Opening Comment — Monday, October 19, 2026
DJIA: 52,002.41, down 175.28
S&P 500: 7,659.44, down 84.62
NASDAQ: 26,140.03, down 573.00
Stocks mixed to start off week
Stock futures are mixed Monday morning as artificial-intelligence- (AI-) related stocks recover from prior losses. Market participants are also awaiting today’s October homebuilder confidence and digesting U.S. President Donald Trump’s decision to waive several sanctions and tariffs tied to Russian exports. This week, investors will look ahead to S&P Global’s preliminary October Purchasing Managers’ Indexes (PMIs) and the University of Michigan’s finalized October consumer sentiment reading, both due Friday. As of 7:20 AM ET, the Dow is decreasing 0.2%, while the S&P 500 is up 0.5%. The Nasdaq 100 is increasing 1.1% relative to fair value on the GLOBEX.
U.S. equities were lower on Friday as technology stocks sold off following concerns surrounding AI investment. Import and export prices advanced more than anticipated, rising 1.1% and 2.2% month-over-month (MOM), respectively, in September. Import prices climbed 8.1% year-over-year (YOY), modestly below estimates, while export prices surged 11.6%, surpassing forecasts, following downward revisions to prior import price readings and upward revisions to prior export price readings. September’s industrial production increased 0.7% MOM and capacity utilization climbed to 76.9%, both surpassing expectations, following upward revisions to the prior month’s readings. The U.S. federal budget recorded a smaller-than-forecasted deficit in September. The Dow was down 0.3%, while the tech-heavy Nasdaq Composite fell 2.2%. The S&P 500 decreased 1.1% with five of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 2.5%, while the Information Technology sector was the bottom performer, falling 2.5%.
On the data front, the National Association of Home Builders’ Housing Market Index is forecasted to fall to 31 for October from the prior month’s 32.
Across the pond, European stocks are lower in mid-day trading as Rightmove’s House Price Index showed U.K. asking prices rising 1.0% MOM in October, accelerating from 0.7% in September.
Overnight in Asia, stocks were mixed as China’s third-quarter Gross Domestic Product (GDP) expanded by a more-than-anticipated 4.5% YOY. On a quarter-over-quarter basis, GDP grew 1.2%, exceeding expectations. September retail sales accelerated more than forecasted to 1.1% YOY, while industrial production rose 5.5% YOY, in line with expectations. Japan’s Tertiary (service) Industry Index declined by a less-than-forecasted 0.1% MOM in August.
In FOREX trading, the U.S. dollar is slightly higher ahead of global PMI data releases later this week.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.3% lower at $101.09/barrel and Brent crude oil is down 1.2% at $108.57/barrel amid the easing of U.S. sanctions on Russian supplies.
In the metals complex, gold is 0.1% higher at $4,170.40/ounce despite a strengthening U.S. dollar.