Opening Comment — Tuesday, June 23, 2026
DJIA: 51,712.71, up 148.01
S&P 500: 7,472.79, down 27.79
NASDAQ: 26,166.60, down 351.33
Stocks lower ahead of PMI data
Stock futures are lower Tuesday morning following declines in technology-related stocks and ahead of today’s preliminary June Purchasing Managers’ Indexes (PMIs), along with economic measures from the Richmond and Philadelphia Federal Reserve (Fed) banks. As of 7:16 AM ET, the Dow is decreasing 0.5%, while the S&P 500 is down 1.3%. The Nasdaq 100 is falling 2.7% relative to fair value on the GLOBEX.
U.S. equities were mixed on Monday following progress in negotiations between the United States and Iran, after the U.S. temporarily lifted major sanctions on Iran. The Dow was up 0.3%, while the tech-heavy Nasdaq Composite fell 1.3%. The S&P 500 decreased 0.4% with four of 11 sectors finishing in negative territory. The Real Estate sector was the top performer, rising 1.4%, while the Communication Services sector was the bottom performer, falling 3.8%.
On the data front, the Philadelphia Fed’s Nonmanufacturing Business Outlook Survey for June will be released today, with the diffusion index of current general activity forecasted to improve to negative 16.0 from the prior month’s negative 23.6. The preliminary reading of S&P Global’s composite PMI for June is expected to come in at 52.1 versus the prior month’s 51.5, with the manufacturing and services PMIs forecasted at 54.6 and 51.1, respectively, compared to the prior month’s 55.1 and 50.7, respectively. The Richmond Fed’s June Fifth District Survey of Manufacturing Activity will be released today, with the headline composite manufacturing index expected to decline to 8 from the prior month’s 13. The Richmond Fed’s June Fifth District Survey of Non-Manufacturing Activity will also be released today, with the local business conditions index expected to improve to 2 from the prior month’s 0.
Across the pond, European stocks are lower in mid-day trading as June’s preliminary manufacturing PMIs for Germany, France, the U.K., and the eurozone came in at 50.0, 50.7, 53.1, and 51.3, while the services PMIs remained in contraction, with readings of 46.8, 47.4, 48.7, and 48.9, respectively. Meanwhile, France’s manufacturing confidence declined in June.
Overnight in Asia, stocks were mostly lower as Japan’s preliminary June manufacturing, services, and composite PMIs strengthened, coming in at 54.9, 51.8, and 52.5, respectively. Meanwhile, Australia’s services and composite PMIs for June improved but stayed in contraction at 49.9 and 49.8, while the manufacturing reading rose to 51.2. South Korea’s consumer confidence increased in June.
In FOREX trading, the U.S. dollar is higher ahead of today’s U.S. PMI data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.1% lower at $73.76/barrel.
In the metals complex, gold is 1.6% lower at $4,122.46/ounce following a strengthening U.S. dollar.