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Stocks mixed ahead of Friday's PCE, Dow opens below 39,000

Tuesday morning looks like another mixed bag for the stock market (^DJI, ^IXIC, ^GSPC) as the Dow Jones Industrial Average opens the shortened trading week below 39,000. Is the major index feeling hungover from the Memorial Day Weekend?

Morning Brief Anchors Seana Smith and Brad Smith monitor US equities after the opening bell, while Senior Markets Reporter Jared Blikre closely inspects recent trends across sectors and 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

That's the opening bell.

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You're watching the morning brief brought to you by Invesco.

Let's take a look at both of these bell ringers.

We got T by price and active ETF swinging the opening bell at the NYSC and over at the NASDAQ, you got Asians at Microsoft, one of the employee resource groups over there celebrating Asian Pacific Heritage Month.

We believe.

All right, excellent groups.

So there we go.

Kicking off a new trading week here, the last trading week of May, we certainly have seen a significant gain since the start of the month.

So we'll see how we end up this week.

But as we kick off the week, I mix picture here at least for the dow opening the week to the downside here off just about 100 points.

We take a look at the S and P moving just to the upside, pushing further above 5300.

We're waiting for the NASDAQ here to calibrate, but let's take a look at the sector action, what we're seeing play out there, a bit of a mixed picture, at least on an intraday basis when it comes to that sector action.

We've got real estate, interesting and technology leading the way along with energy and the flip side, you've got health care, you've got consumer discretionary and you've also got consumer staples among the worst performers here this morning is that shade to the real estate.

And I mean, you don't see it too often, but again, we have certainly seen a shift here and now.

Yeah, although this is the energy sector so moved real quick.

Exactly.

right.

At the opening bell, lots of things are happening.

You can see it up just around four tos of percent unity.

Be clearly it's been in the red.

All right, let's go over to Yahoo Finance's Jared Black for a closer look at some of this movement that we're seeing here, Jared.

Yes, Shana.

It's been an interesting few weeks for the market.

So last week S and P 500 the NASDAQ notched their fifth consecutive weekly gain, but the Dow dropped a little bit and I'm going to shift over to the, to the dow here.

We saw a number of losses last week and it wasn't just limited to Boeing Johnson and Johnson was down mcdonald's Intel Amgen caterpillars.

So something inside the dow, the industrial trade had been faltering.

We'll see if we can reignite this week.

Um And like I said, it was a good week for, for uh tech last week and let's figure out what we're doing today.

There we go.

Let's see.

I got a new tablet here.

Uh Anyway, utilities up about 2/10 of a percent just wanted to spend a quick minute on that.

It's heading for its best month in a couple of years here.

Here's a year to date on that.

And we've seen utilities now kind of carry the flag for A I an unlikely A I trade.

But there you go.

Nevertheless, you need a lot of electricity to run these things.

Also wanted to highlight communication services because communication services are XL C right back up to its pandemic high.

And you can see that on the five year chart right here making this giant V or giant U.

Sometimes when you see this configuration, you do get a bit of consolidation before liftoff and it doesn't have to lift off, but this is a very long term pattern.

So I would expect some momentum off of that.

Should we proceed to the upside and some of the biggest drivers there?

Alphabet and meta.

And with that, let's take a quick look of the NASDAQ 100 here we see NVIDIA up 4%.

That's probably the biggest gainer here.

Looks like Mikron and other chip stock up 2% and not seeing a lot of uh big weakness.

Although Tesla down 2.5% kind of a mixed board here with a little bit of action uh favoring the Bears to start the week.

All right, Jared.

Thanks so much.

Uh a lot of heat on that heat map.

All right.

Appreciate it.