Dow leads charge, S&P 500 and Nasdaq flat at open

Stocks (^DJI, ^IXIC, ^GSPC) appear mixed at Friday's session open, with the Dow Jones Industrial Average leading gains early in the trading day.

Morning Brief's Brad Smith and Madison Mills monitor the five-day moving averages for the big three indexes, while Jared Blikre takes a look at sector gains and Nvidia's (NVDA) position in the Technology Select Sector SPDR Fund (XLK) ETF.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video transcript

Let's take a look at our major averages that are calibrating.

The Dow just barely opens the day in positive territory.

You're seeing it flat, just barely to the upside.

We'll call it about a 1/10 of a percent gain year.

Uh, let's just populate this chart here so you can see what's taking place throughout the course of this week.

Ultimately, we're still seeing gains in excess of about 1% there.

The NASDAQ composite right now, barely holding on to gains over the course of this week by the hair of its chinny chin chin.

Here today, down S and P 500.

You're seeing that here today at the gate down, but fractional gains over the course of this week.

Matt, should we take a look at the Dow 30 components?

We don't.

Why not?

Look at Papa Dow here.

It's interesting to see Microsoft continuing to kind of have hold over this market, and I was just looking to at the Philadelphia Semiconductor Index down a little over one and a quarter percent.

You can see here that the kind of more traditional tech names are dominating that Dow 30 here, not necessarily some of those tech NASDAQ names that we talk about all the time.

So it'll be interesting to see how the triple which of it all impact this as we go throughout the trading day, we are going to get over to Yahoo Finance's Jared B for a broader look at what is it moving markets today?

Jared, what do you got?

Well, thank you, Matty.

And thank you for the shout out to Papa Dow.

I just did a webinar with JC Perez a few days ago and that was his message for traders.

You cannot ignore Papa Dow.

Now here we're looking at the indices, but I'd be remiss if I didn't add that the S and P 500 the NASDAQ are now poised to be up eight out of the last nine weeks.

That's an IND run.

And so a lot of people are wondering Well, is it getting a little bit long in the tooth?

Could be the case.

We do see some warning signs, but we haven't seen the materialised really in the price action just yet.

So let's take a look at the sector action which I have up here.

That's consumer discretionary XL Y is in the upper left.

That's leading, but only by 4/10 of a point here.

To the downside, we got financials down almost half a percent.

Industrial is a quarter tech A quarter materials down, too, but not a lot of big movements.

I do want to focus on NVIDIA for a second.

Now you can see it's down another 2% today.

And what's concerning some traders on X and other medium is this big red candle right here.

And this is actually a bearish engulfing candle.

Uh, this is when the body of it engulfs the prior day.

So the high is higher and the low is lower, and that happens after an day.

So that is a Candlestick formation, and you'll note, this is a year to date.

It's hard to see here, but we had another one of those at the ultimate high at the record highs in March, and then we saw a bit of a consolidation.

So what I would might expect from here is just a little bit of a pause, some sideways action, and then, uh, usually the trend resumes, but it doesn't always have to end that way.

Uh, We're also seeing Micro down about 4%.

So let's skip over to the semiconductors here, arm down 3% as well.

So kind of a red board when we're taking a look at tech.

Uh, remember XL K was down a quarter of 1% and we're going to take a look at software.

Look at all the screen.

What's interesting to me is that software and chip stocks have, from time to time, recently been trading on opposite ends.

So today we're seeing that dynamic in play where we got software, uh, more software up than down.

Meanwhile, we got the key.

We got the semis kind of mired in the red And finally, for our lack for our look at tech, I do want to look at disruption.

Now Tesla is up marginally there.

But if I look at the equal weight, you can see a lot more red than green so still kind of risk off with the Fringer aspects of the market here