go. That is on the move higher. By the way, this is a multiyear high here, so very important to watch what's going on with the dollar.

Now here's the sector action for today. Everything in the red right now. Consumer staples had been green just a few minutes ago. Communication services is the biggest loser of the day. Guess who's in that? Meta. Financials also flagging and tech. So let's take a look at Meta. And there we go. You can see it's a smaller square now, up-- down about 4 and 1/2% on the inauspicious, inauspicious kickoff to its new ticker. We'll have to see what comes of that.

And then just checking out some of our leaders, most of this in the red today. Homebuyers in the green. But Chinese stocks, that's KWEB, that is down 6%. And I want to show you what's been happening with these Chinese stocks. A lot of red today here, a lot of dark red over the last three days. They perked up a couple of days ago, still holding on to some gains and a little bit less so for some of the Ark components. So tomorrow morning, bright and early, 8:30 AM, we're going have to see what the market brings to us. And we have a special surprise for all the viewers and us, too, our first in-studio guest in a while.

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