Opening Comment — Monday, July 20, 2026
DJIA: 52,146.42, down 406.55
S&P 500: 7,457.69, down 76.08
NASDAQ: 25,520.24, down 361.71
Stocks higher to start off week
Stock futures are higher Monday morning amid further developments in the U.S.-Iran conflict. Looking ahead, investors will closely monitor S&P Global’s preliminary July manufacturing and services purchasing managers’ index data scheduled for release on Friday. As of 7:15 AM ET, the Dow is rising 0.2%, while the S&P 500 is up 0.4%. The Nasdaq 100 is increasing 0.8% relative to fair value on the GLOBEX.
U.S. equities were lower on Friday as the University of Michigan’s preliminary consumer sentiment index for July increased more than anticipated and short-term inflation expectations eased. Import prices unexpectedly rose, while export prices fell less than anticipated. Industrial production showed a weaker-than-expected increase in June. Meanwhile, housing starts increased more than expected in June and preliminary building permits fell short of projections. The Dow was down 0.8%, while the tech-heavy Nasdaq Composite fell 1.4%. The S&P 500 decreased 1.0% with 10 of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 1.2%, while the Communication Services sector was the bottom performer, falling 2.4%.
On the data front, the Leading Index for June is forecasted to show a decline of 0.1%, versus the prior month’s increase of 0.1%.
Across the pond, European stocks are mostly lower in mid-day trading as Andy Burnham officially became the U.K.’s prime minister. Germany’s June Producer Price Index fell 0.3% month-over-month (MOM) and rose 1.8% year-over-year (YOY), both in line with expectations. The eurozone’s construction output increased by 0.4% MOM and 1.2% YOY in May.
Overnight in Asia, stocks were mostly lower as China’s one- and five-year loan prime rates were left unchanged at 3.00% and 3.50%, respectively.
In FOREX trading, the U.S. dollar is little changed ahead as markets await updates on U.S. tariffs, with the 10% universal levy set to expire Friday.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.2% lower at $82.35/barrel.
In the metals complex, gold is 0.1% higher at $4,022.89/ounce.