Opening Comment — Wednesday, October 15, 2025
DJIA: 46,270.46, up 202.88
S&P 500: 6,644.31, down 10.41
NASDAQ: 22,521.70, down 172.91
Stocks lower ahead of Beige Book
Stock futures are higher Wednesday morning as the U.S.-China trade negotiations remain active ahead of the November deadline, with both sides escalating tariffs and export controls but signaling openness to dialogue. Investors are looking forward to today’s Empire State Manufacturing Survey and the Federal Reserve‘s (Fed’s) Beige Book survey of regional economic conditions. As of 7:14 AM ET, the Dow is rising 0.4%, while the S&P 500 is up 0.6%. The Nasdaq 100 is increasing 0.8% relative to fair value on the GLOBEX.
U.S. equities were mixed on Tuesday as Fed Chair Powell signaled a likely pause in balance sheet runoff to support market liquidity, pointed to softening labor data that could lead to a rate cut, and reaffirmed the effectiveness of interest on bank reserves as a policy tool. The Dow was up 0.4%, while the tech-heavy Nasdaq Composite fell 0.8%. The S&P 500 decreased 0.2% with three of 11 sectors finishing in negative territory. The Consumer Staples sector was the top performer, rising 1.7%, while the Information Technology sector was the bottom performer, falling 1.6%.
On the data front, the Mortgage Bankers Association’s gauge of mortgage applications decreased by 1.8% for the week ending October 10 versus the prior week’s decrease of 4.7%. The New York Fed will release October’s Empire State Manufacturing Survey, with the headline general business conditions index expected to come in at negative 1.8, up from the prior month’s negative 8.7. The September Consumer Price Index (CPI) previously scheduled for release today has been rescheduled for next Friday (October 24), while real earnings data scheduled for release today is likely to be delayed as the government shutdown continues.
Across the pond, European stocks are mostly higher in mid-day trading as the eurozone’s industrial production fell by 1.2% month-over-month (MOM) in August, a smaller decline than anticipated, while year-over-year (YOY) growth came in stronger-than-expected at 1.1%.
Overnight in Asia, stocks were higher as China’s CPI and Producer Price Index figures for September showed milder deflation, with prices declining by 0.3% and 2.3% YOY, respectively. Meanwhile, the Westpac Leading Index for Australia fell slightly in September. Japan’s capacity utilization declined by 2.3% MOM in August, while the country’s finalized August industrial production was revised lower, with output down 1.5% MOM and 1.6% YOY.
In FOREX trading, the dollar is lower ahead of today’s release of Fed’s Beige Book survey.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.1% lower at $58.64/barrel amid ongoing trade disputes between the United States and China.
In the metals complex, gold is reaching new highs this morning and is 1.3% higher at $4,198.26/ounce following a weakening dollar.
This content includes material generated with the assistance of artificial intelligence.