Opening Comment — Monday, June 29, 2026
DJIA: 51,876.11, down 44.51
S&P 500: 7,354.02, down 3.47
NASDAQ: 25,297.62, down 60.98
Stocks higher to start off week
Stock futures are higher Monday morning ahead of today’s economic data from the Federal Reserve (Fed) bank of Dallas. Investors are also turning their attention to this week’s economic data, including June’s Institute for Supply Management (ISM) manufacturing purchasing managers’ index and jobs report, due on Wednesday and Thursday, respectively. As of 7:47 AM ET, the Dow is rising 0.5%, while the S&P 500 is up 0.9%. The Nasdaq 100 is increasing 1.2% relative to fair value on the GLOBEX.
U.S. equities were lower on Friday as the advance goods trade deficit widened more than expected in May, reaching $105.8 billion, while the preliminary estimate for wholesale inventories showed a smaller-than-expected month-over-month (MOM) increase of 0.3%, following upward revisions to the prior month’s data. Meanwhile, retail sales exceeded projections in May, rising 0.6% MOM. The finalized reading of June consumer sentiment from the University of Michigan was revised higher to 49.5, while the one-year inflation expectation held steady at 4.6% and the 5–10-year inflation expectation was revised lower to 3.3%. The Dow was down 0.1%, while the tech-heavy Nasdaq Composite fell 0.2%. The S&P 500 decreased 0.1% with five of 11 sectors finishing in negative territory. The Health Care sector was the top performer, rising 3.2%, while the Industrials sector was the bottom performer, falling 1.5%.
On the data front, the Dallas Fed’s Texas Manufacturing Outlook Survey for June will be released, with the general business activity index expected to come in at 1.0, up from the prior month’s 0.4.
Across the pond, European stocks are mixed in mid-day trading as the U.K.’s mortgage approvals fell more than expected in May. Meanwhile, the eurozone’s finalized reading of consumer confidence index for June came in at a negative 17.7, unchanged from the initial reading. The eurozone’s M3 money supply rose more than expected in May, increasing 3.2% year-over-year (YOY), while the U.K.’s M4 expanded 4.3% YOY.
Overnight in Asia, stocks were mostly higher as China’s industrial profits increased 21.1% YOY in May versus prior month’s increase of 24.7% YOY. Japan’s retail sales for May unexpectedly rose 1.9% MOM and registered a stronger-than-expected increase of 5.3% YOY.
In FOREX trading, the U.S. dollar is slightly lower as investors await this Friday’s key U.S. jobs report for June.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 1.0% higher at $69.91/barrel.
In the metals complex, gold is 1.2% lower at $4,038.18/ounce despite a weakening U.S. dollar.