Market check: Walmart warnings drags retail stocks down

This post was originally published on this site

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

Video Transcript

BRIAN SOZZI: And on that note, let’s go over to Yahoo Finance’s Ines Ferré over at the YFi Interactive. Ines.

INES FERRÉ: And speaking of the consumer, so a lot of the consumer facing stocks today are under pressure. You’re looking at consumer discretionary stocks that are losing the most right now. Also, you’ve got communications services that are lower.

Taking a look at the Dow, of course, a lot of this has to do with Walmart, which you guys have been talking about, down more than 8.5%. But check out what Walmart’s profit warning is doing to Amazon. That’s down more than 2.5%. And Amazon, by the way, will be reporting this week.

Also looking at the retail space, since we are talking about these retail stocks, I want to point out another one here. And that being Shopify down more than 15%, after the company announced that it was laying off about 10% of its global workforce. That’s about 1,000 workers. So we are seeing more tech-related layoffs happening.

And then also looking at the Chinese stocks. These are seeing some green. Alibaba up 2% after headlines that it’s seeking a primary listing in Hong Kong. And just want to mention what’s happening in the crypto-related stocks. We are looking at Coinbase down more than 12% after that SEC probe for its crypto listings, guys.

BRAD SMITH: [? Yahoo ?] Finance’s own Ines Ferré, thanks so much for tracking that all.