Opening Comment — Tuesday, November 03, 2026
DJIA: 51,983.98, up 213.67
S&P 500: 7,541.40, down 38.67
NASDAQ: 25,164.36, down 272.64
Stocks mixed ahead of election day
Stock futures are mixed Tuesday morning ahead of today’s U.S. midterm elections. Investors are digesting the latest mega-cap tech earnings and also awaiting today’s economic releases, including September’s factory orders and the Job Openings and Labor Turnover Survey (JOLTS). As of 7:17 AM ET, the Dow is decreasing 0.9%, while the S&P 500 is down 0.2%. The Nasdaq 100 is increasing 0.1% relative to fair value on the GLOBEX.
U.S. equities were mixed on Monday as the Institute for Supply Management’s manufacturing purchasing managers’ index (PMI) unexpectedly rose to 55.5, while the prices paid component fell more than expected to 75.2 in October. Meanwhile, S&P Global’s finalized manufacturing PMI for October was revised down to 54.9 from the preliminary reading of 56.0. September’s construction spending unexpectedly declined 1.9% month-over-month (MOM). The Dow was up 0.4%, while the tech-heavy Nasdaq Composite fell 1.1%. The S&P 500 decreased 0.5% with four of 11 sectors finishing in negative territory. The Consumer Discretionary sector was the top performer, rising 2.3%, while the Energy sector was the bottom performer, falling 4.0%.
On the data front, the September JOLTS is forecasted to show job openings at 7.164 million, slightly up from the prior month’s 7.097 million. Factory orders for September are expected to have increased 1.2% MOM versus the prior month’s increase of 0.1%, while September’s finalized durable goods orders are expected to show a 1.8% MOM increase, unchanged from the preliminary reading.
Across the pond, European stocks are lower in mid-day trading as France’s budget deficit narrowed to €159.2 ($178.0) billion in September from €159.6 ($178.4) billion previously. Several European Central Bank (ECB) officials are also scheduled to speak today, keeping investors focused on potential signals regarding the monetary policy outlook.
Overnight in Asia, stocks were mixed as South Korea’s October Consumer Price Index (CPI) increased by a less-than-expected 0.2% MOM, while headline CPI eased to 2.8% year-over-year (YOY), matching expectations. Meanwhile, core CPI held steady at 2.8% YOY, exceeding forecasts. The Reserve Bank of Australia (RBA) raised its cash rate target to 4.85% from 4.60%, in line with expectations.
In FOREX trading, the U.S. dollar is slightly higher ahead of today’s U.S. midterm elections.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 2.1% higher at $98.52/barrel and Brent crude oil is up 1.7% at $106.51/barrel following the recent U.S. strikes on Iran.
In the metals complex, gold is 1.0% lower at $3,905.61/ounce following a strengthening U.S. dollar.