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Stocks open Tuesday session lower, energy leads sector gains

Stock market indices (^DJI, ^IXIC, ^GSPC) are seeing red across the board to start the second day of 2024's second quarter. Morning Brief anchors Jared Blikre and Brad Smith review Tuesday morning's market action, taking a closer look at small-cap equities, sector performances, and Tesla's (TSLA) stock after reporting disappointing first-quarter EV delivery figures.

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

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

JARED BLIKRE: Let's see how the market is opening. And we can see a lot of red here. The Dow down about 86 basis points. S&P 500 right there with it. NASDAQ down over 1%. And the Russell 2000 leading the way down, down about 1.2%.


And let me just put a 2-day chart to see-- yesterday wasn't that constructive either. And let me just show you the year to date. It recently broke to the upside, but as it's been doing, it's a lot of two steps forward, one step back. And if you could put the-- let's put the heat maps on there and see what the sector action is looking like today.

Energy in the forefront. It was the leader pre-market. Also, utilities and staples in the green. So that's a little bit of a defensive setup there. Consumer discretionary, health care, and tech are the big underperformers. Down about 1%. Anything else you're looking at here, Brad?

BRAD SMITH: Yeah, I'm just going to toggle on over to cars. And our cars heat map there. Why?

JARED BLIKRE: These are cars-- these are cars--

BRAD SMITH: This is the auto dealers. Great stuff.

JARED BLIKRE: Let me do this. I'm going to go back to our EVs and-- sorry for showing my back on TV. That is a no-no. But here we go. Tesla down about 6% as we illustrate how it is to work with props here.

BRAD SMITH: You know, sometimes they have a mind of their own. But for right now, it's just going to stay in place. Take a look here at Tesla. That is, of course, the disappointing delivery figure. And that's the type of stock price share action that you get after they disappointed on the delivery front, that decline that we were talking about with our own Pras Subramanian.

And then additionally here, we're taking a quick look at--

JARED BLIKRE: Can you click that equal weight and look down there?

BRAD SMITH: Yeah, absolutely.

JARED BLIKRE: So there's Rivian.

BRAD SMITH: There's Rivian.

JARED BLIKRE: And we'll get a 2-day look. Yeah, substantial drop right there, just erasing yesterday's gains.