Opening Comment — Thursday, June 11, 2026
DJIA: 49,918.78, down 953.33
S&P 500: 7,266.99, down 119.66
NASDAQ: 25,169.50, down 509.32
Stocks higher ahead of PPI data
Stock futures are higher Thursday morning as investors assess the latest strikes between the U.S. and Iran, with more possible if a deal is not reached in the near term. Market participants will also be looking forward to Producer Price Index (PPI) data for May and fresh unemployment claims data. As of 7:15 AM ET, the Dow is rising 0.7%, while the S&P 500 is up 0.6%. The Nasdaq 100 is increasing 1.0% relative to fair value on the GLOBEX.
U.S. equities were lower on Wednesday as the headline Consumer Price Index (CPI) came in as expected for May, with inflation rising 0.5% month-over-month (MOM) and 4.2% year-over-year (YOY). Meanwhile, the core measure showed softer-than-expected increase of 0.2% MOM, while accelerating to 2.9% YOY. The U.S. federal budget deficit came in higher than forecasted in May. The Dow was down 1.9%, while the tech-heavy Nasdaq Composite fell 2.0%. The S&P 500 decreased 1.6% with eight of 11 sectors finishing in negative territory. The Consumer Staples sector was the top performer, rising 1.7%, while the Industrials sector was the bottom performer, falling 3.4%.
On the data front, initial jobless claims for the week ending June 6 are expected to come in at 220,000, lower than the prior week’s 225,000, while continuing claims are expected to come in at 1.79 million for the week ending May 30, up from the prior week’s 1.78 million. The headline PPI for May is expected to show price increases of 0.7% MOM and 6.4% YOY versus the prior month’s increases of 1.4% and 6.0%, respectively. The core PPI is expected to show price increases of 0.5% MOM and 5.4% YOY versus the prior month’s increases of 1.0% and 5.2%, respectively. The Federal Reserve’s measure of the household change in net worth for the first quarter is scheduled for release.
Across the pond, European stocks are higher in mid-day trading ahead of today’s European Central Bank (ECB) meeting, during which a 25-basis point (0.25%) rate hike is expected. The U.K.’s Royal Institute of Chartered Surveyors’ House Price Balance, which measures the sentiment of surveyors regarding house prices, held steady at -35% in May following a downwardly revised reading in the prior month.
Overnight in Asia, stocks were mixed as South Korea’s unemployment rate held steady at 2.8% in May. The country’s exports and imports through the first 10 days of June increased 85.9% and 35.6% YOY, respectively. Australian consumer inflation expectations eased marginally to 5.5% in June from the prior month’s 5.6%.
In FOREX trading, the U.S. dollar is higher ahead of today’s U.S. PPI data release.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.9% lower at $89.22/barrel, partially reversing yesterday’s rise.
In the metals complex, gold is 0.4% higher at $4,088.55/ounce despite a strengthening U.S. dollar.