Opening Comment — Wednesday, April 22, 2026
DJIA: 49,149.38, down 293.18
S&P 500: 7,064.01, down 45.13
NASDAQ: 24,259.96, down 144.43
Stocks higher after Iran ceasefire extension
Stock futures are higher Wednesday morning as markets reacted to U.S. President Donald Trump’s announcement of an extension of the U.S.-Iran ceasefire, though the Strait of Hormuz remains closed. Meanwhile, investors are looking forward to tomorrow’s preliminary readings of April purchasing managers’ indexes (PMIs). As of 7:24 AM ET, the Dow and the S&P 500 Index are both rising 0.5%. The Nasdaq 100 is increasing 0.7% relative to fair value on the GLOBEX.
U.S. equities were lower on Tuesday as retail sales posted a greater than projected increase of 1.7% month-over-month (MOM) in March. Pending home sales for March registered a stronger-than-expected growth of 1.5% MOM, alongside an unexpected year-over-year (YOY) increase of 1.8%. The Dow was down 0.6%, while the tech-heavy Nasdaq Composite also fell 0.6%. The S&P 500 decreased 0.6% with 10 of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 1.3%, while the Real Estate sector was the bottom performer, falling 1.9%.
On the data front, the Mortgage Bankers Association’s gauge of mortgage applications increased by 7.9% for the week ending April 17 versus the prior week’s increase of 1.8%. The Department of Energy’s measure of crude oil inventories is expected to have decreased by 2.00 million barrels for the week ending April 17 versus the prior week’s decrease of 913,000 barrels.
Across the pond, European stocks are lower in mid-day trading as the U.K.’s headline Consumer Price Index for March accelerated to 0.7% MOM and 3.3% YOY, while core inflation eased to 3.1% YOY. The British Retail Price Index rose more than expected in March, while the country’s House Price Index for February showed an increase of 1.2% YOY.
Overnight in Asia, stocks were mixed as South Korea’s Producer Price Index for March rose 4.1% YOY, accelerating from the previous month’s revised increase of 2.5%. Japan’s March trade surplus widened less than forecasted following greater-than-expected increases in both imports and exports. Meanwhile, the Westpac Leading Index for Australia fell slightly in March.
In FOREX trading, the U.S. dollar is slightly lower ahead of next week’s Federal Reserve, European Central Bank, Bank of England, and Bank of Japan meetings.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.7% higher at $90.27/barrel as shipping through the Strait of Hormuz remains disrupted.
In the metals complex, gold is 0.8% higher at $4,758.57/ounce following a weakening U.S. dollar.