Opening Comment — Thursday, June 18, 2026
DJIA: 51,492.55, down 507.12
S&P 500: 7,420.10, down 91.25
NASDAQ: 26,021.66, down 354.68
Stocks higher following peace deal signing
Stock futures are higher Thursday morning as markets await developments in the reopening of the Strait of Hormuz following President Donald Trump’s early signing of the 60-day ceasefire extension with Iran. Meanwhile, investors are also looking forward to today’s economic releases, including the latest unemployment claims and leading index data. Next week’s spotlight will be on preliminary June purchasing manager’s indexes and May's personal income, personal spending, and Personal Consumption Expenditures Deflator. As of 7:18 AM ET, the Dow is rising 0.2%, while the S&P 500 is up 0.6%. The Nasdaq 100 is increasing 1.3% relative to fair value on the GLOBEX.
U.S. equities were lower on Wednesday as the Federal Open Market Committee (FOMC) kept its benchmark interest rate unchanged at 3.50% to 3.75%, though nine out of 19 officials now expect at least one rate hike this year. In his post-meeting press conference, Federal Reserve (Fed) Chair Kevin Warsh noted that the economy remains resilient, with steady job growth despite ongoing uncertainty, while the updated Summary of Economic Projections pointed to higher inflation and slightly slower growth. May’s retail sales and pending home sales both registered greater-than-expected increases of 0.9% and 3.8% month-over-month, respectively. The Dow was down 1.0%, while the tech-heavy Nasdaq Composite fell 1.3%. The S&P 500 decreased 1.2% with all 11 sectors finishing in negative territory. The Industrials sector was the top performer, falling just 0.1%, while the Communication Services sector was the bottom performer, falling 3.0%.
On the data front, initial jobless claims for the week ending June 13 are expected to come in at 225,000, lower than the prior week’s 229,000, while continuing claims are expected to come in at 1.79 million for the week ending June 6, slightly down from the prior week’s 1.80 million. The Philadelphia Fed will release their June Manufacturing Business Outlook Survey, with the diffusion index of current general activity forecasted to significantly rise to 10.0 from the prior month’s negative 0.4. The leading index for May is forecasted to show an increase of 0.1%, similar to the prior month’s increase.
Across the pond, European stocks are mixed in mid-day trading as the central banks of England, Norway, and Switzerland all left their policy rates unchanged during their respective meetings. The U.K.’s three-month average unemployment rate through April fell to 2.9% and average weekly earnings growth remained steady at 4.4% year-over-year (YOY) following upward revisions to the prior month’s reading. Meanwhile, the country’s jobless claims rose, and the claimant count rate increased to 4.5% in May. Meanwhile, the eurozone’s current account surplus widened in April.
Overnight in Asia, stocks were mixed as Japan’s Tokyo condominiums for sale rose 12.3% YOY in May, easing from a 15.6% increase in the prior month.
In FOREX trading, the U.S. dollar is higher following this week’s slew of central bank meetings.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 1.7% lower at $75.51/barrel.
In the metals complex, gold is 0.1% higher at $4,261.14/ounce despite a strengthening U.S. dollar.