Opening Comment — Friday, September 19, 2025
DJIA: 46,142.42, up 124.10
S&P 500: 6,631.96, up 31.61
NASDAQ: 22,470.72, up 209.39
Stocks flat to end out week
Stock futures are mostly unchanged Friday morning ahead of remarks from Federal Reserve (Fed) Governor Stephen Miran and San Francisco Fed President Mary Daly, both scheduled to speak later today. Next week, investors will be closely watching key data releases, including September’s Purchasing Managers’ Index (PMI), the third estimate of second-quarter gross domestic product, and the Personal Consumption Expenditures (PCE) Deflator. As of 7:02 AM ET, the Dow and the S&P 500 Index are both little changed. The Nasdaq 100 is increasing 0.1% relative to fair value on the GLOBEX.
U.S. equities were higher on Thursday as both initial and continuing jobless claims fell. The leading index posted a sharper-than-anticipated decline in August. Meanwhile, the Philadelphia Fed’s Manufacturing Business Outlook Survey showed the diffusion index for current general activity significantly rising to 23.2 in September. The Dow was up 0.3% and reached a new record closing level of 46142.42, while the tech-heavy Nasdaq Composite rose 0.9% and hit a new record closing level of 22470.72. The S&P 500 increased 0.5% and set a new record closing level of 6631.96, with seven of 11 sectors finishing in positive territory. The Information Technology sector was the top performer, rising 1.4%, while the Consumer Staples sector was the bottom performer, falling 1.0%.
Technical Analysis
As of midday Thursday, the S&P 500 Index is still in an uptrend, with support at the 50-day and 200-day moving averages (6414 and 5997, respectively) and resistance hard to pinpoint.
Across the pond, European stocks are mostly higher in mid-day trading as British retail sales registered a stronger-than-projected increase in August, rising by 0.5% month-over-month (MOM) and 0.7% year-over-year (YOY). The U.K. public sector net borrowing excluding public sector banks rose to £18.0 billion ($24.3 billion) in August. Germany’s August Producer Price Index (PPI) showed deeper-than-expected deflationary pressures, with prices declining by 0.5% MOM and 2.2% YOY. Meanwhile, France’s manufacturing confidence remained steady in September and the country’s retail sales fell 0.9% YOY in August.
Overnight in Asia, stocks were mostly lower following Japan’s national Consumer Price Index decelerating more than expected in August on a headline basis to 2.7% YOY, while the core reading eased to 3.3% YOY, matching expectations. The Bank of Japan held its benchmark interest rate steady at 0.5%, maintaining its cautious stance amid persistent inflation.
In FOREX trading, the dollar is higher following the Fed’s 25 basis point (0.25%) rate cut.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 1.0% lower at $62.92/barrel.
In the metals complex, gold is 0.4% higher at $3,657.50/ounce despite a strengthening dollar.
This content includes material generated with the assistance of artificial intelligence.