Stocks tick down following PPI inflation data

Yahoo Finance Live’s Julie Hyman discusses how markets opened on Friday following November PPI data.

Video transcript

[AUDIO LOGO]

[MUSIC PLAYING]

JULIE HYMAN: All right, we've got the opening bell here on this Friday morning on Wall Street--

[WALL STREET BELL RINGING]

--ahead of a big week next week, right? We've got CPI next week and we got the Fed so-- coming up as well. So that's something that investors are gonna be turning to.

[CHEERING]

For right now, as we see the bell on this morning, the focus is on the PPI report as you mentioned that we got. And that showing that-- [LAUGHS]

BRIAN SOZZI: Yeah we have that opening bell on Wall Street. Getaround ringing that bell here. Again, of course, as Julie just mentioned, all eyes on that PPI. What it might mean to the CPI index. What it might mean to the next reading on the Consumer Price Index.

Right now, you're seeing all three major indices out of the gate here in the red. But coming into the session, Julie, it was a little bit worth seeing a little more market weakness after the PPI. I would say this is so far so good here.

JULIE HYMAN: Well, I scurried on over here to the YFI Interactive.

BRIAN SOZZI: Hey, there you are.

JULIE HYMAN: Here I am. The magic of television. And we are seeing, yes, indeed, this lower open that we're watching for the three major averages. And as we have seen in other times when we get inflation data that's hotter, it's the NASDAQ that's doing the worst. It's down by about 3/10 of 1%.

So let's switch it on over and take a look at some of the heatmaps and what we are watching here this morning. And again, this is obviously very early in the session. But we are seeing consumer discretionary, energy, and consumer staples down the most. A little bit of strength in the likes of materials and communication services. But really, not seeing much change overall.

And there's-- I was just talking about the NASDAQ and what we are seeing there in terms of the underperformance. Interesting to see Tesla up this morning. There was a report on Bloomberg that the company is cutting production in China, which normally might be a cause for concern here.

But you know, put it in perspective, you look at this 10-- five-day chart for Tesla, you're seeing a 10 and 1/2% pullback in the shares. So that is indeed significant that we're watching. And otherwise, we're seeing a lot of rad on screen when it comes to the NASDAQ. Amazon down 1 and 1/4%.

Why don't we take a quick look at crypto here this morning? As we continue to watch the fallout from FTX and continue to watch as well the goings on Capitol Hill, in the legal system, et cetera. All of that said, we got Bitcoin up about 1 and 1/2% this morning. I haven't checked on Bitcoin in a little while. It's back above 17,000, Sozz.