Opening Comment — Monday, April 06, 2026
DJIA: 46,504.67, down 61.07
S&P 500: 6,582.69, up 7.37
NASDAQ: 21,879.18, up 38.23
Stocks mixed to start off week
Stock futures are mixed Monday morning ahead of today’s Institute for Supply Management (ISM) services purchasing managers’ index (PMI) for March and as markets continue assessing developments in the Iran war. While markets were closed on Friday, the March jobs report showed nonfarm payrolls rising more than forecasted following downward revisions for the prior month. Meanwhile, the unemployment rate fell to 4.3% as the labor force participation rate slipped to 61.9%. The finalized March services PMI from S&P Global was unexpectedly revised downward to 49.8, just into contractionary territory. Later this week, investors will look forward to February’s personal income, personal spending, Personal Consumption Expenditures (PCE) deflator, all on Thursday, and March’s Consumer Price Index data on Friday. As of 7:21 AM ET, the Dow is decreasing 0.1%, while the S&P 500 is up 0.1%. The Nasdaq 100 is increasing 0.4% relative to fair value on the GLOBEX.
U.S. equities were mixed on Thursday as the Challenger Report showed March job cuts rising less than forecasted from the prior month. Weekly initial jobless claims unexpectedly fell, while continuing claims for the week prior rose. The February trade deficit widened less than expected following unexpected increases for both imports and exports. The Dow was down 0.1%, while the tech-heavy Nasdaq Composite rose 0.2%. The S&P 500 increased 0.1% with six of 11 sectors finishing in positive territory. The Real Estate sector was the top performer, rising 1.5%, while the Consumer Discretionary sector was the bottom performer, falling 1.5%.
On the data front, the ISM’s March services PMI and the prices paid component are expected to register 54.9 and 67.0, respectively, versus the prior month’s 56.1 and 63.0, respectively.
Across the pond, European markets are closed for the holiday. Investors are awaiting tomorrow’s finalized March services and composite PMIs for the eurozone, France, Germany, and the U.K., while data out Friday showed French industrial production declining more than projected in February.
Overnight in Asia, stocks were mostly higher as many markets were closed for the holiday. Data out Thursday evening showed China’s private services PMI for March declining to 51.5 from the prior month’s 55.4, while the composite measure fell to 52.1 from 56.7.
In FOREX trading, the U.S. dollar is slightly lower as investors await U.S. PMI data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 1.1% lower at $110.28/barrel.
In the metals complex, gold is 0.3% higher at $4,691.70/ounce following a weakening U.S. dollar.