Opening Comment — Friday, November 21, 2025
DJIA: 45,752.26, down 386.51
S&P 500: 6,538.76, down 103.40
NASDAQ: 22,078.05, down 486.18
Stocks mixed ahead of PMI data
Stock futures are mixed Friday morning as investors are awaiting today’s release of preliminary November purchasing managers’ indexes (PMIs) from S&P Global and finalized consumer sentiment data from the University of Michigan. As of 7:17 AM ET, the Dow is rising 0.1%, while the S&P 500 is down 0.2%. The Nasdaq 100 is falling 0.5% relative to fair value on the GLOBEX.
U.S. equities were lower on Thursday as September saw non-farm payrolls increase by 119,000, above expectations, following the prior month’s revised figures declining by 4,000. Meanwhile, both the unemployment rate and labor force participation rate ticked up to 4.4% and 62.4%, respectively. Existing home sales for October came in higher than expected, while initial jobless claims declined and continuing claims increased. The Dow was down 0.8%, while the tech-heavy Nasdaq Composite fell 2.2%. The S&P 500 decreased 1.6% with 10 of 11 sectors finishing in negative territory. The Consumer Staples sector was the top performer, rising 1.1%, while the Information Technology sector was the bottom performer, falling 2.7%.
Technical Analysis
As of midday Thursday, the S&P 500 Index is still in an uptrend. Support should be found at the 200-day moving average (6161). Resistance should be found at the 50-day moving average (6713).
On the data front, the preliminary reading of S&P Global’s composite PMI for November is expected to come in at 54.5 versus the prior month’s 54.6, with the manufacturing and services PMIs forecasted at 52.0 and 54.6, respectively, compared to the prior month’s 52.5 and 54.8, respectively. The finalized November reading of consumer sentiment from the University of Michigan is expected to come in at 50.6 versus the initial reading of 50.3, while one-year and 5-10-year inflation expectations are expected to come in at 4.7% and 3.6%, respectively, similar to the initial readings. The finalized August wholesale inventories report is scheduled for release today. The Federal Reserve Bank of Kansas City will release their Services Survey for November.
Across the pond, European stocks are lower in mid-day trading as British retail sales registered a greater-than-expected decrease of 1.1% month-over-month (MOM). France’s manufacturing confidence fell in November and the country’s October retail sales declined by 0.7% year-over-year (YOY). The eurozone’s preliminary November manufacturing PMI unexpectedly fell to 49.7, while the services PMI climbed to 53.1, defying expectations of a decline. Meanwhile, the U.K.’s preliminary manufacturing PMI unexpectedly rose to 50.2 in November, while the services PMI fell more than anticipated to 50.5.
Overnight in Asia, stocks were lower as South Korea’s Producer Price Index accelerated to 1.5% YOY in October. Japan’s national Consumer Price Index accelerated as expected in October, with the headline and core readings rising to 3.0% YOY and 3.1% YOY, respectively. The country’s October trade deficit unexpectedly narrowed following a greater-than-expected increase in exports and an unexpected increase in imports. The Japanese preliminary manufacturing PMI for November rose but remained in contractionary territory, while the composite and services PMIs held firm in expansionary territory. Australia’s preliminary November services and composite PMIs rose further into expansionary territory, while the manufacturing PMI shifted into expansionary territory.
In FOREX trading, the dollar is slightly higher ahead of today’s U.S. PMI data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 1.8% lower at $57.93/barrel as the U.S. advocated for a peace agreement between Russia and Ukraine.
In the metals complex, gold is 1.1% lower at $4,032.46/ounce following a strengthening dollar.