Opening Comment — Friday, May 22, 2026
DJIA: 50,285.66, up 276.31
S&P 500: 7,445.72, up 12.75
NASDAQ: 26,293.10, up 22.74
Stocks higher to end the week
Stock futures are higher Friday morning ahead of the holiday weekend as investors are awaiting the finalized May reading of consumer sentiment from the University of Michigan. Investors are also evaluating progress on the latest negotiations to end the Iran war and open the Strait of Hormuz. As of 7:18 AM ET, the Dow is rising 0.3%, while the S&P 500 is up 0.1%. The Nasdaq 100 is also increasing 0.1% relative to fair value on the GLOBEX.
U.S. equities were higher on Thursday as S&P Global’s preliminary May purchasing managers’ index (PMI) readings showed the manufacturing index rising to 55.3 and the services index falling to 50.9. Meanwhile, housing-market data came in better than expected, initial jobless claims declined, and continuing claims for the week prior came in below expectations. The Dow was up 0.6% and reached a new record closing level of 50285.66, while the tech-heavy Nasdaq Composite rose 0.1%. The S&P 500 increased 0.2% with eight of 11 sectors finishing in positive territory. The Utilities sector was the top performer, rising 1.0%, while the Consumer Staples sector was the bottom performer, falling 1.6%.
Technical Analysis:
As of midday Thursday, the trend for the S&P 500 remains higher. Resistance is at the recent high of 7,517, while support lies at the 50 day and 200 day moving averages of 6,971 and 6,802, respectively.
On the data front, the finalized May reading of consumer sentiment from the University of Michigan is expected to come in at 48.2, similar to preliminary reading, while one-year and 5-10-year inflation expectations are projected to come in at 4.6% and 3.4%, compared to the preliminary readings of 4.5% and 3.4%, respectively. The Federal Reserve Bank of Kansas City will release their Services Survey for May, with the composite index expected to come in at 5, up from the prior month’s 3.
Across the pond, European stocks are higher in mid-day trading as Germany’s Ifo Business Climate Index unexpectedly rose to 84.9 in May, while the country’s consumer confidence also improved unexpectedly. The finalized reading of Germany’s first-quarter gross domestic product was unchanged, showing growth of 0.3% quarter-over-quarter and 0.5% year-over-year (YOY). Meanwhile, the U.K.’s retail sales came in weaker than expected, falling 1.3% month-over-month in April and remaining largely unchanged on a YOY basis. France’s manufacturing confidence rose in May.
Overnight in Asia, stocks were higher as Japan’s national Consumer Price Index for April eased to 1.4% YOY for both the headline and core readings. South Korea’s consumer confidence index rose in May.
Forex trading, the U.S. dollar is slightly higher ahead of today’s update on U.S. consumer sentiment.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 2.0% higher at $98.29/barrel amid uncertainty surrounding the progress of U.S.–Iran peace talks.
In the metals complex, gold is 0.6% lower at $4,514.31/ounce following a strengthening U.S. dollar.