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Stocks open lower, Tesla stock climbs as Apple and Microsoft slide

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

Video transcript


- As we enter the opening bell this morning, here's a look at the Futures, as we see declines across the board here. The NASDAQ in particular indicating a drop of nearly 1% when it opens up here this morning. It does seem like all of this reflects a lot of trepidation about what we're going to hear from Fed Chair Jay Powell tomorrow. Is he going to come in and smack down some of the optimistic pricing that we have seen in the market?

- Caused by him.

- Right, caused by-- I mean, that's the thing, right? He was given several opportunities after the Fed decision last week to say no pushing back against a loosening in financial conditions. And he didn't do it.

- You know this market was going to go buck wild when he noted the word disinflation. We never heard disinflation from Jerome Powell. At least not in the past couple of years, because it hasn't even existed.

- Right, so all of that said, who knows what he's going to say, right? So there's this level of unpredictability here in the market right now even as [INAUDIBLE] here, speaking of unpredictability, thinks about more poultry puns. Fred.

- Yeah, the streets are saying that Fed Chair Jay Powell walks into rooms like Lil Uzi Vert walked onto the stage at the Grammys last night here.

- Is that what they're saying.

- That's what they're saying out here. Markets this morning, we're taking a look at some activity for the major averages in just a moment there, they are. We're down by about 3/10 of a percent here out of the gate. Let's populate this chart for you, give you a little bit of a sense of how we're coming into this week.

Over the past five days, net higher by about 3/10 of a percent. NASDAQ composite, you're seeing that lower by about 3/4 of a percent right now-- about 7/10 of a percent to the downside there. Past five days, though, still positive and handedly. It's up by about 4 and 1/2% over that period of time. And

Then over the past five days for the S&P 500, you're seeing that hold onto gains by about 2.4% here. Out of the gate, though, this morning, that is down by about half a percent. Let's also take a look at the 11 S&P 500 sectors here. To begin the day-- let's put this on an intraday view for you folks. There we go.

All right, we are largely leading lower here this morning. Amazing what changing that time scale will do for some of the colors on this screen. Energy, you're seeing that higher by about 6/10 of a percent here out of the gate. But bringing up the caboose here, XLRE-- real estate, you're seeing that lower by about 1.4%. But largely, more laggards than gainers.

And then let's also just take a quick look at the NASDAQ 100 here. For some of those mega-cap tech stocks a little bit of weakness to begin this new trading week here where you've got Apple that's down by about 1.4%. Amazon holding on to fractional gains here. But then additionally, hey, look at Tesla-- computer on wheels there and more. It's up by about 3.1%, so a strong start to the week for the EV manufacturer.

- Yeah, there's some talk about Model Y pricing coming back up. We're going to talk about that later in the show.