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Stocks trade mixed at the open, energy pops on OPEC+ production cuts

Yahoo Finance Live’s Jared Blikre breaks down how stocks are trading following the opening bell on Monday.

Video Transcript

BRAD SMITH: Here's a look at the opening bell on Wall Street.

And there you're taking a live look at the New York Stock Exchange where the New York Center for Children rings the opening bell this morning on this, the first trading session of April. We have officially ended the first quarter of 2023 and begun the second quarter of 2023 here with today's trading activity.

There we're taking a look at the major averages. Here in the US, the Dow, the S&P 500, and the NASDAQ there on your screen. We've got some early morning movement here on the S&P and the NASDAQ to the downside. The S&P is lower by about 1/10 of a percent, NASDAQ by about 6/10 of a percent. Dow Jones Industrial Average is the lone gainer as of right now. It's up by about 3/10, 4/10 of a percent, however you want to round it off at home. Up by a little more than 120 points out of the gate this morning.

Jared, for kind of a look at today's early tape, what are you seeing there on the YFi Interactive?

JARED BLIKRE: Interesting way to begin the quarter that we're seeing the NASDAQ really the big laggard here while the Dow is advancing. And if people remember what happened in the first quarter, it was the opposite. That was the NASDAQ was leading to the upside while the Dow was lagging.

So we'll have to see if this continues because this is more a reflection of what happened last year and not necessarily this year. So again, one day-- one minute does not a trend make, and we'll have to keep an eye on this throughout the day.

But XLE, energy in the forefront. We've been talking about that OPEC Plus surprise deal where they're cutting production. And then XLE, that's up 4% today, not surprisingly, on the back of significantly higher crude-oil prices.

Materials, financials, health care, staples, industrials, all of those are green. Industrials and staples just barely. Same thing with health care. Looks like communication services-- that's where you're going to find such firms as Meta, Netflix, and Verizon. That's the biggest loser here, 8/10 to the downside.

Let's take a look inside the NASDAQ 100. And when this populates, looks like, well, we can see a mostly red board here. We're talking about those Tesla production numbers. Tesla off 3%. A lot more red than green here. So we'll have to see what evolves during the day, Brad.

BRAD SMITH: All right.