Stocks open week higher after Biden's 2024 election drop out

US equities (^DJI, ^IXIC, ^GSPC) open Monday's trading in positive territory after this past weekend's news that President Biden will be dropping out of the 2024 presidential election and endorsed Vice President Kamala Harris as the Democratic nominee.

Seana Smith, Madison Mills, and Jared Blikre take a peak at the major market averages and sector gains after this morning's opening bell.

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

Let's ring the opening bell on Wall Street and do a check of the markets as they mark a new trading week here.

You've got global ringing the bell at the NASDAQ.

You also have Greenbrier looks like at the, on the floor of the New York Stock Exchange.

Lots of optimism here.

We'll see whether or not it's able to turn around and some of that losing momentum that we saw play out in the markets earlier or last week, I should say.

Let's head over to Yahoo Jared B for a look at what's moving here this morning, Jared.

That's right, Shana.

Looking at a pretty bullish open, still waiting for that first NASDAQ print.

There it goes, NASDAQ up 1.1% and we're coming off of a pretty bad week for the S and P 500 on a relative basis.

Hadn't seen something that bad in a long time.

But you know what, on an absolute basis wasn't that much.

We've had what a 5 6% correction this year.

Uh I do want to focus on the small caps real quickly and we can see those are actually down about one third of a percent that might be left over from Friday.

Uh But uh the small caps are probably looking for direction here.

They had a nice break out and now they're coming back down.

And ideally you want to see that former breakout level act as support.

Now, when looking at sector action here, tech is in the driver seat XL K is the only out performer to the downside.

We have energy and this is kind of that dynamic where one of those has been leading and one of those has been lagging for some time.

And the resurgence in tech, maybe that's a start of a new trend here because we've seen tech underperform the rest of the market for some time.

But you take a look at the NASDAQ 100 that is a very bullish looking screen right there.

Quite the contrast from some of the looks that we had last week looking.

That's our, some of our leaders here.

We can see Chinese stocks K web that is in the pole position, that's up 3% followed by cannabis stocks, solar stocks, chip stocks and the mag seven.

What is not working today looks like gambling and regional banks taking a real quick look at regional banks here.

Uh We do see those under a bit of pressure.

Earnings are going to start rolling in for a lot of those uh this week.

So we'll be on the lookout for that.