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S&P 500 on track to end three-week losing streak, energy sector moves to the downside

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Yahoo Finance reporter Emily McCormick looks at what's moving markets in early trading, how bond yields are performing, and top-performing sectors.

Video transcript

- But for right now, let's get on over to Emily McCormick at the interactive. What yoou got, Emily?

EMILY MCCORMICK: Well, guys, right now, we're seeing stocks trading in the green about half an hour into today's trading day. As we can see, the S&P 500 up about 0.6% on an intraday basis. Similar story here for the NASDAQ and the Dow. And we should also note that the S&P 500 is on track to end a three-week losing streak if these gains hold through the end of tomorrow's session. And we can also see volatility moving just slightly to the upside here, but we are below that 30 level on the VIX. And then if we take a look at the 10-year T-note yield, moving lower as well over the past week, trading just below or yielding just below 3.1%.

Now, do want to note that inside of the market, we are seeing some signs that recession concerns are continuing to remain elevated among traders. We're especially seeing that in the moves in crude oil prices and other energy commodities. If we take a look at WTI crude oil futures, those are hovering below $106 per barrel today, after settling just above that level yesterday.

Now, on an intraday basis for the S&P 500 sectors, we're also seeing a similar story play out here, where a lot of these cyclical sectors, like energy materials and industrials, are moving to the downside. Whereas on the flip side, the leaders include health care and consumer staples. So clearly, a little bit more defensive positioning happening in these markets. Now, in the Dow, also a similar story playing out by the components here. You can see a bit of a mixed picture where, again, you have Merck, Wall Street-- Walgreens Boots Alliance, as well as Walmart leading to the upside.

And then finally, also want to highlight the move to the downside that we're seeing in cyclical areas of the markets, like the travel names. Quite a bit of red across the board here, being led to the downside by Booking and Airbnb, as well as United Airlines. So again, those concerns over a downturn still remaining elevated, even though we are seeing gains across the three major averages, at least for now, guys.

JULIE HYMAN: Yeah, and United, of course, cutting back its flights from Newark Airport, one of its major hubs, following on the heels of American making a similar move. Thanks so much. Appreciate it, Emily.

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