Opening Comment — Tuesday, November 25, 2025
DJIA: 46,448.27, up 202.86
S&P 500: 6,705.12, up 102.13
NASDAQ: 22,872.01, up 598.93
Stocks lower ahead of myriad economic data
Stock futures are mostly lower Tuesday morning as investors are awaiting today’s key data releases, including September’s retail sales and Producer Price Index (PPI), along with October’s pending home sales and November consumer confidence. As of 7:17 AM ET, the Dow is decreasing 0.1%, while the S&P 500 is flat. The Nasdaq 100 is falling 0.1% relative to fair value on the GLOBEX.
U.S. equities were higher on Monday as the Federal Reserve (Fed) Bank of Dallas’s Texas Manufacturing Outlook Survey reported an unexpected decline in the general business activity index for November. The Dow was up 0.4%, while the tech-heavy Nasdaq Composite rose 2.7%. The S&P 500 increased 1.6% with nine of 11 sectors finishing in positive territory. The Communication Services sector was the top performer, rising 3.9%, while the Consumer Staples sector was the bottom performer, falling 1.3%.
On the data front, the Philadelphia Fed’s Nonmanufacturing Business Outlook Survey for November will be released today. Retail sales are expected to have risen 0.4% month-over-month (MOM) in September versus the prior month’s increase of 0.6%. The headline PPI for September is expected to show price increases of 0.3% MOM and 2.6% year-over-year (YOY) versus the prior month’s decrease of 0.1% and increase of 2.6%, respectively. The core PPI, which excludes volatile components like food and energy, is expected to show price increases of 0.2% MOM and 2.7% YOY versus the prior month’s decrease of 0.1% and increase of 2.8%, respectively. The Federal Housing Finance Agency’s House Price Index is expected to show an increase of 0.2% MOM in September, compared to the prior month’s 0.4% increase. The S&P Cotality Case-Shiller 20-City Home Price Index for September is expected to register increases of 0.10% MOM and 1.40% YOY, versus the prior month’s increases of 0.19% and 1.58%, respectively. Business inventories are expected to show little change in August, compared to the prior month’s increase of 0.2%. The Richmond Fed’s November Fifth District Survey of Manufacturing Activity will be released today, with the headline composite manufacturing index expected to decline to negative 5 from the prior month’s negative 4. The Conference Board’s reading of November consumer confidence is projected to come in at 93.3 versus the prior month’s 94.6. Pending home sales for October are expected to have increased 0.2% MOM and decreased 1.2% YOY, versus the prior month’s little change and increase of 1.5%, respectively. The Dallas Fed will release their Texas Service Sector Outlook Survey for November.
Across the pond, European stocks are mostly higher in mid-day trading as the finalized reading of Germany’s third-quarter gross domestic product still showed little change quarter-over-quarter and a 0.3% YOY increase. Meanwhile, France’s consumer confidence declined in November, defying expectations for no change.
Overnight in Asia, stocks were mixed as South Korea’s consumer confidence rose in November. Japan’s nationwide department store sales rose 4.3% YOY versus the prior month’s 1.4%.
In FOREX trading, the U.S. dollar is little changed ahead of today’s U.S. economic data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.5% lower at $58.53/barrel, partially reversing yesterday’s gains.
In the metals complex, gold is 0.1% lower at $4,133.26/ounce.