Tesla and Apple drive down tech stocks, Coinbase among biggest crypto laggards

Yahoo Finance’s Ines Ferré discusses which stocks are making significant moves in intraday trading.

Video Transcript

INES FERRE: Just taking a look at the sectors right now, we are seeing a bit of what we’ve seen on selloff days, which is consumer discretionary being hit, as well as technology stocks. Energy stocks being in the green right now.

Over on the NASDAQ 100, right here is one of the culprits, Tesla down more than 5 and 1/2%, with Elon Musk saying he has a bad feeling about the economy, saying that he wants to eventually cut 10% of the workforce. This really also took analysts by surprise that were saying, look, Tesla is in an expansion phase. So for him to say this also clashes with what we saw with the jobs report.

Taking a look at Apple, down more than 2 and 1/2%, this is after a cautious note from Morgan Stanley about the App Store revenue for the third quarter. So that’s weighing on the stock. And then just taking a look at Coinbase, down 5% after Coinbase said that it will be extending its hiring freeze and, in fact, rescinding some job offers there, guys.