Tech and communication stocks lag, U.S. dollar index reaches 20-year highs

Stocks in the tech and communication services sectors, along with small caps, struggled in today's trading session, while the U.S. dollar index hit multiyear highs.

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- It's a new trading week, and we are now less than two minutes away from the close on Wall Street and all markets in the red at the moment. Ines Ferre here with a closer look inside these numbers. Hi there, Ines. What are you seeing?

INES FERRE: Yeah, Dave, it's been a tough day for tech and communication services, the NASDAQ composite down 2.3% as we go into the close today. We've got the S&P 500 down more than 1%, the Russell 2000, the small caps, down 2%. I do also want to mention the US dollar index at 20-year highs. This is a headwind for multinationals with markets abroad because their products and services are more expensive.

Taking a look at the sector action, we're looking at communication services, as I mentioned, and consumer discretionary tech. Those are really the ones getting beaten up today. Take a look at the NASDAQ 100 on the left hand side of the screen. You will notice Alphabet down more than 3%. You've got Meta down more than 4.5% after that Needham downgrade. Amazon was just part of consumer discretionary and Tesla also. Those are down as well.

We are taking a look at the semiconductors, which are pulling back today from their rally last week. We are also watching the Chinese stocks. These are having a rough day. This is after COVID cases resurfaced in China, the concerns about new lockdowns, and also new regulatory fines against the likes of Alibaba and Tencent.