Opening Comment — Monday, March 09, 2026
DJIA: 47,501.55, down 453.19
S&P 500: 6,740.02, down 90.69
NASDAQ: 22,387.68, down 361.31
Stocks lower following Iran War developments
Stock futures are lower Monday morning as markets continue to assess developments in the Iran War, with oil prices rising significantly over the weekend. Investors are also awaiting this week’s economic data, including February’s Consumer Price Index (CPI) on Wednesday, along with January’s personal income, personal spending, and Personal Consumption Expenditures (PCE) deflator figures, due Friday. As of 7:18 AM ET, the Dow and the S&P 500 Index are both decreasing 1.2%. The Nasdaq 100 is also falling 1.2% relative to fair value on the GLOBEX.
U.S. equities were lower on Friday as nonfarm payrolls unexpectedly fell by 92,000 in February and the figures for the prior two months were revised downward by a net 69,000. The unemployment rate edged up to 4.4%, while the labor force participation rate slipped to 62.0%. Meanwhile, retail sales posted a smaller decline than anticipated in January. The Dow was down 1.0%, while the tech-heavy Nasdaq Composite fell 1.6%. The S&P 500 decreased 1.3% with nine of 11 sectors finishing in negative territory. The Consumer Staples sector was the top performer, rising 0.3%, while the Consumer Discretionary sector was the bottom performer, falling 2.0%.
On the data front, the Federal Reserve Bank of New York will release their February Survey of Consumer Expectations, including a measure of inflation expectations.
Across the pond, European stocks are lower in mid-day trading as German factory orders fell more sharply than expected in January, dropping 11.1% month over month (MOM) and rising a smaller than anticipated 3.7% year over year (YOY). The country’s January industrial production unexpectedly declined in January, falling 0.5% MOM and registering a larger than expected 1.2% YOY drop. The Sentix Investor Confidence Index for the Eurozone saw a sharper-than-expected decline in March, dropping to negative 3.1 from positive 4.2 in February.
Overnight in Asia, stocks were lower as China’s February CPI rose a more-than-expected 1.3% YOY, while the Producer Price Index (PPI) declined less than anticipated, falling 0.9% YOY. Japan’s labor cash earnings showed a greater-than-forecasted increase of 3.0% YOY in January, while the country’s preliminary January Leading Index increased slightly. The country reported a smaller than expected trade deficit on a balance-of-payments basis for January.
In FOREX trading, the U.S. dollar is higher following global energy and growth concerns.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 12.9% higher at $102.64/barrel amid disruptions to oil production and shipping.
In the metals complex, gold is 1.5% lower at $5,094.43/ounce following a strengthening U.S. dollar.