Markets mixed at the open, financial stocks lower
Yahoo Finance Live’s Brad Smith breaks down how stocks are trading after the opening bell.
- And there we have a little pest control situation happening [INAUDIBLE].
- Is that the kill Bears. Oh man, we need it. Got some pests on the team.
- So we had the NASDAQ once again taken out its lows yesterday, so did the S&P 500, but looking at a potential bounce here this morning. We have been hearing a lot of negativity as of late. You can spread it around, the IMF cutting global GDP forecasts yesterday. Jamie Dimon saying we could go down another 20% from here. Take your pick.
There's a lot of gloom and doom out there in the markets this morning. We're not seeing much of anything in terms of movement, at least not at the moment. We've got the Dow and the S&P opening very slightly lower, the NASDAQ opening very slightly higher.
It feels like that the market is waiting for CPI tomorrow, after a hot PPI print today. Brad, you're over there at the Yahoo Finance Interactive. What are you seeing in terms of the granular moves today?
BRAD SMITH: Yeah, [? sector, ?] activity-wise out the gate. We're seeing a little bit of mixed activity in the tape, where you've got, right now, some of the consumer staples that are actually leading the charge. We seeing that up by about 9/10 of a percent early here in trade.
But then also bringing up the caboose here. A lot of watch on financials. And so keep a close eye on this. This is in negative territory, bringing up the caboose there by about half a percent, but mirrored with XLE, that's the energy sector as well.
And so continuing to watch that, as well as real estate. Real estate, we've been continuing to track some of those declines. Just to put that in context, here over the course of the year, we've seen that down by about 34%.
So that's been particularly interesting to track, one of the biggest decliners sector-wise, and had a dismal last quarter as well. But I also want to take a look at some of the big movers here in the NASDAQ 100, because this is a little bit more mixed here. And this just goes to show that we're actually seeing some differentiation in the way that investors are approaching some of the trades right now.
But you're still seeing megacap tech. All of that in concert still lower right now, fractionally at least here on the day. Tesla continuing to move lower by about 1.6, 1 and 1/2 percent there.
And then keeping an eye on Starbucks. Starbucks and Delta Airlines actually announced a partnership. You're going to hear something about more loyalty rewards programs.
That's another way that, in any type of downturn, more of these companies are trying to continue to woo the appetites of customers, and just-- I know you're upset with the Dunkin' Donuts rewards. But Starbucks and Delta Airlines, throw just another jab at Dunkin' Donuts today.