Opening Comment — Friday, November 07, 2025
DJIA: 46,912.30, down 398.70
S&P 500: 6,720.32, down 75.97
NASDAQ: 23,053.99, down 445.81
Stocks lower ahead of consumer sentiment
Stock futures are lower Friday morning ahead of today’s economic releases, including consumer sentiment and consumer credit data. As of 7:17 AM ET, the Dow and the S&P 500 Index are both decreasing 0.2%. The Nasdaq 100 is falling 0.3% relative to fair value on the GLOBEX.
U.S. equities were lower on Thursday as the Challenger Report showed U.S.-based employers announced more than 150,000 job cuts in October, the most for the month in over 20 years. The Dow was down 0.8%, while the tech-heavy Nasdaq Composite fell 1.9%. The S&P 500 decreased 1.1% with nine of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 0.9%, while the Consumer Discretionary sector was the bottom performer, falling 2.5%.
Technical Analysis
As of midday Thursday, the S&P 500 Index is still in an uptrend. Support should be found at the 50-day and 200-day moving averages (6666 and 6127, respectively). Resistance might be found at the recent high (6891).
On the data front, the University of Michigan’s preliminary November reading of consumer sentiment is forecasted to come in at 53.0, lower than the prior month’s 53.6. The one-year and five- to ten-year inflation expectations for November from the University of Michigan are expected to come in at 4.6% and 3.8%, respectively, compared to the prior month’s 4.6% and 3.9%, respectively. The New York Fed will release their October Survey of Consumer Expectations, including a measure of inflation expectations. Consumer credit is expected to have expanded by $10.23 billion in September, significantly more than the prior month’s increase of $0.36 billion. The October jobs report scheduled for release today will be delayed as the government shutdown continues.
Across the pond, European stocks are lower in mid-day trading as Germany’s trade surplus narrowed more than expected in September following greater-than-expected increases in both exports and imports. Meanwhile, France recorded a wider trade deficit in September.
Overnight in Asia, stocks were mostly lower as China’s trade surplus slightly narrowed in October following a decline in exports and increase in imports. Meanwhile, Japan’s household spending rose 1.8% year-over-year in September, falling short of expectations.
In FOREX trading, the U.S. dollar is slightly lower as markets continue evaluating the likelihood of further rate by global central banks.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 1.0% higher at $60.02/barrel.
In the metals complex, gold is 0.6% higher at $4,001.90/ounce following a weakening U.S. dollar.
This content includes material generated with the assistance of artificial intelligence.