Opening Comment — Monday, August 03, 2026
DJIA: 52,485.03, up 276.97
S&P 500: 7,489.72, up 52.09
NASDAQ: 25,373.85, up 251.67
Stocks higher to start off week
Stock futures are higher Monday morning ahead of planned U.S.-Iran peace talks and today’s July manufacturing purchasing managers’ index (PMI) data from the Institute for Supply Management (ISM). Investors are also looking forward to this week’s labor market data, capped by Friday’s July jobs report. As of 7:29 AM ET, the Dow is rising 1.0%, while the S&P 500 is up 0.6%. The Nasdaq 100 is increasing 0.3% relative to fair value on the GLOBEX.
U.S. equities were higher on Friday as the second-quarter Employment Cost Index registered a greater-than-expected increase of 0.9%. Meanwhile, the finalized reading of July consumer sentiment from the University of Michigan was unexpectedly revised higher to 55.2, while one-year and five-to-ten-year inflation expectations held steady at 4.2% and 3.3%, respectively. The Dow was up 0.5%, while the tech-heavy Nasdaq Composite rose 1.0%. The S&P 500 increased 0.7% with four of 11 sectors finishing in positive territory. The Consumer Discretionary sector was the top performer, rising 6.1%, while the Materials sector was the bottom performer, falling 2.7%.
On the data front, the finalized reading of S&P Global’s manufacturing PMI for July is expected to remain unchanged at 53.8. The ISM manufacturing PMI and prices paid component for July are expected to come in at 53.9 and 71.0, respectively, versus the prior month’s readings of 53.3 and 73.0, respectively. June’s construction spending is expected to have increased 0.2% month-over-month (MOM) compared to the prior month’s 0.1%. July’s Omdia total vehicle sales are projected to edge lower to an annualized 16.32 million from previous month’s 16.52 million.
Across the pond, European stocks are mostly higher in mid-day trading as Germany’s retail sales declined 1.1% MOM in June, a steeper-than-expected decrease. Meanwhile, the final July S&P Global Manufacturing PMI readings for the eurozone, France, and the United Kingdom were revised down to 51.9, 49.8, and 51.9, respectively, while Germany’s final reading was unchanged at 52.2.
Overnight in Asia, stocks were mixed as China’s private manufacturing PMI for July unexpectedly fell to 50.9. South Korea’s S&P Global Manufacturing PMI rose to 53.1 in July. The country’s July trade surplus narrowed less than forecasted following a greater-than-expected increase in exports and a smaller-than-anticipated increase in imports. Australia’s Melbourne Institute inflation gauge recorded an increase of 1.0% MOM and 4.0% year-over-year (YOY) in July. The country’s final S&P Global Manufacturing PMI was revised up to 52.0 in July, while Japan’s final S&P Global Manufacturing PMI was revised slightly lower to 54.5.
In FOREX trading, the U.S. dollar is slightly lower as investors digest the recent yen intervention by the U.S. and Japan, along with officials’ statements on the potential for further action.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 6.2% lower at $79.43/barrel following easing tensions in the Middle East.
In the metals complex, gold is 0.1% higher at $4,049.10/ounce following a weakening U.S. dollar.