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Market open: Stocks mixed ahead of Friday's PCE data

Stocks open the day mixed (^DJI, ^IXIC, ^GSPC) with the Nasdaq Composite seeing gains of nearly 0.5% out of the starting gate. This week's biggest story for markets and investors will be Friday's Personal Consumption Expenditures (PCE) index data, the Federal Reserve's preferred inflation gauge.

The Morning Brief's Seana Smith and Brad Smith provide an overview of market movements at Tuesday's opening bell while Senior Markets Reporter Jared Blikre compares market growth trajectories — including the S&P Equal Weight Index (^SPXEW) — and the morning's tech sector gains.

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

This post was written by Luke Carberry Mogan.

Video Transcript

Major averages up on your screen.

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However, only two of the three US major averages are indeed up.

The Dow is the loan laggard.

It's down right now by about 2/10 of a percent S and P 500 though, and the NASDAQ they're seeing some green, the S and P 500 up by about 2/10 of a percent NASDAQ composite Tech heavy average.

You're seeing that up by about half a percent here on the day.

And of course, we've got even more earnings that are gonna be coming out over the course of this week.

Perhaps have the propensity to shift things.

Get some household names coming out this week.

I'm really excited about this.

Shawna Nike, FedEx Paychecks, General Mills Carnival.

We got them this morning.

McCormick for those who are seasoning their steaks when they're getting ready to grill, you got them reporting this week, too.

Plus Walgreens Boots.

Salon.

Yeah, we'll get another real read here on the consumer.

We've also got consumer confidence coming out here at the top of the next hour at 10 a.m. Eastern time, giving us a closer look just at exactly what those spending levels or ability to spend comments wise looks like here.

But also it's important to check on the movement that we're seeing in NVIDIA here at the Open, rebounding from those three days of losses, you're now looking at gains of just over 2.5%.

Jared B standing by with a closer look at some of today's action.

Jared Yes, today we have the Dow and the NASDAQ heading in opposite directions yet again.

Except they've switched.

Today the Dow is down about 64 points.

NASDAQ up about half a percent.

But let me just show you a comparison over the last five days of the NASDAQ versus the Dow.

And here's the NASDAQ in the green.

Here is the Dow in the red, and you can also see a bifurcation in the S and P 500 based on market cap versus equal weight, depending on how it's calculated.

So the equal weight has been surging, and we had a big day yesterday.

Meanwhile, the S and P 500 in the red over this time period.

So just an interesting dynamic that we've been tracking here.

So let's take a look at, by the way this is a NASDAQ 100.

We'll get to that in a 2nd.

1st, I want to check out the tech sector XL K leading here.

That's up 6/10 of a percent.

In fact, that's the only sector that's leading today.

Uh, everything else lagging.

Uh, we do have communication services in a little bit of green there, but materials and industrials are the biggest losers, trading to the downside, and it's heading back to the NASDAQ.

So we just off that three day loss from NVIDIA, you can see it's up about 2% and it's switching positions with apple here as I speak.

But I wanted to concentrate for a second on Amazon.

Just wanna show you a five year chart.

It is right back up to the Rubicon here, trying to ba, uh, build out of this or break out of this multi year base.

And if it can, it should have a lot of momentum to the upside.

Uh, just something to watch for.

It's not there yet, but something possibly to watch for.

Also, I want to close with biotech.

IBB just broke to the upside Biotech in the midst of a three day rally here.

Let me see if I can find the chart.

There we go up 3.1% over the last few days.

Here's a five year chart again.

It is just breaking above this potential resistance.

So something to look out for in biotech is a is an upside surge past this resistance area, guys.

All right, so we're gonna keep an eye on here in today's trading day.

Jared, thanks so much.