Market check: U.S. stocks mixed, crude oil rebounds, China stocks gain
Yahoo Finance's Ines Ferre joins the Live show to break down how stocks are moving in early trading.
Video Transcript
BRIAN SOZZI: All right, Yahoo Finance's Ines Ferre is standing by with a look at the early market action. Ines, can you just-- can you believe this Twitter Elon Musk news? I mean, come on. What a way to start the week. INES FERRE: Yeah, what a way to start the week. And also DWAC, we're watching shares of that company, which is merging with former President Trump's company that has the Truth social app, those shares are down. And that's one of the trending tickers as well. Some executives there have left the company. And also, of course, the Musk Twitter news is sending shares of DWAC down. But let's take a look at what's happening with oil right now because we have been watching the oil market today, rallying. We saw WTI last week losing $14 for the week, its biggest weekly dollar loss since 2011. Right now, WTI is up more than 4%. Brent crude is up more than 3%. And I do want to mention jet fuel prices on the New York spot market. I don't have them here on this screen, but analysts-- oil analysts have been talking about this because those prices on Friday absolutely soaring. And right now, jet fuel prices on the East Coast have more than tripled from last year. So you can expect the airfare to go up because of this. So let's take a look at where we're at right now with the travel stocks. We are seeing some of the travel names that are under pressure. And looking under the hood on the market, we're looking at the sector action. Communication services, technology, those are leading. Utilities and healthcare lagging. And looking at the NASDAQ 100, you can see the leaders here on the NASDAQ 100 on the left side of the screen. Brian, Julie. BRIAN SOZZI: And Ines, I know you're also watching China tech stocks, right? INES FERRE: Yeah, that's right. Those are soaring today. On Friday, we also saw those Chinese ADRs that were in the green as well. China has removed this key hurdle for US regulators, basically helping them to eventually be able to gain full access to auditing reports if this all goes through. But this basically required-- before, China was requiring just Chinese regulators to do inspections or mainly Chinese authorities to do inspections. Now they're saying that this can be a cross-border cooperation. So Morgan Stanley has an analyst, Laura Wang, who says that this really increases the chances of a deal between China and US regulators to be able to avoid a delisting of these Chinese stocks, but still no agreement has been made yet. So we are, though, seeing ADRs today seeing a pop because of this news over the weekend. BRIAN SOZZI: Ines Ferre, thank you so much.
