Opening Comment — Wednesday, April 01, 2026
DJIA: 46,341.51, up 1,125.37
S&P 500: 6,528.52, up 184.80
NASDAQ: 21,590.63, up 795.99
Stocks higher ahead of PMI data
Stock futures are higher Wednesday morning ahead of today’s data releases, including the March manufacturing purchasing managers’ index (PMI) from the Institute for Supply Management (ISM), March ADP Employment Report, and February retail sales. Investors are also continuing to assess developments in the Iran war. As of 7:20 AM ET, the Dow is rising 0.7%, while the S&P 500 is up 0.8%. The Nasdaq 100 is increasing 1.0% relative to fair value on the GLOBEX.
U.S. equities were higher on Tuesday as hopes for a resolution to the Iran war grew. Meanwhile, consumer confidence picked up unexpectedly in March and the February Job Openings and Labor Turnover Survey (JOLTS) showed job openings falling to 6.88 million from an upwardly revised 7.24 million in January. The Dow was up 2.5%, while the tech-heavy Nasdaq Composite rose 3.8%. The S&P 500 increased 2.9% with nine of 11 sectors finishing in positive territory. The Communication Services sector was the top performer, rising 4.4%, while the Energy sector was the bottom performer, falling 1.1%.
On the data front, the Mortgage Bankers Association’s gauge of mortgage applications decreased by 10.4% for the week ending March 27 versus the prior week’s decrease of 10.5%. The ADP Employment Report for March is expected to show private nonfarm job gains of 40,000, versus the prior month’s 63,000. Retail sales are expected to have risen 0.5% month-over-month (MOM) in February versus the prior month’s decrease of 0.2%, while retail sales excluding autos are forecasted to have risen 0.3% MOM versus the prior month’s little change. The finalized reading of S&P Global’s manufacturing PMI for March is expected to come in at 52.4, unchanged from the initial reading. ISM’s manufacturing PMI and prices paid component for March are expected to come in at 52.3 and 74.0, respectively, versus the prior month’s reading of 52.4 and 70.5, respectively. Business inventories are expected to show little change MOM in January compared to the prior month’s increase of 0.1%. The Department of Energy’s measure of crude oil inventories is expected to have increased by 2.00 million barrels for the week ending March 27 versus the prior week’s increase of 6.93 million barrels.
Across the pond, European stocks are higher in mid-day trading as the unemployment rate of the eurozone ticked up to 6.2% in February. March's finalized manufacturing PMI for the eurozone and Germany were revised higher, coming in at 51.6 and 52.2, respectively, while the readings for the U.K. and France were revised lower to 51.0 and 50.0, respectively.
Overnight in Asia, stocks were higher as China’s private manufacturing PMI edged down to 50.8 in March. Japan’s first quarter Tankan survey showed an improvement in the Large Manufacturing Index despite a decline in the manufacturing outlook, while the Large Non Manufacturing Index held steady versus the prior quarter’s upwardly revised reading and the non manufacturing outlook improved. Meanwhile, South Korea’s trade surplus widened more than forecasted in March, following imports registering a smaller-than-expected increase and exports rising more than projected. South Korea’s S&P Global manufacturing PMI rose to 52.6. Australia’s building approvals increased by 29.7% MOM in February.
In FOREX trading, the U.S. dollar is lower ahead of today’s U.S. PMI data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 1.8% lower at $99.52/barrel ahead of today’s expected increase in reported U.S. crude oil inventories.
In the metals complex, gold is 1.4% higher at $4,733.18/ounce following a weakening U.S. dollar.