Stocks mixed at open, Dow falls lower after May PPI print

The Dow Jones Industrial Average (^DJI) drops by over 100 points at the get-go of the trading day. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) move upward into positive territory after Wednesday's breakout session.

Morning Brief Hosts Seana Smith and Brad Smith watch how stocks are reacting to May's PPI (Producer Price Index) print, joined by Jared Blikre who details market performances this week alongside his analysis of top sectors and tech 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

Let's take a look at the major averages to see where we begin things on the day the Dow starts the day in negative territory.

That's down by about 3/10 of a percent.

The S and P 500 though, and the NASDAQ they're holding on to gains to begin today's trading activity.

When you take a look at the reaction that we're seeing following that PP I print, uh, coming in the biggest decline that we've seen since October better than what the street had been looking for.

We're seeing that play out in the equity markets here in the reaction right at the Open, but also some of that movement that we're seeing within the bond market to you was the name of the company Chip Ross Former CEO there?

Yep.

Or he might be the current CEO as well Warn everyone, all of our viewers.

Hey, let's get over to Jared Booker, dating by with a closer look at some of that movement that we're seeing here at the open.

Jared.

Thank you, Shana.

Well, let's get the Wi Fi Interactive cranked up behind me.

We can see the Dow just down about 35 basis points or 100 39 points, but I want to check in on the four day price action.

We've seen the S and P 500 NASDAQ come off record highs and you can see for the Dow it's been choppy and we're actually half a percent down for the week.

Different story when you take a look at the NASDAQ composite up 3.4% S and P 500 also in the green and real quickly the Russell 2000 as well.

So looking pretty good on that front.

And then if you take a look at the bond market, we have yields continuing to drop.

That has been a tailwind for equities.

And if we take a look at the, uh at the sector action right now, we see tech XL K. That is up another 1%.

And guess why we're going to move over to the NASDAQ 100 where we can see our heat map screen and what jumps out more bullish action in some of these mega caps.

Not all of them, but check out apple.

Um, let's see what it's done over the last four days.

What it's done this week up at 9%.

That is a huge move for Apple, which recently only recently broke out of a long term base.

This is a three year.

This is a three year chart right here.

And if we take a look at Microsoft, it's down just fractionally today.

But, uh, let me just show you.

It is also breaking out.

Not quite as long a base, but there we have it.

You can see that break out right there.

And then I want to take a look at our leaders and we can see actually Chinese stocks in the forefront.

Um, and also, chip stocks are leading.

So let me end on this.

We're going to take a look at our semiconductors.

Look at this.

Broadcom up 13%.

In addition to NVIDIA's 3%.

That should be good for a record high.

Uh, suffice to say that we've seen a lot of bullish action in some of these bigger chip companies recently, and we're seeing that continue today.

All right, Jared, Thanks so much.

Broadcom share soaring here at the open on track for the biggest gain.

Really, that we've seen in just about four years that these, uh, current gains hold