Opening Comment — Thursday, May 14, 2026
DJIA: 49,693.20, down 67.36
S&P 500: 7,444.25, up 43.29
NASDAQ: 26,402.34, up 314.14
Stocks higher before retail sales data
Stock futures are higher Thursday morning ahead of today’s economic releases, including April’s retail sales, import price, and export price data, along with weekly unemployment claims. Markets are also awaiting any updates from the meeting in China between U.S. President Donald Trump and Chinese President Xi Jingping. As of 7:14 AM ET, the Dow is rising 0.8%, while the S&P 500 is up 0.3%. The Nasdaq 100 is also increasing 0.3% relative to fair value on the GLOBEX.
U.S. equities were mixed on Wednesday as the April Producer Price Index (PPI) came in significantly hotter than expected, with the headline rate accelerating to 1.4% month-over-month (MOM) and 6.0% year-over-year (YOY) and the core measure rising 1.0% MOM and 5.2% YOY. Meanwhile, Kevin Warsh was confirmed as the new Federal Reserve (Fed) Chair. The Dow was down 0.1%, while the tech-heavy Nasdaq Composite rose 1.2% and hit a new record closing level of 26402.34. The S&P 500 increased 0.6% and set a new record closing level of 7444.25, with six of 11 sectors finishing in positive territory. The Communication Services sector was the top performer, rising 2.7%, while the Utilities sector was the bottom performer, falling 1.3%.
On the data front, the April Import Price Index is projected to have increased 1.0% MOM and 3.1% YOY, accelerating from the prior month’s 0.8% and 2.1%, respectively, while the Export Price Index is forecasted to have increased 1.2% MOM and 7.0% YOY, compared to the prior month’s 1.6% and 5.6%, respectively. Initial jobless claims for the week ending May 9 are expected to come in at 205,000, higher than the prior week’s 200,000, while continuing claims are expected to come in at 1.78 million for the week ending May 2, up from the prior week’s 1.77 million. Retail sales are expected to have risen 0.5% MOM in April versus the prior month’s increase of 1.7%, while retail sales excluding autos are forecasted to have risen 0.7% MOM versus the prior month’s 1.9%. Business inventories are expected to have risen 0.9% MOM in March versus the prior month’s 0.4%.
Across the pond, European stocks are higher in mid-day trading as the U.K.’s preliminary first-quarter gross domestic product (GDP) showed the economy growing 0.6% quarter-over-quarter (QOQ), matching expectations, alongside a stronger-than-expected increase of 1.1% YOY. The country’s preliminary first-quarter exports and imports rose 0.1% and 0.6% QOQ, respectively. The British March industrial production declined by 0.2% MOM and the Index of Services rose 0.3% MOM, while the visible trade deficit widened.
Overnight in Asia, stocks were mixed as investors await any potential updates on tariffs and trade between the U.S. and China.
In FOREX trading, the U.S. dollar is little changed following gains this week as U.S. inflation data showed strong price increases.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.1% higher at $101.09/barrel following a greater-than-expected decrease in U.S. crude oil inventories.
In the metals complex, gold is 0.1% higher at $4,692.02/ounce.