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Stocks: Energy sector gains, Meta dips, Airbnb edges higher

Yahoo Finance Live’s Brad Smith breaks down how stocks are trading following the opening bell.

Video transcript

BRAD SMITH: Guys, we're trending towards the opening bell here as we are down across the board in the futures. The Dow futures down by a little more than a percent. S&P 500 futures down a percent, and the NASDAQ.

[MUSIC PLAYING]

Here's a live look at the opening bell on Wall Street.

[BELL RINGING]

[CHEERING AND APPLAUSE]

BRIAN SOZZI: And there you had that opening bell on Wall Street. Empire State Realty Trust ringing in this business day. That's after the ADP jobs numbers came in better than expected at 208,000 versus the 200,000 estimate. Of course, ahead of that big jobs day on deck for Friday, We. Saw futures under pressure really all morning long.

Saw some of those losses accelerate after that ADP report on this notion that this is a market that has been sent up close to 6% on the S&P 500 in the first two days of this quarter on this view that perhaps we get some more soft economic data. That caused the Fed to pull back on interest rate hikes or just slow down a little bit.

So the market has wanted and is craving bad news. Didn't get that in that ADP report, Brad. And now we're seeing stocks right out of the chute coming down-- coming down. They're under pressure, consolidating some of those gains we saw on Monday and Tuesday.

BRAD SMITH: Yeah, I'm taking a look over at the YFi Interactive. Some of the sectors out of the gate here. We are seeing more laggards than advancers, as you can clearly see laid out. And Energy, really the only gainer at this point in time. XLE, the energy sector, up by about half a percent.

But some of the other big decliners here on the day, in a reverse course from what we've seen earlier in October for the previous two trading sessions, you're seeing Real Estate and Utilities really bringing up the caboose here. Down by about 1.7% for both of those. But also keeping a close look at some of the Tech names, especially as we're seeing some of the reverse course broadly here.

This entire board, this entire heat map was all green yesterday and now you'd be hard pressed to kind of pick some of them out. However, that's exactly what we're going to do here because keeping close tabs on some of the social media stocks as well as we've been watching closely to see exactly where that reaction has been--

It's the wrong board here. Let me go back over to the NASDAQ real quick. Some of the social media stocks as well that we've been tracking. There's Meta, that's down by about 1 and 1/2 percent on the day. Keeping a close eye on these names, especially after the Twitter news that dropped yesterday.

And this could be a direct shot back at some of the advertising efforts of a Google, of a Meta, and even of the Snapchats of the world too. And so continuing to keep an eye on some of those social media stocks to see exactly what that day two activity is like on those names.

BRIAN SOZZI: Brad, real quick. You mentioned Airbnb before we came to the show. It's still trending on our trending ticker page. They had a good session yesterday.

BRAD SMITH: They did, and they got an upgrade. So catching a little bit of a bid here on the day holding onto gains of about 1/10 of a percent for Airbnb. And we'll see exactly where they continue to move. But keep on lighting up that YahooFinance.com page for Airbnb and we'll continue to get you an update on that. You're also seeing Netflix holding on to some gains here today. So in the midst of the sea of red, you're still seeing some bright spots. We'll see if we can hold on to those.

BRIAN SOZZI: All right, feeling that "Yahoo Finance" homepage promotion.