Opening Comment — Thursday, October 22, 2026
DJIA: 52,856.09, up 360.21
S&P 500: 7,757.17, up 44.60
NASDAQ: 26,702.86, up 278.04
Stocks lower after mega-cap earnings reports
Stock futures are lower Thursday morning as markets digest mega-cap earnings releases and heightened concerns surrounding the Middle East conflict. Investors are looking ahead to fresh unemployment claims and September’s Leading Index data. As of 7:27 AM ET, the Dow is decreasing 0.7%, while the S&P 500 is down 1.1%. The Nasdaq 100 is falling 1.8% relative to fair value on the GLOBEX.
U.S. equities were higher on Wednesday following artificial intelligence-related news. The Dow was up 0.7%, while the tech-heavy Nasdaq Composite rose 1.1%. The S&P 500 increased 0.6% with seven of 11 sectors finishing in positive territory. The Information Technology sector was the top performer, rising 1.6%, while the Communication Services sector was the bottom performer, falling 1.4%.
On the data front, initial jobless claims for the week ending October 17 are expected to come in at 200,000, higher than the prior week’s 199,000, while continuing claims for the week ending October 10 are expected to remain unchanged at 1.710 million. The Conference Board’s Leading Economic Index for September is forecasted to show a decline of 0.1%, similar to the prior month’s decrease. The Federal Reserve (Fed) Bank of Kansas City will release their Manufacturing Survey for October, with the composite index expected to come in at 12, down from the prior month’s 14.
Across the pond, European stocks are lower in mid-day trading as France’s October business and manufacturing confidence both unexpectedly exceeded expectations.
Overnight in Asia, stocks were lower following the Bank of Korea holding its base rate steady at 3.00%, in line with expectations. Japan’s finalized September machine tool orders rose 60.4% year-over-year (YOY), unchanged from the preliminary reading.
In FOREX trading, the U.S. dollar is slightly lower as investors await U.S. unemployment claims data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 2.2% higher at $99.31/barrel and Brent crude oil is up 2.8% at $111.86/barrel amidst escalating tensions in the Middle East.
In the metals complex, gold is 1.4% lower at $4,081.46/ounce despite a weakening U.S. dollar.