Tesla stock gains amid Model Y price increase

Yahoo Finance’s Ines Ferré joins the Live show to break down how stocks are moving in intraday trading.

Video transcript

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RACHELLE AKUFFO: All right. Well, now let's get to Yahoo Finance's Ines Ferre on the market action as investors look ahead to this busy week indeed, Ines.

INES FERRE: Yeah, that's right, Rachelle. And we are seeing weakness with stocks today, but we are off the lows of the session from earlier this morning. So just take a look at our S&P 500. It's down about half of a percent. But it was down as much as 1% earlier this morning. I do want to point out what's been happening with the US Dollar Index because we've been watching that and that inverse relation that we've seen. As the Dollar Index goes up, you're seeing weakness when it comes to risk assets. So the Dollar Index up about 103.61, and we are seeing that weakness.

When it comes to the stock market right now, over on the sectors, we're watching communication services and energy stocks, which are leading to the downside. Consumer staples is really the only sector that is in the green right now. And over on the NASDAQ 100, do want to point out Tesla up 2 and 1/2%, defying the market weakness today. Part of this has to do with the EV maker raising its prices on the Model Y in the US. This, by the way, is the fifth straight day of gains for Tesla.

Also checking out the Chinese ADRs, we have been seeing a lot of weakness with these Chinese ADRs after that Chinese balloon flying over US territory was shot down by the US. So we are seeing a lot of weakness with these stocks. Also looking at the trending tickers, I want to point out the trending tickers that are today trending on Yahoo Finance's homepage, some of these have to do with AI. And we have seen this rally when it comes to C3.AI, up 10% today.

Take a look year to date, it's up 155%. I wrote a piece on this for Yahoo Finance about these AI-related stocks. And the popularity that we saw with ChatGPT, of OpenAI, well, that is giving a boost to other AI-related stocks, like BigBear.ai as well.

And then finally, just noting what's happening with RH, Restoration Hardware, down 7.4%. This is after the luxury home furnishing retailer says it now sees full year 2022 revenue growth at the lower end of its range. Also saying that it's correcting some accounting errors from 2022 statements. So we're seeing pressure on that stock, Rachelle.