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Stocks open lower, Lululemon and Peloton fall

Yahoo Finance Live’s Brad Smith breaks down how stocks are moving after the opening bell.

Video transcript

[AUDIO LOGO]

JULIE HYMAN: And we are just a couple of minutes from the opening bell here. We were excited a moment ago to learn that U-Haul is going to be ringing the opening bell here.

BRAD SMITH: Still hyped.

BRIAN SOZZI: Love U-Haul.

JULIE HYMAN: U-Haul Holding Company, apparently it just renamed itself and now is trading on the New York Stock Exchange. It was, I believe, called Amerco. That was the parent company. And I was just reading up a little bit on the history of the company. It was created by Sam and Anna Mary Shoen back in 1945.

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[CHEERING]

BRIAN SOZZI: With a 1937 Ford. Let's hit another ticker there, Ford.

JULIE HYMAN: Yeah, exactly. So it's pretty cool that now they are becoming a public company.

BRIAN SOZZI: Yeah, that is pretty cool.

JULIE HYMAN: I didn't realize the history of this company. They realized there was a need for people to pick up trailers in one place, drop them off in another. They painted the-- off the jump, they painted the trailers orange, put U-Haul on the side.

[WALL STREET BELL RINGING]

BRAD SMITH: They both got different art and designs on them, too.

BRIAN SOZZI: Makes you--

JULIE HYMAN: [OVERLAPPING SPEECH]

BRIAN SOZZI: Makes you wish you were alive in 1945. We could have come up with that, Julie.

JULIE HYMAN: Does it?

BRIAN SOZZI: Yeah.

JULIE HYMAN: I'm sure I could come up with the idea today.

BRIAN SOZZI: [LAUGHS]

JULIE HYMAN: Why don't you think I'm happy doing what I'm doing? So anyway, there's the opening bell for U-Haul on the New York Stock Exchange. And in terms of what we are watching here this morning in markets as we continue to watch what's going on with earnings. We continue to watch tech stocks in particular because they have seen such a bounce this year. And after the big gains on Friday, we had initially-- or yesterday, I should say, we saw the NASDAQ continue that rally. But it has come to an end as of today, at least for the moment.

BRIAN SOZZI: Well, they have no more layoff news, Julie, these tech companies. So I mean, the stocks are not gonna go up.

JULIE HYMAN: Right, that's the thing that's been juicing the companies in some cases, at least. Although, it's not helping 3M today, it's layoff news--

BRIAN SOZZI: Nope.

JULIE HYMAN: --non-tech news. Brad, what's going on over there at the Interactive? What are you seeing?

BRAD SMITH: Yeah, well, I'm seeing some red here out of the gate this morning. The Dow Jones Industrial Average, that's down by about half a percent to start the day. You got the NASDAQ Composite also down by about half a percent. And the S&P 500, same on a percentage basis there.

Let's take a look at some of the sector activity that we're tracking out of the gate this morning. Eleven S&P 500 sectors, you know what it is, folks. It's-- oh, wow, OK, we got some interesting movement here. XLP, you've got consumer staples up by about half a percent, leading the charge here. But you know what it is, time to check on the caboose of the train here. Real estate, that's down by--

BRIAN SOZZI: Brings you to U-Haul.

BRAD SMITH: --1.9%. Yes, actually you can trail a lot of things with those U-Haul trucks as well. Being trailed today, XLRE. Also taking a look at the NASDAQ 100, a lot of red here on the screen here. We'll give you a good picture of who's leading who's lagging right now. And right now it's Peloton. Peloton is down by about 5.3% this morning.

But look no further for some of those leaders. As of right now, you've got PCAR. That's the ticker symbol. And we'll get into that one a little later. Dollar Tree also leading the charge. That's up by about 1.7%. But some of the leaders today, few, far between. So we'll continue to keep a close eye on that. But bringing up the rear, you got Lucid, AMD, Lululemon, which we'll talk about later, and Peloton.

JULIE HYMAN: Yeah, it looks like Peloton got a downgrade from Baird here this morning that is responsible, perhaps, for the declines that's it's seeing. The analysts there said that the numbers are going to be weaker than estimated because of accelerating demand for in-person gym memberships and softer indications of consumer demand for at-home fitness.

BRIAN SOZZI: I'm down to two rides a week on my bike, to that point.

JULIE HYMAN: Yeah, but are you gonna get rid of it?

BRIAN SOZZI: No, not at all.

BRAD SMITH: And they're gonna stop telling us those figures, too. The average connected fitness workouts, that's gonna be a figure that we don't get in earnings going forward.

JULIE HYMAN: Oh, interesting.

BRIAN SOZZI: Pedaling-- Peloton, pedaling lower, Julie.