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Stocks open lower, Tesla stock gains, wheat prices fall

In this article:
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Yahoo Finance's Ines Ferre joins the Live show to break down how stocks are moving in early trading.

Video Transcript

[MUSIC PLAYING]

BRAD SMITH: Welcome back to Yahoo Finance Live, everyone. Let's take a look at the major averages here as we are just about six minutes into today's trading session and also one of the first trading sessions in Leo season.

Taking a look at the major averages, you have the Dow. It's down by about 4/10 of a percent. S&P 500, that's also down by about 1/2%. And the NASDAQ composite, yeah, that, too, is down by about 1/2% right now. So we'll continue to track that and also get over to Yahoo Finance's Ines Ferre with more, who is checking in on the YFi Interactive for us. Ines.

INES FERRE: Yeah, Brad, and we had a strong month last month, but today starting a little bit weaker. So let's take a look. As you were just mentioning the major averages, well, we're also taking a look at the 10-year Treasury. I know Julie's been watching that at 2.64% right now.

And then the US dollar index, which is pulling back just slightly-- it's interesting because usually we see that inverse correlation. When the dollar index goes down, you see that stocks go higher. Today, we're watching a little bit of pressure on these stocks. We're watching energy stocks in particular, which are leading to the downside. You've got financials and materials also on our YFi Interactive sector board. And then you've got consumer staples and consumer discretionary, though, that are in the green.

Over on the Dow, we've been watching the leader here being Boeing, up more than 5%. But you've got Chevron that's down more than 2%. As I mentioned, energy stocks are off. You've got Caterpillar that is down. And Microsoft is also lower. Over on the NASDAQ 100, you can see out of the mega-caps, Tesla really the one that stands out, up more than 2 and 1/2%, as you're seeing some of the EVs today that are seeing some green.

But nonetheless, you've got Alphabet that's lower, Amazon that's down slightly. Amazon had a great month last month, by the way. And then just taking a look at the Chinese ADRs, those are under pressure. And these have been under pressure over the last several weeks. I'm just pulling up a one-month chart here. You can see the losses for these last month, guys.

JULIE HYMAN: And also, Ines, let's talk about commodities for a moment. We've been talking about oil this morning, which is moving down, but also you're watching the agricultural commodities. What are we seeing on that front?

INES FERRE: Yeah, that's right. You guys have been talking about WTI and Brent crude, which is down. But I've been watching corn and wheat futures. And this is because these are lower after that first grain shipment leaving Ukraine since February has-- a deal was brokered last month in order to be able to ship out shipments out of Ukraine. And so we are watching these commodity prices lower.

One expert saying grain is finally moving. You saw, you remember-- I'm going to pull up a year to date chart. You saw right after the invasion in late February where prices were really skyrocketing. And they are now-- look, I mean, year to date, you've got corn futures that are just up 2 and 1/2% year to date, wheat futures that are up slightly. But you can see the movement that we saw in these futures right after that Ukraine invasion. And now these commodities are sort of near their start of the year level. Guys.

BRIAN SOZZI: A tasty move to a downside for corn. Ines Ferre, thanks so much.