Markets start the month of September in the red, energy stocks among biggest laggards

Yahoo Finance Live’s Brad Smith discusses how stocks are moving in early trading.

Video Transcript

BRAD SMITH: All right, let’s take a look at some of the major averages as we kick off this, the 10:00 AM hour on this, the first trading session of September 2022. Dow Jones Industrial average right now, that is moving lower by about 150-ish points, about half in a percent the red. NASDAQ composite, the tech heavy average, you’re also seeing that down at this point, just about 30 minutes into trade, it’s down by about 1.1%. And then additionally, the S&P 500 down by about 3/4 of a percent.

Let’s get a quick look in on some of the sector activity that we’re seeing here on the day as well here. You’ve got more decliners than advancers overall. We mentioned the S&P 500 lower. Utilities, one of the bright spots, that’s up by about half a percent right now. But then you’ve got a lot of red here on the screen that we’re going to continue to track across the sectors.

Once again, you’ve got about nine out of 11 S&P 500 sectors in negative territory. It’s energy that’s actually the biggest decliner here on the day. That’s down by about 3%.

Also just want to take a quick look at some of the meme names that we’ve been tracking on the day, as well, as we were breaking down where some of those movements are taking place. Palantir, Coinbase, Coinbase down by about 5 and 1/2 percent. And then additionally, you’ve got some of the other names like a Robinhood, that’s down by about 4%.

And then just lastly to round this out, I wanted to take a look at some of the EV names, especially as we’ve been tracking the news from NIO out of China. And what this gives us is the inclination to actually look into where some of the production and deliveries could move forward within a very critical region for all of the automakers to get electric vehicles right here.

And so you’re seeing some wide and broad sector EV declines here on the day. Tesla is down by about 1.3% there as you’re taking a look at that intraday chart. You’ve got NIO, as we mentioned, down by about 6.8%. GM, General Motors, that’s down 1 and 1/2 percent. And Rivian, that’s down by about 4% right now.

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