Stocks extend losses after sell-off, jobs report

Yahoo Finance's Emily McCormick checks out market volatility continuing from yesterday following the Fed's interest rate hike and new economic data.

Video transcript

SEANA SMITH: And let's take a look at the markets here, Rachelle, because it has been quite a volatile week, but another down day extending the steepest sell-off that we have seen since 2020. The Dow, S&P, and NASDAQ all moving to the downside. The Dow off just around 1%. The biggest decliners there, Nike, American Express, and Walmart. But let's get over to Emily McCormick for a closer look at some of these movers, as we wrap up the week. Emily.

EMILY MCCORMICK: Well, Seana, it has truly been a roller coaster week in these markets. As you mentioned, seeing red across the board when it comes to the three major stock indices. The NASDAQ composite, again, the biggest laggard today, down about 1.9%. And we take a look at the Yahoo Finance Interactive here. The S&P 500 down more than 1% intraday, although if we do take a look over the past five days, I want to highlight that we actually haven't seen too much of a decline, at least on a one-week basis. The S&P 500 down just about 0.8%.

And it really was that increase that we saw in stock prices on Wednesday, immediately following the Federal Reserve's latest monetary policy decision that helped support stocks here and really prevent us from seeing an even steeper weekly decline. But different story, of course, when we look on a year to date basis. The blue chip index is still down about 14% now for the year to date.

Now, if we take a look at Treasury markets, of course, what has been going on there has been a continued move higher in Treasury yields, especially on the long end of the yield curve, as we have investors continuing to price in the probability of greater interest rate hikes here from the Federal Reserve. We can see the benchmark 10-year T-note yield is up about 5 basis points and yielding about 3.1% this afternoon. And of course, because of this, we are seeing pressure on the technology shares. The NASDAQ 100 really seeing quite a bit of pressure here, a lot of red across the screen with many of these components.

And also, finally, want to give a quick look here at what's been going on in cryptocurrencies because, again, truly a risk-off day in markets. We're seeing Bitcoin prices trading lower, down by about 1% on an intraday basis. But again, seeing these cryptocurrency prices at about their lowest level since January as well, guys.

RACHELLE AKUFFO: Well, certainly a lot to keep track of at the end of this tumultuous week, as we've seen there. Emily McCormick there reporting.