Market check: Stocks fall in early trading, tech renews declines, Tilray shares soar

Yahoo Finance’s Ines Ferre joins Yahoo Finance Live to discuss the stock market as Amazon drops to its lowest level since May 2021, Tesla faces its fifth day of losses this week, and Tilray shares soar 18% even with the overall market being down.

Video Transcript

BRIAN SOZZI: All right, but first over to Yahoo Finance's Ines Ferre for a YFi Interactive rundown. Ines?

INES FERRE: And Brian, just taking a look at the markets right now, we are seeing accelerating losses. We're looking at the NASDAQ that's down 2.3% right now. And as you had mentioned, the 10-year really having so much to do with this at 1.8%.

Looking at the sector action, we are seeing now all 11 sectors of the S&P 500 in the red, with consumer discretionary and technology that's leading to that downside. And looking at the NASDAQ 100, a lot of red here that we're watching. Amazon right now down 3%, dropping to its lowest level since May. We're watching also Microsoft down 2%. Keep in mind, Microsoft is now down 10% from its December peak.

We should also note Tesla down 3% right now, its fifth day of losses for Tesla. In fact, this downward pressure you're also seeing is despite a bullish note from Goldman Sachs, with Mark Delaney at Goldman Sachs naming Tesla as a top pick for 2022, putting $1,200 price target on the stock.

And then we're also watching Facebook down 3%. Nvidia down almost 5% right now.

We're watching also the meme stocks as well, a lot of red here, as these risky assets are taking a hit today. And then just looking at our trending tickers, we've been watching on our YFi Interactive board that Zynga is up 47%. Of course, this is after that takeover deal from Take-Two.

And then Tilray up 18%. This is in the green right now after better-than-expected bottom line for its latest quarter. Its adjusted earnings per share coming in at a little more than a penny. The Street was expecting a loss of $0.11 a share. But if you take a look at a one-year chart, you can still see that Tilray has had a lot of pressure over the last year, a much-needed bump today, as the overall markets are down, Soz.

BRIAN SOZZI: All right. Thanks so much, Ines.

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