Opening Comment — Tuesday, September 01, 2026
DJIA: 53,185.90, down 374.09
S&P 500: 7,686.14, down 25.62
NASDAQ: 26,370.89, down 31.53
Stocks lower ahead of PMI and JOLTS data
Stock futures are lower Tuesday morning as investors react to two oil tankers being struck while transiting the Strait of Hormuz. Investors are also looking forward to August’s manufacturing Purchasing Managers’ Index (PMI) from the Institute for Supply Management (ISM), along with the July Job Openings and Labor Turnover Survey (JOLTS). As of 7:24 AM ET, the Dow and the S&P 500 Index are both decreasing 0.6%. The Nasdaq 100 is falling 1.1% relative to fair value on the GLOBEX.
U.S. equities were lower on Monday as markets digested Federal Reserve (Fed) Chair Kevin Warsh’s comments at the Jackson Hole Economic Symposium on Friday and assessed strikes by the U.S. and Iran. The Dow was down 0.7%, while the tech-heavy Nasdaq Composite fell 0.1%. The S&P 500 decreased 0.3% with nine of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 2.1%, while the Communication Services sector was the bottom performer, falling 1.6%.
On the data front, the finalized reading of S&P Global’s manufacturing PMI for August is expected to come in at 53.4, slightly up from the preliminary reading of 53.2. ISM’s manufacturing PMI and prices paid component for August are expected to come in at 55.2 and 70.8, respectively, versus the prior month’s reading of 55.6 and 71.1, respectively. Construction spending is projected to show little change month-over-month (MOM) in July, versus the prior month’s decrease of 0.1%. The July JOLTS is forecasted to show job openings of 7.313 million, versus the prior month’s 7.359 million. The Dallas Fed will release their Texas Service Sector Outlook Survey for August, with the general business activity index expected to come in at 7.2, up from the prior month’s 6.6. Total vehicle sales are expected to slow to a 16.30 million pace in August from July’s 16.33 million.
Across the pond, European stocks are lower in mid-day trading as the eurozone’s headline Consumer Price Index (CPI) for August accelerated to 0.4% MOM and 3.3% year-over-year (YOY), while the core CPI eased to 2.4% YOY. The bloc’s July unemployment rate held steady at 6.4%. Germany’s August CPI came in softer than expected, with headline CPI rising 0.2% MOM and 2.9% YOY. The country’s retail sales unexpectedly declined in July, falling 3.4% MOM and 2.5% YOY. The U.K.’s mortgage approvals decreased in July, while the country’s Nationwide House Price Index for August showed a stronger-than-projected increase of 0.2% MOM. Meanwhile, the finalized August manufacturing PMI readings for France and the eurozone were revised slightly lower, while the finalized readings for Germany and the U.K. were revised higher.
Overnight in Asia, stocks were mixed as China's private manufacturing PMI unexpectedly rose to 51.5 in August. Japan’s second-quarter capital spending unexpectedly increased 1.6% YOY, while the country’s August finalized manufacturing PMI was revised lower to 54.9. South Korea's August manufacturing PMI fell to 52.3 from the prior month’s 53.1, while the country’s August trade surplus unexpectedly widened following stronger-than-expected export growth and a smaller-than-forecasted increase in imports on annual bases.
In FOREX trading, the U.S. dollar is higher ahead of today’s U.S. PMI data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 2.3% higher at $87.73/barrel.
In the metals complex, gold is 1.4% lower at $4,376.55/ounce following a strengthening U.S. dollar.