Stocks trade lower at the open, Tesla plummets

Yahoo Finance Live’s Brad Smith breaks down how stocks are trading following the opening bell on Thursday.

Video transcript

JULIE HYMAN: Well, we had the opening bell on Wall Street just a moment ago. Stocks opening in the red here today. The NASDAQ, once again, leading the way down, it's down 7/10 of 1%. Of course, Tesla part of that. The S&P up about 6/10 and the Dow off 4/10 of 1%. A lot of earnings out today and pushing those indices around. What sector action are you looking at there, Brad?

BRAD SMITH: Yeah, taking a look at the 11 S&P 500 sectors. As of right now, utilities the only bright spot that's up on the day by about 2/10 of a percent. Of course, we are early in today's trade here in the first 5, 6 minutes. You are seeing consumer discretionary pull up the caboose right now.

However, year to date still holding onto gains. Yeah. Yeah, we get that. But year today right now down by about 1.2% along with 10 of the other S&P 500 sectors here. So some of the other major decliners that we're seeing energy, communication services. We're going to dive into some of the AT&T earnings as well.

And then additionally, technology, you're seeing that down by about 7/10 of a percent here on the day. Some of the larger decliners here. Want to take a look at the tech-heavy NASDAQ as we're zeroing in on some of the major cap tech companies. Apple, you're seeing that open lower here the day by about 6/10 of a percent. Microsoft also down by about 8/10 of a percent. Fractional declines for Amazon, Nvidia, and then Meta down by about 1%.

And oh yeah, Tesla here after they had reported earnings yesterday. And of course, the earnings call, which was largely lackluster after the bell yesterday. Tesla shares are now down by 7% here in reaction to what the Street really had to digest in both commentary and the actual Q1 figures that were reported plus some of the forecast too, Julie.

JULIE HYMAN: Can you call up trending tickers real quick, because that'll just give us a really quick kind of shot of some of the companies out with earnings that people are really watching here. Because I know that obviously Tesla is going to be on that list. But like AT&T, American Express, IBM, Las Vegas Sands a lot of these companies out with earnings. So it's a busy day. Just kind of illustrates it's a busy day.