Opening Comment — Monday, September 28, 2026
DJIA: 51,828.62, up 478.64
S&P 500: 7,743.41, up 39.28
NASDAQ: 27,068.72, up 129.35
Stocks lower to start off week
Stock futures are lower Monday morning ahead of today’s slew of Federal Reserve (Fed) commentary and as hopes for a de-escalation of the U.S.-Iran conflict and a reopening of the Strait of Hormuz continue to fade. Midweek, the focus will be on Wednesday’s August personal income and spending data, along with the Personal Consumption Expenditures (PCE) Deflator, the Fed’s preferred inflation gauge. Attention will then shift to Thursday’s September manufacturing purchasing managers’ index from the Institute for Supply Management and Friday’s September employment report. As of 7:23 AM ET, the Dow and the S&P 500 Index are both decreasing 0.5%. The Nasdaq 100 is falling 0.9% relative to fair value on the GLOBEX.
U.S. equities were higher on Friday following a trade understanding between the U.S. and China to cut tariffs on imports valued at $30 billion in each country. The preliminary reading of August’s durable goods orders showed little change month-over-month, defying expectations for a decline. Meanwhile, the finalized September reading of consumer sentiment from the University of Michigan came in at 48.1, slightly above the preliminary reading of 47.8. The Dow was up 0.9%, while the tech-heavy Nasdaq Composite rose 0.5%. The S&P 500 increased 0.5% with eight of 11 sectors finishing in positive territory. The Information Technology sector was the top performer, rising 1.0%, while the Energy sector was the bottom performer, falling 0.9%.
On the data front, the Dallas Fed’s Texas Manufacturing Outlook Survey for September will be released, with the general business activity index expected to come in at 7.8, down from the prior month’s 11.6.
Across the pond, European stocks are mixed in mid-day trading as investors look ahead to this week's September inflation data across Europe.
Overnight in Asia, stocks were mixed as Japan's August services producer price index (PPI) showed a higher-than-expected increase of 3.7% year-over-year (YOY). China’s industrial profit growth moderated in August, with year-to-date industrial profits easing to 15.7% YOY.
In FOREX trading, the U.S. dollar is higher ahead of this week’s major economic releases, including updates on both U.S. inflation and employment.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 4.2% higher at $96.28/barrel and Brent crude oil is up 4.1% at $108.55/barrel.
In the metals complex, gold is 3.0% lower at $4,155.42/ounce following a strengthening U.S. dollar.