Opening Comment — Wednesday, July 22, 2026
DJIA: 52,224.64, up 385.38
S&P 500: 7,509.20, up 65.92
NASDAQ: 25,837.21, up 329.14
Stocks lower as markets await further earnings
Stock futures are lower Wednesday morning as market participants are closely monitoring earnings releases from leading companies across key sectors, along with evolving developments in the U.S.-Iran conflict. As of 7:15 AM ET, the Dow is decreasing 0.1%, while the S&P 500 is down 0.3%. The Nasdaq 100 is falling 0.7% relative to fair value on the GLOBEX.
U.S. equities were higher on Tuesday as a measure of non-manufacturing activity from the Federal Reserve (Fed) Bank of Philadelphia improved significantly in July. The Dow was up 0.7%, while the tech-heavy Nasdaq Composite rose 1.3%. The S&P 500 increased 0.9% with nine of 11 sectors finishing in positive territory. The Information Technology sector was the top performer, rising 2.4%, while the Consumer Staples sector was the bottom performer, falling 1.0%.
On the data front, the Mortgage Bankers Association’s gauge of mortgage applications increased by 1.9% for the week ending July 17 versus the prior week’s decrease of 2.7%. The Department of Energy’s measure of crude oil inventories is expected to have decreased by 1.95 million barrels for the week ending July 17 versus the prior week’s decrease of 1.69 million barrels.
Across the pond, European stocks are higher in mid-day trading as the U.K.’s headline Consumer Price Index (CPI) rose 0.1% month-over-month (MOM) in June, matching expectations, while both headline and core inflation came in at 2.6% year-over-year (YOY). Meanwhile, the country’s June Retail Price Index came in slightly higher than projected, while the British House Price Index for May showed an increase of 2.7% YOY.
Overnight in Asia, stocks were mixed as South Korea’s Producer Price Index (PPI) rose 8.6% YOY in June, following an upward revision to the previous month’s reading. Meanwhile, Japan’s trade deficit unexpectedly widened in June following greater-than-forecasted increases in imports and exports. The Westpac Leading Index for Australia improved slightly in June.
In FOREX trading, the U.S. dollar is little changed as markets await global purchasing managers’ index data out later this week.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 3.5% higher at $87.30/barrel.
In the metals complex, gold is 1.0% higher at $4,118.23/ounce.