Yahoo Finance's Brad Smith breaks down how retail stocks are moving at the open.
--it's not quite a steaming pile this morning. We have a little bit of--
- You're going to use it again. You liked it.
- --a decline.
- You just don't want to admit it.
- A little bit of a decline here in this, as we see this enthusiastic remote opening for the US market.
- How do you say that name? "Quaft?"
- I think it's probably Qraft.
- I'm just trying to figure it out. I don't know.
BRAD SMITH: If you are Donald Duck, yes.
- Yeah, right, "Quaft."
- In any case, as we look at the setup here this morning, Sozz, you referenced it briefly earlier, right, the Goldman note that we-- I mean, we get a Goldman note every Monday, but Goldman talking up the recession chances, right, in its most recent note?
- Yeah, I encourage everyone, go to YahooFinance.com. You can see the story I wrote up. It's about 300 words, quick read. Share with everyone. But then outlining that at least from a broader market perspective, a recession next year is not priced into stocks. They're recommending people stay overweight cash. What does that mean in plain English? They want you to have more cash in your portfolio than stocks.
- All right, that's kind of similar--
- What we do.
- --to what we were hearing from John Augustine a few moments ago as well.
BRAD SMITH: Yeah, indeed, well, taking a look at how we've opened up here just after the opening cross, we've got the Dow Jones Industrial average up by about-- or excuse me-- lower by about 3/10 of a percent. We've opened here on the day, down by about 112 points for the Dow NASDAQ composite. That's lower by about 7/10 of a percent, 70 points to the downside there. And then the S&P 500, you're seeing that lower by about 6/10 of a percent.
On this Cyber Monday, I want to take a look at some of the retail names that are also on the move here. You've got Amazon. That's higher by about 7/10 of a percent, Walmart, as well as Home Depot also in positive territory. And just kind of putting this an an equal setting here, just to get a good look at where you've got some of the divide that's taking place, oh, yes, surprise, surprise, Bed Bath Beyond, that is down by about 3%.
- I think they're still trying to get people through the door for Thanksgiving. Good luck.
BRAD SMITH: Yeah. Yeah. It's the foot traffic concern, as well as the heavy promotional environment right now. Macy's as well, that's down by about 6/10 of a percent. We'll keep an eye on that one as we move forward throughout the day, but interesting, catching a bid for Nike. You've got Foot Locker. We're going to have an interesting discussion later on about the resale market, even in this holiday season too. So stay tuned for that conversation.