Opening Comment — Monday, September 29, 2025
DJIA: 46,247.29, up 299.97
S&P 500: 6,643.70, up 38.98
NASDAQ: 22,484.07, up 99.37
Stocks higher to start off week
Stock futures are higher Monday morning as investors are looking forward to economic data from the Federal Reserve (Fed) Bank of Dallas, along with August’s pending home sales report. Later this week, investors will watch for the September jobs report and September purchasing managers’ indexes from the Institute for Supply Management. As of 7:19 AM ET, the Dow is rising 0.4%, while the S&P 500 is up 0.5%. The Nasdaq 100 is increasing 0.6% relative to fair value on the GLOBEX.
U.S. equities were higher on Friday as the core Personal Consumption Expenditures Deflator, the Fed’s preferred gauge of inflation, rose 0.2% month-over-month (MOM) and 2.9% year-over-year (YOY) in August, both in line with expectations. Both personal income and personal spending for August posted greater-than-expected increases of 0.4% and 0.6% MOM, respectively. Meanwhile, the finalized reading of September consumer sentiment from the University of Michigan came in at 55.1, slightly below the preliminary reading of 55.4. The Dow was up 0.7%, while the tech-heavy Nasdaq Composite rose 0.4%. The S&P 500 increased 0.6% with 10 of 11 sectors finishing in positive territory. The Utilities sector was the top performer, rising 1.6%, while the Consumer Staples sector was the bottom performer, falling 0.1%.
On the data front, pending home sales for August are expected to show little change MOM versus the prior month’s decline of 0.4%. The Dallas Fed’s Texas Manufacturing Outlook Survey for September will be released, with the general business activity index expected to come in at negative 1.6, up from the prior month’s negative 1.8.
Across the pond, European stocks are mixed in mid-day trading as the U.K.’s mortgage approvals for August slowed from the prior month, in line with market expectations. Meanwhile, the eurozone’s finalized reading of consumer confidence index for September came in at a negative 14.9, similar to the initial reading.
Overnight in Asia, stocks were mixed as China’s industrial profits increased 20.4% YOY in August versus being down 1.5% YOY in July. Meanwhile, Japan’s finalized composite leading index was revised up to 106.1 in July.
In FOREX trading, the dollar is lower as investors await this week’s updates on the U.S. labor market.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 1.8% lower at $64.56/barrel following the restarting of oil exports from the Kurdistan region of Iraq.
In the metals complex, gold is 1.5% higher at $3,817.85/ounce following a weakening dollar.
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