Opening Comment — Monday, June 01, 2026
DJIA: 51,032.46, up 363.49
S&P 500: 7,580.06, up 16.43
NASDAQ: 26,972.62, up 55.15
Stocks higher to start off month
Stock futures are higher Monday morning as markets evaluated the latest developments in the Iran war and continued awaiting U.S. President Donald Trump’s response to the proposed ceasefire extension. Investors are also looking forward to today’s May manufacturing purchasing managers’ index (PMI) from the Institute for Supply Management (ISM), along with Wednesday’s services PMI and Friday’s May jobs report. As of 7:21 AM ET, the Dow is rising 0.5%, while the S&P 500 is up 0.2%. The Nasdaq 100 is also increasing 0.2% relative to fair value on the GLOBEX.
U.S. equities were higher on Friday as the Market News International Chicago PMI for May rose more than expected to 62.7. The advance goods trade deficit for April unexpectedly narrowed following a downward revision to the prior month’s figure, while the preliminary estimate of April wholesale inventories rose 0.5% month-over-month (MOM), undershooting expectations. The Dow was up 0.7% and reached a new record closing level of 51032.46, while the tech-heavy Nasdaq Composite rose 0.2% and hit a new record closing level of 26972.62. The S&P 500 increased 0.2% and set a new record closing level of 7580.06, with two of 11 sectors finishing in positive territory. The Information Technology sector was the top performer, rising 1.9%, while the Consumer Staples sector was the bottom performer, falling 2.0%.
On the data front, the finalized reading of S&P Global’s manufacturing PMI for May is expected to come in at 55.3, similar to the preliminary reading. The ISM manufacturing PMI and prices paid component for May are expected to come in at 53.0 and 85.0, respectively, versus the prior month’s readings of 52.7 and 84.6, respectively. April’s construction spending is expected to have increased 0.3% MOM, versus the prior month’s increase of 0.6%.
Across the pond, European stocks are mixed in mid-day trading as Germany’s retail sales for April registered decreases of 0.3% MOM and 2.7% year-over-year (YOY). The U.K.’s Nationwide House Price Index for May showed a greater-than-expected decrease of 0.6% MOM and smaller-than-expected increase of 1.7% YOY. The eurozone’s April unemployment rate held steady at 6.3%, following an upward revision to the prior month’s data. Meanwhile, the finalized May manufacturing PMIs from S&P Global saw modest upward revisions across France, Germany, the U.K., and the eurozone, with readings of 49.7, 50.1, 53.9, and 51.6, respectively.
Overnight in Asia, stocks were mixed as China’s May manufacturing PMI edged down to 50.0, while the non-manufacturing PMI ticked up to 50.1. Meanwhile, the country’s private-sector May manufacturing PMI declined less than expected to 51.8. In South Korea, the May manufacturing PMI rose to 54.8, while the country’s trade surplus expanded more than expected as exports exceeded forecasts and imports increased less than anticipated. Australia’s Melbourne Institute inflation gauge fell 0.3% MOM but rose 4.4% YOY in May. The finalized May manufacturing PMI for Australia was revised upward to 50.7, while the measure for Japan was unchanged at 54.5. Japan’s capital spending for the first quarter showed little change YOY.
In forex trading, the U.S. dollar is slightly higher ahead of today’s U.S. PMI data releases.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 3.8% higher at $90.65/barrel.
In the metals complex, gold is 0.8% lower at $4,504.44/ounce following a strengthening U.S. dollar.