AutoZone falls, PacWest rises, Tesla rallies: Top stocks

Yahoo Finance markets contributor Remy Blaire joins the Live Show from New York Stock Exchange to break down some of the top movers of the morning.

Video transcript

- Let's head on over to the New York Stock Exchange for a closer look at what's trending this Tuesday morning. Yahoo Finance contributor, Remy Blaire is on the ground covering all the market action. Remy, what are you seeing down there?

REMY BLAIRE: Well, the major US stock averages have opened in the red on this Tuesday morning. The latest earnings reports, as well as economic data, and any Fed commentary are being closely monitored. Of course, all eyes still remain on Washington, DC for any progress regarding debt ceiling negotiations.

And speaking of earnings this morning, we are seeing AutoZone shares trade in the red. This does come after the company reported earnings that beat estimates for the fiscal third quarter, but domestic same store sales as well as net sales missed expectations.

The auto parts retailer saw rise in inventories as higher prices weighed on consumer spending. Not surprisingly, costs have hit auto suppliers while consumers have been easing back on discretionary spending. Meanwhile, in terms of regional banks, we're seeing PacWest shares advance in today's session extending gains. In the previous session on Monday, the regional lender stated it would sell a portfolio of real estate construction loans to Kennedy Wilson Holdings.

Last week, healthy deposit growth for Western Alliance pushed other regional banks higher. But despite the gains we've been seeing in the sector, they are well off 2023 highs we saw earlier this year in March before the failure of First Republic as well as SVB and Signature.

And last, but not least, let's take a very quick look at Tesla. Although, shares of the company opened lower on Tuesday, we did see shares extend gains on Monday higher by nearly 5% at the close. Now, the company has trudged higher by about 14% after a five-day winning streak.

So what's behind these recent gains? Well, interestingly enough, yesterday, Ford's Investor Day took place. And it did commit to building its fleet of EVs and generating billions in annual profits by mid-decade. The latest in market momentum as well as Elon Musk's recommitment to running Tesla at the latest annual shareholder meeting have been lifting shares of Tesla.

- Thanks, Remy. Appreciate it.