Opening Comment — Friday, March 20, 2026
DJIA: 46,021.43, down 203.72
S&P 500: 6,606.49, down 18.21
NASDAQ: 22,090.69, down 61.73
Stocks lower to end out week
Stock futures are lower Friday morning amid escalating tensions in the Middle East following strikes on energy facilities. Investors are also looking forward to next week’s preliminary reading of March purchasing managers’ indexes (PMIs) from S&P Global on Tuesday. As of 7:15 AM ET, the Dow is decreasing 0.3%, while the S&P 500 is down 0.4%. The Nasdaq 100 is falling 0.5% relative to fair value on the GLOBEX.
U.S. equities were lower on Thursday as initial jobless claims fell and continuing claims for the week prior picked up. The Leading Index declined in line with expectations in January, while new home sales declined more than expected, falling by 17.6% to an annualized rate of 587,000 in January after the prior month’s data was revised lower. The Dow was down 0.4%, while the tech-heavy Nasdaq Composite fell 0.3%. The S&P 500 decreased 0.3% with eight of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 1.5%, while the Materials sector was the bottom performer, falling 1.6%.
Technical Analysis
As of midday Thursday, the S&P 500 Index is still in an uptrend, with resistance at the 50 day moving average (6,866), while support is at the 200 day moving average (6,619), followed by 6,500.
Across the pond, European stocks are mixed in mid-day trading as the U.K. public sector net borrowing excluding public sector banks reached £14.3 billion ($19.1 billion) in February. Germany’s February Producer Price Index (PPI) unexpectedly declined, with prices falling 0.5% month-over-month and showing deeper than expected deflation of 3.3% year-over-year (YOY). Meanwhile, France’s retail sales fell 0.4% YOY in February. The eurozone’s trade and current account surpluses widened in January.
Overnight in Asia, stocks were mostly lower as China’s one- and five-year loan prime rates for March were left unchanged at 3.00% and 3.50%, respectively.
In FOREX trading, the U.S. dollar is higher as investors digest this week’s central bank decisions and Iran War developments.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.3% higher at $96.47/barrel.
In the metals complex, gold is 0.2% lower at $4,638.73/ounce following a strengthening U.S. dollar.