Stocks: Tech leads gains, home builders fall, Sherwin-Williams sinks

Yahoo Finance’s Ines Ferre joins the Live show to break down how stocks are moving in early trading.

Video Transcript

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- Now let's go over to Ines Ferre at the YFi Interactive. Ines?

INES FERRE: Yeah, Brian, in taking a look at the markets, we are seeing the NASDAQ, which is outperforming out of the major averages. And we're looking at technology on our YFi Interactive board. Communication services, consumer discretionary, those are the ones that are seeing gains. Those are the sectors that yesterday were losing.

Taking a look at the Dow, we're watching Microsoft, Salesforce, Boeing. Those are the leaders there. And over on the NASDAQ 100, the left-hand side of your screen, the mega caps, the tech names, those are the leaders. We're watching Microsoft up more than 4.5%, Alphabet up more than 5%. You've got Amazon which yesterday was in the red today up 3.5%.

I do want to take a look at the home builders because we have some pending home sales data that just came out. Month over month, pending home sales were down 8.6% in June. The expectation was a decline of 1%, so quite a bit more than expected.

Year over year, pending home sales were down 19.8%. The expectation was for them to be down 12%. So definitely those soaring mortgage rates impacting pending home sales. Also, mortgage applications fell last week 1.8%. The prior week it had fallen 6.3%.

I just want to point out a trending ticker since we're talking about home sales, et cetera. Sherwin-Williams, this is the paint maker. Now they service the professional industry, the do-it-yourself home industry as well for paint. A big miss for the quarter on the top and on the bottom line. The weak spots for them was Europe, Asia because of those China lockdowns, and also the do-it-yourself segment in North America, guys.

- Wow. All right. We're going to continue to keep a close eye on shares of Sherwin-Williams, as we know you will as well, Ines. Thanks so much for breaking all that down for us here this morning. Yahoo Finance's own Ines Ferre.