Opening Comment — Tuesday, March 31, 2026
DJIA: 45,216.14, up 49.50
S&P 500: 6,343.72, down 25.13
NASDAQ: 20,794.64, down 153.72
Stocks higher ahead of JOLTS
Stock futures are higher Tuesday morning as markets assess developments in the Iran war and the likelihood of deescalation. Meanwhile, investors are awaiting today’s economic releases, including March consumer confidence and February job openings. As of 7:19 AM ET, the Dow and the S&P 500 Index are both rising 1.0%. The Nasdaq 100 is increasing 0.9% relative to fair value on the GLOBEX.
U.S. equities were mixed on Monday as Federal Reserve (Fed) Chair Jerome Powell commented that the central bank does not yet need to intervene, but may need to do so depending on changes in inflation expectations. The Dow was up 0.1%, while the tech-heavy Nasdaq Composite fell 0.7%. The S&P 500 decreased 0.4% with three of 11 sectors finishing in negative territory. The Financials sector was the top performer, rising 1.1%, while the Industrials sector was the bottom performer, falling 1.6%.
On the data front, the Federal Housing Finance Agency’s House Price Index is expected to rise 0.1% month-over-month (MOM) in January, similar to the prior month’s increase. The S&P Cotality Case-Shiller 20-City Home Price Index for January is expected to rise 0.35% MOM and 1.38% year-over-year (YOY), versus the prior month’s increases of 0.47% and 1.38%, respectively. The Market News International Chicago purchasing managers’ index (PMI) for March is expected to come in at 55.0, down from the prior month’s 57.7. The Conference Board’s reading of March consumer confidence is projected to come in at 87.9 versus the prior month’s 91.2. The February Job Openings and Labor Turnover Survey (JOLTS) is forecasted to show job openings of 6.89 million, versus the prior month’s 6.95 million. The Dallas Fed’s Texas Service Sector Outlook Survey for March will be released, with the general business activity index expected to come in at -4.6, down from the prior month’s -3.2.
Across the pond, European stocks are higher in mid-day trading as the eurozone’s preliminary March Consumer Price Index (CPI) accelerated less than expected to 1.2% MOM and 2.5% YOY. The finalized reading of British fourth-quarter gross domestic product was unchanged from the initial reading, showing an increase of 0.1% quarter-over-quarter and 1.0% YOY, while the country’s Nationwide House Price Index for March rose more than expected, increasing 0.9% MOM and 2.2% YOY. Germany’s retail sales fell 0.6% MOM but rose 0.6% YOY, while the country’s March unemployment claims rate remained steady at 6.3%. Meanwhile, France’s preliminary March CPI rose 0.9% MOM and 1.7% YOY, and the country’s Producer Price Index for February declined 0.2% MOM and 2.4% YOY.
Overnight in Asia, stocks were mostly lower as China’s official government March manufacturing and non-manufacturing PMIs rose to 50.4 and 50.1, respectively. South Korea’s industrial production rose a stronger-than-expected 5.4% MOM in February, while declining 2.2% YOY. The Tokyo CPI decelerated to 1.4% YOY in March on a headline basis and to 2.3% on a core basis. Meanwhile, Japan’s jobless rate ticked down to 2.6% in February and the job-to-applicant ratio increased to 1.19. The country’s preliminary reading of industrial production and retail sales registered decreases of 2.1% MOM and 2.0% MOM, respectively. Japanese annualized housing starts stood at 751,000 in February, reflecting a stronger-than-expected 4.9% YOY decline.
In FOREX trading, the U.S. dollar is little changed ahead of this week’s U.S. labor market data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 1.8% higher at $104.76/barrel.
In the metals complex, gold is 0.8% higher at $4,547.33/ounce.