Stocks, chipmakers eager to claw back losses at market open

US stocks (DJI, IXIC, GSPC) open Thursday's session mixed, with the Nasdaq Composite ready to recoup its losses from yesterday's chip stock selloff.

Seana Smith and Madison Mills recap the market moves investors are seeing at the opening bell, while Jared Blikre analyzes the sector leaders and the recoveries in major semiconductor manufacturers.

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

Again, a bit of a reversal looks like it's going to be underway on Wall Street as we do.

Ring that opening bell at the NASDAQ and the New York Stock Exchange, a shift in sentiment when it comes to the chip makers, we're seeing out performance here at the open among many of those tech stocks.

Now, this on the heels of TS MC Taiwan Semiconductors raising the revenue outlook, a lot of that reflecting the demand that we have seen for A I.

We also got some econ data out before the this morning.

Jobless claims spiking more than we have seen really pointing to some weakness maybe within the labor markets of reinforcing, maybe what the street wants to see when it comes to expectations for a fed rate cut soon again.

So we're seeing that play out here, the S and P and the NASDAQ opening here to the upside.

You've got the dow though reversing some of those recent gains off just around 110 here at the open.

Those jobless claims also putting some pressure on the yield space falling off of those jobless claims.

As to your point, the market looks ahead to those fed rate cuts, but we're going to get to more with Yahoo.

Finance is very own, Jerry Bry for a look at what is moving.

Hey, Jared.

Hey there, Matty.

You know, the Dow and the NASDAQ just can't agree lately.

And today we have the dow down about a third of a percent while the NASDAQ is up 7/10 of a percent.

And let me just show you what has happened this week so far.

Four day chart, here's the dow up 2.67 percent.

Here is the NASDAQ going in the opposite direction down 1.5%.

So what's going on?

This is sector rotation, the lifeblood of the market, we are getting away from that concentration that we had.

So the mag seven not doing that well recently, but the S and P 493 really stepping up here.

And we can see some of these new sectors that have really just shown a lot of strength recently, even boring staples.

Let me just show you what happened to consumer staples recently.

This is a three year chart and it is just now breaking out of this high.

We had a record high uh I believe only yesterday.

And then you take a look at what's happening industrials, another break to the upside there.

You can take a look at health care, which is down today, but that also broke out.

So we have a lot of exciting things to think about here.

But uh definitely over the last few days, what is not work?

Well, it's working today.

These are the chip stocks, but let me just show you the five day total here and you can see a vastly different picture.

So, uh even though we're seeing this zigzag action, that effect on the market is it reduces volatility.

And we also have a trending dollar that's going to the downside.

That is a tailwind for equities.

There's really not a lot standing in the way right now outside of a surprise.

And so I think, you know, we're looking at earnings and then also the fed next week.

So we'll see what happens.

We'll see what happens, Jared.

Great stuff.

Thanks.