Opening Comment — Monday, November 03, 2025
DJIA: 47,562.87, up 40.75
S&P 500: 6,840.20, up 17.86
NASDAQ: 23,724.96, up 143.82
Stocks higher to start off week
Stock futures are mostly higher Monday morning as investors are awaiting the October manufacturing purchasing managers’ index (PMI) from the Institute for Supply Management (ISM). As of 7:18 AM ET, the Dow is little changed, while the S&P 500 is up 0.4%. The Nasdaq 100 is increasing 0.7% relative to fair value on the GLOBEX.
U.S. equities were higher on Friday as Market News International’s Chicago PMI rose more than anticipated in October, climbing to 43.8. The Dow was up 0.1%, while the tech-heavy Nasdaq Composite rose 0.6%. The S&P 500 increased 0.3% with five of 11 sectors finishing in positive territory. The Consumer Discretionary sector was the top performer, rising 4.1%, while the Materials sector was the bottom performer, falling 0.9%.
On the data front, the finalized reading of S&P Global’s manufacturing PMI for October is expected to come in at 52.2, similar to the preliminary reading. The ISM manufacturing PMI and prices paid component for October are expected to come in at 49.5 and 62.5, respectively, versus the prior month’s readings of 49.1 and 61.9, respectively. The construction spending report for September may be delayed as the U.S. government shutdown continues.
Across the pond, European stocks are higher in mid-day trading as the finalized October manufacturing PMIs for France and the U.K. were revised higher to 48.8 and 49.7, respectively, while the readings for Germany and the eurozone were unchanged at 49.6 and 50.0, respectively.
Overnight in Asia, stocks were higher as South Korea’s trade surplus narrowed less than expected in October, as exports unexpectedly rose while imports declined more sharply than anticipated. Australia’s Melbourne Institute inflation gauge recorded increases of 0.3% month-over-month (MOM) and 3.1% year-over-year in October. Meanwhile, the country’s building approvals rose more than expected, increasing by 12.0% MOM in September. South Korea’s manufacturing PMI declined in October, slipping into contractionary territory. China’s private-sector manufacturing PMI for October declined more than expected but remained in expansionary territory.
In FOREX trading, the dollar is slightly higher ahead of today’s U.S. PMI data release.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.4% lower at $60.73/barrel.
In the metals complex, gold is 0.1% higher at $4,007.50/ounce despite a strengthening dollar.
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