Opening Comment — Tuesday, July 14, 2026
DJIA: 52,498.64, down 138.37
S&P 500: 7,515.34, down 60.05
NASDAQ: 25,873.18, down 408.43
Stocks mixed ahead of CPI data
Stock futures are mixed Tuesday morning ahead of today’s June Consumer Price Index (CPI). Meanwhile a reading of small business optimism increased more-than-expected in June. Investors will also be watching Federal Reserve (Fed) Chair Kevin Warsh's testimony before the U.S. House Financial Services Committee. As of 7:14 AM ET, the Dow is decreasing 0.8%, while the S&P 500 is down 0.1%. The Nasdaq 100 is increasing 0.4% relative to fair value on the GLOBEX.
U.S. equities were lower on Monday following President Donald Trump’s announcement of a U.S. blockade of Iran and its customers and that the U.S. will charge for cargo shipped through the Strait. The Dow was down 0.3%, while the tech-heavy Nasdaq Composite fell 1.6%. The S&P 500 decreased 0.8% with five of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 3.2%, while the Information Technology sector was the bottom performer, falling 2.1%.
On the data front, the National Federation of Independent Business’s gauge of small business optimism increased to 97.4 in June from the prior month’s 95.3. The headline CPI for June is expected to show a decrease of 0.1% month-over-month (MOM) and rise of 3.8% year-over-year (YOY), versus the prior month’s increases of 0.5% and 4.2%, respectively. Meanwhile, core CPI is expected to show price increases of 0.2% MOM and 2.8% YOY, compared to the prior month’s increases of 0.2% and 2.9%, respectively. Data on June’s average hourly and weekly earnings is also scheduled for release.
Across the pond, European stocks are lower in mid-day trading as Germany’s June Wholesale Price Index declined 0.7% MOM and rose 4.9% YOY. The British Retail Consortium’s measure of like-for-like retail sales increased 1.7% YOY in June, moderating from the 3.4% growth recorded in May.
Overnight in Asia, stocks were mixed as China’s trade surplus widened more than expected in June following greater-than-expected increases in both exports and imports. Westpac’s Consumer Confidence Index for Australia increased by 4.1% MOM in July. Meanwhile, National Australia Bank’s measure of business confidence improved in June. Japan’s capacity utilization increased by 0.1% MOM in May. Meanwhile, the country’s finalized May industrial production was revised lower, with output rising 0.1% MOM and decreasing 2.1% YOY.
In FOREX trading, the U.S. dollar is slightly lower ahead of today’s U.S. CPI data release.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 3.4% higher at $80.77/barrel amidst geopolitical instability.
In the metals complex, gold is 0.4% higher at $4,020.00/ounce following a weakening U.S. dollar.