Stocks trade lower at the open as recession fears grow

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

Video transcript

JULIE HYMAN: So as we get set up for the first trading day of the week, we're looking at futures that are indicating a little bit of a lower open here this morning. Really two big things that investors are focusing on this week. The first is earnings, as we've discussed, bank earnings, although those don't come until later in the week. The second is that inflation data. We also get Fed minutes this week. Inflation data coming on Wednesday, and that's really going to be key. We're looking for CPI to have risen 0.2% month over month last month, a deceleration from 0.4% the prior month-- a very welcome deceleration if-- if the numbers come in as expected.

BRAD SMITH: And on the front of the consumer, also going to see what the banks are saying but then additionally what some of the travel CEOs are saying this week too. We get earnings from some airlines, Delta Airlines particularly. We'll see what they say about that countercyclical recovery rates in travel.

JULIE HYMAN: Yeah, most definitely. And we've got a homebuilder ringing the opening bell this morning. Taylor Morrison ringing on this Monday morning here as we get set up for today's session.

I was away for a week. I'm back in, diving back in, wrapping my head around what's been going on in my absence here and gearing up for earnings season. I did miss the jobs report. Don't like to miss the earnings too much, although I don't like to miss the jobs report either, Brad.

BRAD SMITH: I can sum it up for you.

JULIE HYMAN: You guys have all the fun.

BRAD SMITH: I'll sum it up for you very briefly, economic misses across the board last week, whether it was JOLTS, whether it was the ADP private payrolls. And then on the employment front, that was interesting to watch as that came through. But then again, we had some amazing breakdown here and what that may signal for the Fed in their next policy meeting going forward from here.

In terms of how it relates to-- hey, let's get Tesla off of there. Let's take a look at some of the major averages here on the day. We were taking a look at them. We've got loaded up on your screen there as well. That's going to populate.

But as of right now, we're seeing some declines across the board for the major averages out of the gate. The Dow Jones Industrial Average, you're seeing that lower by about 4/10 of a percent right now. And just to give you a little bit of context on the move that we've seen over the past five days-- so coming into this week, still holding on to net gains, up by about a quarter of a percent. Little more than that we'll round that off to.

The NASDAQ Composite, you're seeing that net lower over the past five days, coming into this week down by about 2%. Here today adding on to some of those declines. It's down by about 1%.

And the only place that you'd like to be in the red is on Augusta National Golf Course, but here on the red is S&P 500 right now. That's not a good thing. That's down by about 6/10 of a percent, 7/10 of a percent. Little nod there to Jon Rahm, who won the Masters over the weekend here. Had to give him a shoutout there.

Also, let's take a look at some other green and red areas here with the S&P 500 11 sectors. As of right now, it seems that energy is the only mover to the upside. That's up by about 9/10 of a percent.

Let's give you a little bit of a year-to-date look as we begin a new trading week. As of right now, down year to date by about 2%. That's after, of course, last year's move that we had seen. We'll put this kind of in a two-year view for you there over there. Yeah, over the past two years, still holding on to gains of about 77%, 78% there.

But here, bringing it back to today's activity, you've got consumer discretionary bringing up the caboose. That's down by about 1.2%. And then technology also taking a hit here out of the gate this morning. That's down by about 1%.

Speaking of technology, let's take a look at the NASDAQ Composite-- or the NASDAQ 100, rather. Deep declines across the board. Very few places of green to be found. Micron is one of them, though. That's up by about 6%, as we were discussing earlier. Julie.

JULIE HYMAN: That's really interesting to see Tesla down by so much after announcing that it's building that new Megapack factory in-- well, we also had the price cuts over the weekend for Tesla, so that's probably more to blame for what's going on.

BRAD SMITH: Coming off a big auto week here in New York City as well. The auto convention-- New York International Auto Show taking place last week. We had some coverage there for "Yahoo Finance Live," and a lot of the discussion was around some of those price wars that were really ensuing within the electric-vehicle landscape.

But again, some big news there on the price front with Tesla. Year to date, though, still holding on to gains by about 44%, though.