Opening Comment — Wednesday, June 10, 2026
DJIA: 50,872.11, up 86.10
S&P 500: 7,386.65, down 19.08
NASDAQ: 25,678.82, down 250.84
Stocks lower ahead of CPI data
Stock futures are lower Wednesday morning with markets evaluating comments from U.S. President Donald Trump about the potential for further action following overnight attacks between the U.S. and Iran. Investors are also looking forward to today’s release of May Consumer Price Index (CPI) and federal budget balance data. As of 7:27 AM ET, the Dow is decreasing 1.0%, while the S&P 500 is down 1.1%. The Nasdaq 100 is falling 1.5% relative to fair value on the GLOBEX.
U.S. equities were mixed on Tuesday as the U.S. trade deficit for April came in slightly less than expectations following stronger-than-expected increases in both exports and imports and as March’s numbers were revised to show a smaller deficit than initially reported. Existing home sales experienced a larger-than-expected increase in May to an annualized pace of 4.17 million. The Dow was up 0.2%, while the tech-heavy Nasdaq Composite fell 1.0%. The S&P 500 decreased 0.3% with two of 11 sectors finishing in negative territory. The Real Estate sector was the top performer, rising 2.1%, while the Information Technology sector was the bottom performer, falling 1.8%.
On the data front, the Mortgage Banker Association’s gauge of mortgage applications increased by 10.8% for the week ending June 5 versus the prior week’s decrease of 2.5%. The headline CPI for May is expected to show price increases of 0.5% month-over-month (MOM) and 4.2% year-over-year (YOY), versus the prior month’s increases of 0.6% and 3.8%, respectively. Meanwhile, core CPI is expected to show price increases of 0.3% MOM and 2.9% YOY, compared to the prior month’s increases of 0.4% and 2.8%, respectively. Data on May’s average hourly and weekly earnings is also scheduled for release. The Department of Energy’s measure of crude oil inventories is expected to have decreased by 2.20 million barrels for the week ending June 5 versus the prior week’s decrease of 7.97 million barrels. The U.S. federal budget balance for May is expected to show a deficit of $283.1 billion versus the prior month’s surplus of $215.0 billion.
Across the pond, European stocks are lower in mid-day trading ahead of tomorrow’s European Central Bank policy meeting, during which the central bank is broadly expected to deliver a 25-basis point (0.25%) increase in benchmark rates.
Overnight in Asia, stocks were mostly lower as China’s May Producer Price Index (PPI) accelerated to 3.9% YOY, matching expectations, alongside softer-than-projected headline and core CPI prints of 1.2% and 1.1% YOY, respectively. Meanwhile, Japan’s PPI eased less than expected to 0.9% MOM and accelerated more than forecast to 6.3% YOY in May.
In FOREX trading, the U.S. dollar is little changed ahead of today’s U.S. CPI data release.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.4% lower at $87.89/barrel.
In the metals complex, gold is 2.0% lower at $4,174.82/ounce.