Opening Comment — Friday, November 14, 2025
DJIA: 47,457.22, down 797.60
S&P 500: 6,737.49, down 113.43
NASDAQ: 22,870.36, down 536.10
Stocks lower to end out week
Stock futures are lower Friday morning as investors look ahead to next week’s preliminary November purchasing managers’ indexes and the gradual release of backlogged economic data following the resolution of the government shutdown. As of 7:15 AM ET, the Dow is decreasing 0.6%, while the S&P 500 is down 0.9%. The Nasdaq 100 is falling 1.4% relative to fair value on the GLOBEX.
U.S. equities were lower on Thursday following U.S. President Donald Trump signing the stopgap funding bill late Wednesday to end the longest U.S. government shutdown. The Dow was down 1.7%, while the tech-heavy Nasdaq Composite fell 2.3%. The S&P 500 decreased 1.7% with 10 of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 0.3%, while the Consumer Discretionary 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 50-day and 200-day moving averages (6699 and 6145, respectively). Resistance might be found at the recent high of 6920.
On the data front, the release of several economic reports scheduled for today, including October’s retail sales and Producer Price Index, along with September’s business inventories, may be delayed due to the government shutdown.
Across the pond, European stocks are lower in mid-day trading as the second reading of third-quarter eurozone Gross Domestic Product held steady at 0.2% quarter-over-quarter (QOQ), while the year-over-year (YOY) growth was revised higher to 1.4%. The block’s trade surplus widened in September. Meanwhile, France's finalized October Consumer Price Index was revised lower to a 0.9% YOY increase, while holding unchanged at 0.1% month-over-month (MOM).
Overnight in Asia, stocks were mostly lower as China’s retail sales registered a greater-than-expected increase of 2.9% YOY in October, while the country’s industrial production grew 4.9% YOY, less-than-forecasted. Japan’s Tertiary (services) Industry Index showed an increase of 0.3% MOM in September, compared to prior month’s revised 0.1% increase.
In FOREX trading, the U.S. dollar is higher as markets reevaluate the Fed’s monetary policy path.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 2.4% higher at $60.09/barrel despite yesterday’s greater-than-expected increase in reported crude oil inventories.
In the metals complex, gold is 0.8% lower at $4,138.51/ounce following a strengthening U.S. dollar.