Stocks seesaw in midday trading
Yahoo Finance Live anchors break down stock reversals in midday trading.
Video Transcript
- We're not even 90 minutes into the trading session, and it's a wacky one, folks. It's a kooky one. I don't know how else to describe it. It's a weird one, right? So the NASDAQ composite is now up 3/4 of 1%. And we've been looking at all the trending top stocks here. We've got Walt Disney that is still lower, but not by much-- not even 1%. Apple is still down about 1%.
But then you have Beyond Meat, which has turned higher by some 5% here. You've got Rivian that is now up by 21%. And then I was looking at the heat maps, and I believe earlier, Mr. Sazi, you were talking about Coinbase that was still lower in the day. But guess what? Now it's higher. So there's obviously some unusual reversals going on today that don't seem to be driven by certainly any particular news.
- Yeah. What caught me initially by surprise was just the broad based nature of this rally, Julie. So I've got a good quick note from Dennis to butcher over a 22 research longtime Wall Street markets veteran. He's telling me the reason-- what triggered this reversal, at least from what he's hearing. The PPI index, which you talked about this morning, up over 11% in the headline. But that core PPI was weaker than expected. So again, that is setting off some views, perhaps, that maybe the Fed doesn't move too fast on rates. Unsure, but that is part of the mood in the market. And to me, it makes sense, because we are seeing broad based moves. It's not like one stock is reversing and that's cast positive sentiment on the entire market.
- I mean, look at some of the areas that we do have making a pretty swift reversal right now. You've got tech, Tesla, Amazon. And yeah, sure, I'm going to talk about Tesla as a tech stock, because when you've got a computer on wheels, as they are, that's what is looked at, as well as the cult fanfare that it has around it. But that up 2.8%. It's fallen precipitously on their entire road to this Twitter acquisition because of the annexation to Elon Musk, of course. But that being up 2.7% here on the day.
You could also loop that into some of the meme or at least social media stocks, the ones that get discussed the most, at least online. And talking about social media stocks, as we're taking a look at the meme stocks here. Robinhood even up 6.4% right now too with that move almost in concert that we were looking at a moment ago in Coinbase too.
- This is my emoji for this move today. I mean, all respect to Dennis, I don't know that this has a super fundamental basis, but I guess maybe as the session goes on we'll-- maybe we'll get some clarity. We shall see.
That does it for us today. Coming up, Akiko Fujita and Brian Cheung are going to speak to FTX US President Brett Harrison. That should be fascinating, given the move that we have been seeing in crypto here this morning and over the past several days. We will be back here tomorrow morning.
