Megacap stocks mixed ahead of the close, Chinese stocks and commodities trend upward

Yahoo Finance's Jared Blikre looks at how markets are trading at the closing bell.

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SEANA SMITH: Just a couple of minutes here from the closing bell. Jared Blikre has a close look at some of the big movers of the day. Jared, what do you got for us?

JARED BLIKRE: This is an action packed day here. So let's start with the travel sector. Got to start with Southwest Airlines. The stock is down 6%. I'm going to put a year-to-date chart on, can scroll through some of the news. Massive flight cancellation, delays are rocking the airline stocks. And, well, Southwest having its worst day in weeks, if not months. The punitive storm of a century, the snowstorm of the century, at least, led the air carrier to cancel 2/3 of its flights today alone.

Southwest issued another statement less than an hour ago, advising customers it's working closely to urgently address the situation, the disruption, saying it's not a staffing problem. Instead, it is a problem with overwhelmed scheduling tools and also stating that they were going to be operating on a reduced schedule for several days.

So just taking a look at the industry here, we see most of these stocks underwater with the exception of two Chinese stocks, which is a good transition because in a day of risk-off, you're going to see a lot of green and dark green here. This is one of the few bright spots for risk today. Chinese authorities rolling back even more COVID restrictions. No more quarantine for international travelers, though a PCR test still standard procedure 48 hours before boarding. Chinese internet ETF KWEB having its best day in nearly three weeks, while notably US tech stocks taking another drubbing.

And let's take a look. All of these are green, except for a few. And if you'll notice a pattern here, Li Auto, NIO, Xpeng, all of those are EV stocks. All those down. We're going to get to China in a second here. But we want to move on to the mega-cap sector, and take a look at this. We were just talking about Tesla. Well, Apple down 1%. Amazon down 2%.

And let's take a look at Earth's most important stock here, only today reaching lows that are actually 52-week lows. So in part and parcel with this being a risk-off day, we're seeing this expressed in some of the mega caps here, although some of the newer entrants to the mega cap space, where we're seeing UnitedHealth, Visa, ExxonMobil, those stocks are up. So kind of a continuation of this bifurcated market that we're in here.

Want to end on gold and silver here while we got a real-- while we got a little bit of time here. This is another bright spot. We're seeing some of the miners like Freeport-McMoRan, that's up 2%. And also gold, GLD-- G-O-L-D, excuse me-- that's up 2% as well.

SEANA SMITH: There certainly is some outperformance there from gold, at least today. But Jared, what about Tesla? Because going back to some of the underperformers not only of the day, but when you take a look at the losses that we've seen in Tesla for the month, for the quarter, for the year, certainly underperformance that we have never seen ever.

JARED BLIKRE: Yes, I've just been watching this just kind of unfold today. Only a few minutes ago, I was seeing worst day for Tesla since April. Could be even worse right now. This is a really risk-off environment. And it's really unusual to see this happen at the end of the year. We're supposed to be seeing a Santa Claus rally. Instead, we're seeing the fringes of the market and some of these mega caps take it on the chin.

Let me just show you what's happening in meme stock land as well. We're seeing Coinbase down 8%, AMC down, GameStop down. These are not trivial moves here. So when we see not only some of the core, but the edges of the market going down, I think that's par for the course for this year. All right, I'm going to end on-- well, I would like to say an up note, but I guess we can make it at whatever note we want. We're going to see energy. That's up over 1%. Consumer discretionary is the worst performing--