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Stock market averages (^DJI, ^IXIC, ^GSPC) are starting Tuesday's trading session in positive territory after July's Produce Price Index (PPI) came out below economist expectations. The Nasdaq Composite is charging ahead and rising by over 1% after the opening bell.
Morning Brief's Seana Smith and Brad Smith monitor the morning's market action, joined by Yahoo Finance markets and data editor Jared Blikre to examine volatility in equity markets (^VIX) and the bond market (^MOVE).
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.
Let's take a look at the opening bell, as you were watching the morning brief, brought to you by Invesco. Let's do a quick checkup of the markets just after these bell ringers get done doing what they do, kicking off today's trading activity. You've got some funfetti at the NASDAQ, BYMA ringing the opening bell there, and ADT ringing the opening bell at the NYSE. Lots of blue there for ADT, okay? Yep, um, good stuff. Let's take a look at these markets. As we're taking a look at the Dow Jones Industrial Average, seeing good stuff there. We're up by about four tenths of a percent to begin today's trading activity. S&P 500, you're seeing that up by a little more than six tenths of a percent. And the NASDAQ composite, here out of the gate this morning, we are seeing gains on the screen. We're up by about 1% for the tech heavy NASDAQ.
Here's a closer look at some of those gains that we're seeing, a lot of that driven by that softer PPI print that we got out before the bell this morning. Jared Blickre, Jared, what do you look keeping an eye on?
That's right. Uh, I think the fireworks happen tomorrow on CPI, but investors are taking the PPI, which is a bit soft, and you can see green across the screen on the left there, even small caps bouncing back from that loss yesterday. Let's just take a look at the NASDAQ real quickly, up about four days. This would be the fourth in a row. Let's just check out the two-day total. You can see it's up one and a quarter percent for the week. And I think the Dow is just climbing back into positive territory. You can see basically unchanged for the week right there, although yesterday very low volatility day. And speaking of volatility, we got to check in on the VIX, which has just been edging down, and check this out, it is below 20 again. Let me put the 10-day chart so you can see when it got all the way up to 65. It was up here on an intraday basis. Uh, and it has just kind of plummeted back down. That's a really quick move to the downside. So, have things totally renormalized? I think we're in due for another VIX spike, but probably not going to get nearly back up to 65. That's kind of how those VIX spikes go. They get smaller and smaller until they get bigger and bigger. Uh, so here's the move index. This is bond market volatility. It's at the close calculated at the close every day. Uh, you can see that's elevated right now. Want to get to the 10-year T-note and the US dollar. Those are heading down as well, bit of a tailwind for risk. And then we got to check in on the sector action where tech is flying high. That's up 1.5%. That is a leading sector and the only outperforming sector of the day. Energy, the only one trading to the downside. That's down about 1%. And before I leave, wanted to check out gold because gold has been knocking on the door of yet another record high. Uh, let's go to the year-to-date chart, and you can see just hovering up there, uh, barely breaking through, but probably going to get another record on the close, right around $2,500, guys.
All right, Jared, thanks so much. Teeing up today's trading activity for us.