Stocks extend losses at open, health care sector in the green

Yahoo Finance Live’s Brad Smith discusses how markets opened on Wednesday.

Video Transcript


BRAD SMITH: Correct, we're seeing some weight here out of the gates. Dow Jones Industrial Average is down right now by about 2/10 of a percent. Look at those past three days here. We're down by a little more than 2 and 1/2%, about 2.6% for the Dow 30.

And then additionally, the NASDAQ Composite, over the past three days, down by 4% here. Significant selloff that we saw yesterday, that adding on to some of the declines that we had already seen. And so we'll continue to watch that in this broader-- or at least three-day trend lower here.

But then additionally, taking a look at the S&P 500. You're seeing that down right now at the opening cross by about 2/10 of a percent over the past three days. Again, that's down by about 3.4%.

I want to take a look at some of the sector activity also that we're tracking here out of the gate on this hump day. Taking a look at the S&P 500 11 sectors. We've got a few positive movers here on the day. But yeah, consumer discretionary, that is still down here. And that's adding to some of those multiday losses that we've been tracking over the past three days. Down by about 5% for consumer discretionary names.

However, one of the leaders on the day, you've got health care. That's leading the pack right now. Looking healthy with some gains, up by about 4/10 of a percent right now.

JULIE HYMAN: Yeah, and we are going to talk health care and biotech specifically, with Michael Yee of Jefferies in just a few minutes, to get his outlook for biotech stocks next year.

BRIAN SOZZI: Sounds like a healthy segment to me. Ho ho.