Stocks open flat ahead of this week’s key jobs data

Coming off of Monday’s gains, the big three major stock market averages (^DJI, ^IXIC, ^GSPC) open Tuesday lower and around their flatline.

The Morning Brief Anchors Brad Smith and Madison Mills watch the market movements after the morning’s opening bell, while Jared Blikre monitors the sector action and analyst comments on what July may historically mean for stocks.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video Transcript

Oh, yeah.

That’s the opening bell on Wall Street and in Midtown Manhattan at the NASDAQ.

Welcome back.

You are watching morning brief on Yahoo Brought to you by Invesco.

Let’s take a quick look at these bell ringers on screen.

You got legato, ticker symbol LEGT.

And then you’ve also got beam ringing the opening bell at the NASDAQ.

All right, we’re taking a look at some opening activity as we have struck the opening cross and things are calibrating here on our screen.

The Dow Jones industrial average opens lower by about 2/10 of a percent S and P 500.

You’re seeing that open down by about 3/10 of a percent.

And then the NASDAQ as well as that calibrates calibrates lower by about 4/10 of a percent.

So, uh, you’ve got a triple move lower here across the US Major averages, Let’s check in on some sector activity real real, Real, real, real quick.

As we are loading that up, you’re seeing some mixed activity here.

Led right now by it seems like consume some consumer discretionary and energy, but pulling up the caboose.

You’ve got technology right now down by about 8/10 of a percent.

Mad.

Yeah, it’s interesting, given that I bet that’s an NVIDIA play bringing that down quite a bit, but Tesla potentially pulling up some of these names here.

That might be why you’re seeing the Staples name up or consumer discretionary rather up at the top here.

We’re going to get to Yahoo finances Jared for more on what’s moving markets this morning.

Jared, what do you got?

Thank you, Mattie.

I wanted to check it on the S and P 500.

We can dial that up on the Wi Fi Interactive.

This is a three month chart and you can see we are just camping out by these highs here, and we’re just capping a really nice half of the year.

In fact, that was the best start to a year in an election year, going back to 1928 except for 1976.

And whether or not that qualifies because of the Gerald Ford situation, that’s a footnote.

But I did want to quote some seasonality work by Ryan Dietrich.

We’ve been tracking why July is so positive, especially the 1st 10 days.

Story continues

And here’s why.

As many have noted, the first half of July is usually pretty strong looking at why it isn’t because it has a bunch of great days but a lack of bad days.

And I know it’s hard to see, but you don’t see any red that he’s circled there.

So that is a tail wind.

Uh, wanna focus on energy real quick?

We do see WT I crude, uh, heading higher here.

So I wanted to check on on our heat map.

And you can see indeed, just about everything in the green here.

Not a lot of dark green.

So just some mild out performance.

And then I wanted to switch over to the NAS 100 take a look at Tesla because look at all that red.

Look at all the mega cap red there.

Then you have Tesla here, not in the trillion dollar club, but look up 4.5%.

Here is a year to date chart.

And what I like about this chart, if I can get it up here, here’s a one year chart.

Is we just completed this inverse head and shoulders pattern.

That’s, uh, I’ve been tracking that for the last week or so.

finally broke out.

So this puts another a nice upside target here.

I would say 2.

50 to 2.

70.

Probably see some price action that might stall in there.

But nevertheless, that is an important breakout for Tesla.

And finally, I wanted to check in on the on the home builders.

Just as Tesla has broken to the upside.

We have, um, home builders breaking to the downside.

And I’ll see if I can find my chart here.

Here we go, XHB.

And let’s put up a year to date chart, and you can see here.

We just broke to the downside.

So, uh, de depend.

Take your pick.

We got something for the bulls.

We got something for the Bears here, guys.