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US stocks (^DJI, ^IXIC, ^GSPC) open Wednesday's session lower after President Trump announced a new set of 25% tariffs that could target automobile, semiconductor, and pharmaceutical imports. Investors are also awaiting the release of the minutes from the Federal Reserve's January FOMC meeting.
While Morning Brief anchor Madison Mills outlines recent chip stock moves, Yahoo Finance markets and data editor Jared Blikre examines the broader market action.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
This post was written by Luke Carberry Mogan.
And that is your opening bell on Wall Street, taking a look there at Fiverr at the New York Stock Exchange. You've also got the Nasdaq on your screen. I want to take a look at markets kind of sputtering into the trade this morning after hitting another record all-time high, the second of the year on Tuesday. By the way, this time last year the market had already had 11 all-time highs. So we put it in that context, the all-time highing is not as exciting so far this year, but certainly good news for investors. It's interesting to see kind of the selloff that we saw on Thursday and treasuries in particular. We saw treasury yields moving higher following this idea of more inflation to be baked into the market, perhaps a little bit fueled by the commentary we got from President Trump about tariffs to come on autos, chips, and pharmaceuticals. So we will continue to be having conversations about the impact of those tariffs. As I mentioned here, you see a little bit of a selloff happening in the major averages. The S&P down nearly two tenths of a percent. Your tech heavy Nasdaq down nearly two tenths of a percent as well. I want to pull up specifically the Nasdaq here because I want to take a look at the chips names in particular here. And it is interesting to see kind of the move to the upside that we're seeing in the chip stocks, particularly on Tuesday. We saw chips names being the biggest drivers of movement to the upside and chips names, you can see on your screen here. You've got a lot of these big tech names moving to the downside and video coming off of its highs from yesterday following that rally and semiconductor stocks, not necessarily driven by any huge fundamental shift in the semiconductor space, but especially given that news I just mentioned on Trump tariffs on chips names, you'd think there'd be more of a selloff, but we saw a rally starting in those chips names to start the week of trade this week, and then that did continue into the end of the trading day. But here you can see a lot of pressure on those big tech names, Apple and Tesla, and Google, all under pressure for your mag 7 names in today's trade so far. Let's get to Yahoofinance's Jared Blickre for a broader look at what's moving. Hey Jared.
Hey Maddie. Well, I thought we'd get back to the S&P 500. As you know, we just hit another record high only the second of the year, same for the Nasdaq 100, but we're going very, very slowly. I'll show you the two-day price action and just really not too much to the upside or the downside. We had a nice bang to the close into the close yesterday that kind of saved some of the indices from being in the red, but just not a lot of movement. And that's just fine. I think when we have bull markets, a lot of the time, price action is just boring, at least at the index level, not necessarily at the security level. Here's the Russell 2000. That is leading in early trading. Let me show you the three-month chart there. It's a little bit different. You can see we have these highs over here and those even aren't even the record highs, but we are down appreciably from those. So that's kind of a catch-up trade. Just going to note really briefly that the 10-year T-note yield and the US dollar index both jumping a little bit. Uh the movement isn't that concerning in terms of the risk rally, so I'll just leave it at that. And we'll skip over to the sector action. We had financials leading early. Oh, financials in tech. Those actually notched record highs yesterday. We're not seeing either of those in the leadership positions. We're seeing energy leading, and then the cyclical sectors like materials, discretionary, those are lagging today. Materials down, XLB down about 1%. Got to go over to to Nasdaq where I've been tracking meta. This would be its second down day and yesterday snapped that 20-day streak that we've been looking at. I'm going to do a deep dive into meta in about 30 minutes and look into the potential for a bubble comparison or we'll investigate that. And let me just show you the one-year chart though. Very impressive up 48.8% in that stock just kind of going gangbusters this year. Want to close with the futures market where we don't have a lot happening, the metals are kind of quiet today. We see crude oil jumping a little bit, but coffee is catching my attention. This is a one-year chart too. We came off of the highs, had a steep decline a couple days ago. You don't really see it right there. Uh we stayed close enough to record highs that we are just right back there again. 120%. That is a lot. And these coffee prices, these are the input prices that affect your Starbucks and other retail coffee prices. So something we'll continue to monitor here, but just not a whole lot going on in the major indices, Brett.
Jared, thanks so much. Appreciate it. Teeing up today's trading activity perfectly.
