Opening Comment — Thursday, July 23, 2026
DJIA: 52,218.58, down 6.06
S&P 500: 7,498.96, down 10.24
NASDAQ: 25,690.90, down 146.31
Stocks lower following Red Sea strikes
Stock futures are lower Thursday morning as investors assess developments in the Iran war, with the Houthis striking two ships in the Red Sea. Investors are also awaiting fresh earnings reports and the latest unemployment claims update, along with economic data from the Chicago and Kansas City Federal Reserve (Fed) banks. As of 7:22 AM ET, the Dow and the S&P 500 Index are both decreasing 0.4%. The Nasdaq 100 is falling 0.5% relative to fair value on the GLOBEX.
U.S. equities were mostly lower on Wednesday as markets assessed the latest news on U.S. tariff policy. The Dow was little changed, while the tech-heavy Nasdaq Composite fell 0.6%. The S&P 500 decreased 0.1% with five of 11 sectors finishing in negative territory. The Utilities sector was the top performer, rising 2.3%, while the Communication Services sector was the bottom performer, falling 1.3%.
On the data front, initial jobless claims for the week ending July 18 are expected to come in at 210,000, higher than the prior week’s 208,000, while continuing claims are expected to come in at 1.809 million for the week ending July 11, slightly up from the prior week’s 1.805 million. The Chicago Fed’s National Activity Index for June is expected to improve to 0.0, up from the prior month’s -0.10. The Kansas City Fed will release their Manufacturing Survey for July, with the composite index expected to come in at 12, up from the prior month’s 11.
Across the pond, European stocks are lower in mid-day trading ahead of today's European Central Bank policy meeting, with policymakers widely expected to leave interest rates unchanged. France’s manufacturing confidence rose as expected in July, while business confidence also improved.
Overnight in Asia, stocks were mostly higher as South Korea’s advance reading of second-quarter gross domestic product showed stronger-than-expected growth of 0.6% quarter-over-quarter and 3.7% year-over-year. Australia’s employment change came in significantly higher than projected for June, while the unemployment rate held steady 4.4% as the country’s labor force participation rate ticked up to 67%.
In FOREX trading, the U.S. dollar is slightly higher ahead of today’s fresh U.S. unemployment claims data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 4.0% higher at $90.26/barrel.
In the metals complex, gold is 0.9% lower at $4,094.56/ounce following a strengthening U.S. dollar.