Market, sector indices move lower ahead of Monday’s close
Yahoo Finance markets reporter Jared Blikre takes a look at where the markets are ahead of Monday's close.
DAVE BRIGGS: All right, just a couple of minutes away from the closing bell, so let's bring in Yahoo Finance's Jared Blikre to break down the market action. Hello, sir.
JARED BLIKRE: Hello there. Well, it looks like we got a little down action to start the week. But we're going to see if we got turnaround Tuesday tomorrow, unless something drastic happens in the next two minutes. NASDAQ down 2%, Dow down 8/10 of a percent. So maybe the NASDAQ leading down is kind of par for course for this-- par for the course for this year. We've seen staples in the green today, but just barely holding on. Energy taking the biggest hit to the downside. That sector is off more than 2%, followed by tech, consumer discretionary, and communication services.
These three sectors are the megacap sectors. Let's take a look at the NASDAQ. Not expecting great things. Tesla taking a little bit of a break from its 40 plus ascent this year. Meta down 3%, Nvidia down almost 6%. Let's dive into these chip stocks. Also seeing some weakness in China. We'll get there in a second. But let's take these chip stocks first. We got AMD earnings after the bell tomorrow. We're going to bring those two so keep it open for that. Nvidia down 6%, as I say. Micron down 3%.
And we just got some news with respect to Huawei. Now chip stock has already been down earlier this morning. Chinese stocks had already earlier-- had already been down earlier this morning. But it looks like the Commerce Department is not giving licenses for any US tech companies to export technology to Huawei anymore. So this is an expansion of those Trump era policies and heading in a more adversarial direction.
So we see Pinduoduo down 7%, 6% for Baba as we head into the final minutes here. Let me just close with the meme stocks. I don't know that Carvana is a meme stock, but it sure tracking like one. It's up 20% today, 28%, while most of the other stalwarts like AMC and GameStop, those are down. And here we see, Coinbase down 8%, GameStop down 6%, Hertz down 3%, AMC down 9%.