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U.S. homebuilder sentiment falls, Tesla stock flat, U.S. dollar rises

Yahoo Finance's Ines Ferré breaks down how stocks are moving in early trading.

Video Transcript


BRAD SMITH: But first, let's get on over to Ines Ferré over at the YFi Interactive. We've got some new economic data that's come out this morning, Ines. And it seems like the slide in homebuilder confidence has continued and now hitting nine straight months as well, as the homebuilder confidence has come in at 46 most recently.

INES FERRÉ: Yeah, that's right, Brad. And we did see the homebuilder stocks open higher this morning, but they did come off their session highs. So let's take a look at the homebuilder ETF, H-- XHB, which is just here.

You can see that when that data came out, a little bit leg down here for the price movement. Up about 9/10 of a percent right now. And you can see some of the other stocks associated. You've got Lennar that's up 1.8%, but again, coming off its session highs after that data came out.

Taking a look at the sector action. As Brad was mentioning, we are off the lows of the session for the morning. But nonetheless, we are looking at stocks which are lower. You've got healthcare stocks, which are leading to downside. You also have real estate that's lower as well. And energy stocks which are lower. But you've got consumer discretionary that's in the green, as well as industrials and financials as well.

Looking at the NASDAQ 100. We did see a little bit of a flip here with some of these stocks. So you've got Apple that's flat right now. You've got Amazon that's lower. Tesla also flat. And Microsoft and Google down more than half of percent.

And just want to note the strong US dollar that we have been watching because we are looking at stocks that are lower and usually when that happens, you have the US dollar index that is higher, hitting $110. So this puts pressure on equities. It also puts pressure on commodities like oil, guys.

JULIE HYMAN: Yeah, and even as it kind of feels more like a drift day as people await the Fed here, but definitely that relationship is still very much intact. Thank you so much. Appreciate it, Ines.