Market open: Stocks anticipate Friday's key inflation data

Stock market averages (^DJI, ^IXIC, ^GSPC) open Thursday's session largely flat in anticipation of Friday's Personal Consumption Expenditures (PCE) data.

The Morning Brief's Seana Smith and Brad Smith monitor this morning's sector action, namely the movements in the semiconductor industry, while Jared Blikre takes a look at Tesla (TSLA) and Amazon's (AMZN) market caps within the Nasdaq 100 (^NDX).

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

It's a live look at the opening bell at the NYSC and at the NASDAQ at the NASDAQ.

You've got Web tune ringing the opening bell.

There you got some fun fetti raining down from above.

Look at that.

And at the NYSC, you've got grinder ringing the opening bell Tick the symbol GRND All right, kicking off today's trading session here.

Happy Pride Month to everyone out there.

And, uh, you're seeing grinder.

Open the bell here at the NYSC.

Let's do a quick check of the markets here as we've got the Wi Fi interactive loading up.

We're standing next to it so you know it's time to do some clicking here.

Dow Jones Industrial Average that starting off the day flat just barely to the downside right now, by about 1/10 of a percent now is that composite you're seeing that flat barely to the upside.

That's holding on to gains of a mere 5/100 of a percent.

We'll see if we can add on to that and the S and P 500.

You're seeing that flat barely to the downside as well.

To begin the trading activity here today, let's take a look at some heat maps, while only sea we should.

And let's take a look at the sectors here kicking off.

You've got energy and communication services, at least leading the trade for now.

Very, very early, you've got utilities and financials.

They are lagging in just a bit and digging into some of the movement that we're seeing across the board.

A lot of focus this morning on the chip sector, following the results that we got out from Miron, you're looking at losses of MI of just around 5%.

Some questions just about the fact that guidance didn't didn't exceed at the streets.

Expectations, some concern there.

We talked to Angela Zino earlier in the hour, saying that the A I trade very much intact.

The demand is there still remains more of a supply story.

At this point, you've got NVIDIA off just around 1%.

Let's take it over to Jared Blicker for a closer look at some of the movement that we're seeing.

Jared.

That's right.

I just want to go back to the main market, the S and P 500 its cohorts and show the year to day chart.

Um, we are right near the top of the trading range over the last week or two.

But we've had bread, the internals of the market deteriorating.

And so for a couple of days in a row we've had more decliners in the S and P 500 than gainers.

Meanwhile, the S and P 500 is going up, so that's kind of a rare circumstance.

Sometimes that's just a yellow warning flag, so I'll leave it there.

I do want to get into some sector action.

Yesterday was a big day for consumer discretionary and that is ticker XY.

It's fourth up today, up only 10 basis points.

But over the last two days you can see up 1.5%.

And yesterday that was thanks to the standout efforts of both Tesla and Amazon.

And so let me tackle Amazon first.

I'm gonna put a five year chart on here and you can see after this big cup here a little bit of a consolidation, not even much of a handle.

It is off to the races, So this is the very beginning of a new breakout.

So a lot of times that gets momentum just throwing that out there.

Here is Tesla in a I want to show a shorter time frame chart.

Here is year to date.

I'm gonna put some candlesticks on this.

And what we have here is an inverse head and shoulders.

Not perfect.

But if Tesla is able to, uh, surge above 200 that's kind of, uh uh, an important price level right there.

I would expect to see some more momentum off of that.

And we would target 250 maybe higher.

And, uh, you could even draw the trend line.

Uh uh.

Inverse head and shoulders trend line a little bit a skew like this.

And in that case, it's already broken out.

So, uh, depends on how you draw those trend lines.

Wanna check in on the summy real quick?

We just went over those but wanna show a kind of a mixed board.

So not all is lost when you have one bad, uh, earnings report.

And it wasn't even that bad.

It was just, uh, taken by the street to be.

And then here's software.

The other side of tech.

This has been outperforming recently, and, uh, maybe it's a little sector rotation.

Hard to say, but, uh, I'll send it back to you guys on that note