Stocks search for direction after losing intraday gains

Yahoo Finance Live's Seana Smith examines market movements heading into the day's final trading hour, especially the losses seen in the semiconductor industry, meme stocks, and the EV space.

Video transcript

SEANA SMITH: All right, Rachelle, let's kick things off here in the final hour of trading with a look at the markets because it's a reversal of how we started the day. You can see the major averages giving up most of the earlier gains. At least the Dow holding on to slight gains here, but the S&P now off just about a quarter of a percent. The NASDAQ off 3/10 of a percent.

I also want to pull up the Philadelphia Semiconductor Index. It's interesting here to look at the losses today. That index off just about 2%. A lot of that weakness coming after the news that we got before the bell from Nvidia. Nvidia posting a huge miss here on revenue. We're seeing that reflected across a number of the semiconductors today. Nvidia leading to the downside here, off just about 8%.

Bucking the downward trend, let's take a look at some of the meme stocks. Bed, Bath & Beyond getting a lot of the attention this afternoon. GameStop and AMC two stocks that were actually halted in earlier trading, now up pretty big, up just over 8%. We didn't really get news on either, so it's interesting here to see some of the interest reignited in some of these popular meme plays.

And I also want to pull up some of the EV makers. Tesla up just about 1%. We're seeing some gains here. GM, Lucid, Rivian here among the leaders, as well as Ford. The news over the weekend, the Senate passing the climate and tax bill-- tax credits there-- in there for some of the electric vehicle makers. We're going to talk a little bit more about that later in the show, Dave. But we're seeing gains here from a number of the bigger players in the space.

DAVE BRIGGS: I like how you said climate and tax bill. Some call it a climate and health bill. No one who's really read it calls it the Inflation Reduction Act.