Treasuries fluctuating, oil prices rebound, bitcoin lags ether, Apple reaches new highs

Yahoo Finance Live's Julie Hyman runs down notable market trends going into the first day of December trading.

Video transcript

But first I want to take you on a little tour through the markets, given what we have seen over the past 24 hours. We talked about what happened with stocks with the decline and then the recovery this morning, bond yields also key to this picture. We're going to dig more into them in a moment.

Right now, the 10-year yield at around 1.48%. What's interesting is we saw that yield come way down over the past couple of days, given the outlook for the Omicron variant and the effect it could potentially have on global economic growth and growth in the United States, and even after. Jay Powell indicated in his commentary before Congress yesterday that perhaps tapering and thereby the extrapolation is rate increases could happen sooner than expected. We are not seeing that big of a move upward in yields. Again, we're going to talk about that much more in just a moment, because it's an important part, obviously, of the market picture.

We are also watching commodities very closely this morning, and that's because we are getting a big movement in oil yesterday and then into today. Now, this is just the intraday move that we saw overnight with the recovery in oil prices. If you flipped on over to a two day, though, you see the drop that we saw in oil prices, the dip that we had yesterday. And again, the Omicron variant concerns really hitting oil hard, in particular.

If you look at the top to bottom move here in oil prices that we've seen over the past few months, and if we switch it on over to year to date, you can see that movement, as well. Oil actually entered a bear market yesterday, a 20% drop from peak to trough. Although, on a year to date basis, obviously, it's still considerably higher. But again, oil seeming vulnerable here to these concerns about global growth as we really have seen markets buffeted by concerns over the Omicron variant.

And then wanted to also look at some of the individual movers that we've been seeing. Here we have had cryptocurrencies, as well, a big part of the conversation. People talking a lot about Bitcoin, versus Ethereum, because if you look at Bitcoin-- that's just intraday. I'm more concerned with what's happened year to date for Bitcoin. Year to date for Bitcoin, we have seen a 97% increase, which obviously seems impressive, even though it's come down off its recent highs.

Take a look at Ethereum, year to date, 542%. This is the first time since Ethereum's inception that we have seen it outperform Bitcoin on that annual basis. So that is something that's getting some attention this morning. We should mention that we did see some rockiness, as well, in the cryptocurrencies yesterday and the day before. As the rest of the market was risk off, we were seeing cryptocurrencies vulnerable to that, as well.

And then something else that I just want to touch on before I leave you is what we have been seeing in large cap tech, and in particular, what we have been seeing with Apple, that year to date performance up 24 and 1/2 percent, and Apple yesterday reaching a record. Apple really has been an outperformer in these markets.

And guess what? Let's switch it on over and take a look at the premarket trade here this morning, if we can, for these stocks. There we go. Apple still moving up, it's up another 1 and 1/2 percent here this morning. And we are also seeing more of a broad based recovery, if you look at the lower numbers, for these various stocks in a lot of these large cap tech stocks, especially the ones that fell yesterday.

So guys. It's been a really interesting few days in the markets here with these various cross asset classes.