Opening Comment — Thursday, November 13, 2025
DJIA: 48,254.82, up 326.86
S&P 500: 6,850.92, up 4.31
NASDAQ: 23,406.46, down 61.84
Stocks lower as government shutdown ends
Stock futures are lower Thursday morning after U.S. President Donald Trump signed the stopgap funding bill late Wednesday to end the longest U.S. government shutdown. As of 7:18 AM ET, the Dow is decreasing 0.1%, while the S&P 500 is down 0.2%. The Nasdaq 100 is also falling 0.2% relative to fair value on the GLOBEX.
U.S. equities were mixed on Wednesday as investors awaited the end to the government shutdown. The Dow was up 0.7% and reached a new record closing level of 48254.82, while the tech-heavy Nasdaq Composite fell 0.3%. The S&P 500 increased 0.1% with six of 11 sectors finishing in positive territory. The Health Care sector was the top performer, rising 1.4%, while the Energy sector was the bottom performer, falling 1.4%.
On the data front, the Department of Energy’s measure of crude oil inventories is expected to have increased by 1.50 million barrels for the week ending November 7 versus the prior week’s increase of 5.20 million barrels. The U.S. budget deficit for October is expected to widen to $238.6 billion from the prior month’s $257.5 billion. Data on initial and continuing jobless claims may be delayed due to the government shutdown, while the October Consumer Price Index report will be delayed or potentially skipped following the lack of data collection during the shutdown.
Across the pond, European stocks are mixed in mid-day as the U.K.’s preliminary reading of third-quarter gross domestic product (GDP) showed growth of 0.1% quarter-over-quarter (QOQ) and 1.3% year-over-year (YOY). The country’s preliminary third-quarter exports and imports both unexpectedly declined QOQ. The British September industrial production and manufacturing production decreased by 2.0% and 1.7% month-over month (MOM), respectively. Meanwhile, the country’s trade deficit came in lower than expected in September. The eurozone’s industrial production for September registered smaller-than-expected increases of 0.2% MOM and 1.2% YOY.
Overnight in Asia, stocks were mostly higher as Japan’s Producer Price Index (PPI) for October grew 0.4% MOM and 2.7% YOY. Australia’s employment change came in higher than projected for October while the unemployment rate fell to 4.3% and the labor force participation rate remained steady at 67.0%.
In FOREX trading, the U.S. dollar is lower after the U.S. government shutdown ended.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.6% higher at $58.85/barrel despite an expected increase in U.S. crude oil inventories.
In the metals complex, gold is 0.9% higher at $4,232.04/ounce following a weakening dollar.