Opening Comment — Tuesday, April 28, 2026
DJIA: 49,167.79, down 62.92
S&P 500: 7,173.91, up 8.83
NASDAQ: 24,887.10, up 50.50
Stocks mixed before consumer confidence
Stock futures are mixed Tuesday morning as investors await updates on a proposal to reopen the Strait of Hormuz and looked ahead to tomorrow's Federal Reserve (Fed) meeting. Investors are also looking forward to today’s data releases, including April consumer confidence and February home price data. As of 7:15 AM ET, the Dow is rising 0.3%, while the S&P 500 is down 0.4%. The Nasdaq 100 is falling 0.9% relative to fair value on the GLOBEX.
U.S. equities were mixed on Monday as the Dallas Fed’s Texas Manufacturing Outlook Survey showed the general business activity index for April unexpectedly declining to -2.3. The Dow was down 0.1%, while the tech-heavy Nasdaq Composite rose 0.2% and hit a new record closing level of 24887.10. The S&P 500 increased 0.1% and set a new record closing level of 7173.91, with three of 11 sectors finishing in positive territory. The Communication Services sector was the top performer, rising 0.9%, while the Consumer Staples sector was the bottom performer, falling 1.2%.
On the data front, the Federal Housing Finance Agency’s House Price Index is expected to show an increase of 0.1% month-over-month (MOM) in February, similar to the prior month’s increase. The S&P Cotality Case-Shiller 20-City Home Price Index for February is expected to register increases of 0.15% MOM and 1.12% year-over-year (YOY), versus the prior month’s increases of 0.16% and of 1.18%, respectively. The Richmond Fed’s April Fifth District Survey of Manufacturing Activity will be released today, with the headline composite manufacturing index expected to edge up to 1, following the prior month’s 0. The Conference Board’s reading of April consumer confidence is projected to come in at 89.0 versus the prior month’s 91.8. The Dallas Fed’s Texas Service Sector Outlook Survey for April will be released, with the general business activity index expected to come in at -12.0, up from the prior month’s -13.3.
Across the pond, European stocks are higher in mid-day trading as the European Central Bank’s March Consumer Expectations Survey showed one-year inflation and three-year-ahead expectations accelerating more than anticipated, rising to 4.0% and 3.0%, respectively.
Overnight in Asia, stocks were mostly lower as the Bank of Japan (BOJ) held its benchmark interest rate steady at 0.75%, as expected, during its meeting today. Meanwhile, the country’s jobless rate rose to 2.7% in March, compared to the prior month’s 2.6%, and the job-to-applicant ratio fell to 1.18.
In FOREX trading, the U.S. dollar is higher ahead of tomorrow’s meetings of the Fed and the Bank of Canada, followed by Thursday’s policy decisions from the European Central Bank and the Bank of England.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 3.4% higher at $99.68/barrel.
In the metals complex, gold is 1.5% lower at $4,610.02/ounce following a strengthening U.S. dollar.