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Stocks trade lower at the open, tech leads

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

Video transcript

JULIE HYMAN: Just a reminder for our viewers, because it is witching day, the expirations of futures and options contracts, that tends to cause an uptick in volatility and volume, particularly at the open and the close. So expect some bouncing around today.

BRAD SMITH: Yeah, keeping a close eye on the major averages to start things off here right now, as I was just scrolling down to see what the VIX is doing, we can come back to that in a moment. But the Dow Jones Industrial Average, you're seeing that lower out the gate by about half a percent right now. The NASDAQ composite flat, just barely to the downside, is in the red, though, by about 1/10 of a percent. S&P 500, you're seeing that lower by about a quarter of a percent right now. So all three US major averages in the red as of this point in time.


Let's take a look at some of the sector activity out of the gate as well. 11 S&P 500 sectors, we've got them all loaded up for you here on the screen. Only one gainer right now, and that is technology. It's up by about 2/10 of a percent. However, you've got 10 of the 11 S&P 500 sectors in negative territory. Financials, yeah, let's bring it up the caboose. It's been a rough no-good week for financials in the sector. It's down by about 1 and 1/2% right now.

And here's a look at the week for you as well, down by about 4% over the past five days here. Also want to take a quick look at some of the crypto names that we're tracking. Those are the cryptocurrencies specifically. But here's some crypto stocks here and particularly one to pull up, Marathon.

Yes, Marathon Digital Holdings, that is moving higher this morning off of its earnings, the earnings report that it just put out. It's up by about 8% at this point in time. However, you've got some mixed activity, but largely in the green for some of those crypto stocks as well. We'll ride out with a look at the NASDAQ 100 also this morning. I had Coinbase up there on the screen.

JULIE HYMAN: Did we look at FRC? What are we doing, all the way to the right?

BRAD SMITH: Ooh, there we go. OK, regional banks, bingo.

JULIE HYMAN: Yeah, I'm just curious if we're still seeing as much of a drop even after this big infusion of deposits.



BRAD SMITH: Yeah, down 17%.

JULIE HYMAN: Look at that five-day chart. That's a record drop on the week, I believe, for FR-- I mean, it would have to be, one would think, it's down 65%.

BRAD SMITH: Yeah, it's down-- so 65% over the course of the past five days, 16% out the gate here today. And I just want to take a look at this year-to-date move so we can put it in context exactly what has transpired in this just in the last week, essentially, so.

JULIE HYMAN: Yeah, there really is this disconnect here, I think, because here, we have all these deposits coming in from the 11 largest banks. We have the Fed. We have the FDIC. We have the Treasury effectively saying they're going to backstop. And yet, still sentiment is not on First Republic's side. It's really a pretty extraordinary situation.

BRAD SMITH: I think investors would have to be shown something material to say that there is some type of confidence that they should be placing on these stocks right now.

JULIE HYMAN: I mean, it's material--

BRAD SMITH: It is material.

JULIE HYMAN: --when they get $30 billion.

BRAD SMITH: Yeah, from the consortium of banks that stepped in as they did in the uninsured deposits. But again, people still a little weary on the trade, it seems right now.

JULIE HYMAN: Yeah, for sure.