Opening Comment — Monday, October 26, 2026
DJIA: 52,215.16, down 652.82
S&P 500: 7,623.68, down 39.75
NASDAQ: 25,955.34, down 53.52
Stocks higher to start off week
Stock futures are mostly higher Monday morning as investors are looking forward to this week’s Federal Open Market Committee meeting ending on Wednesday and major earnings releases. This week, markets will also await key economic data, including the advance reading of third-quarter gross domestic product (GDP), September’s personal income and spending, and the Personal Consumption Expenditures (PCE) Deflator (the Federal Reserve’s [Fed’s] preferred gauge of inflation). As of 7:23 AM ET, the Dow is rising 0.3%, while the S&P 500 is up 0.1%. The Nasdaq 100 is little changed relative to fair value on the GLOBEX.
U.S. equities were lower on Friday as S&P Global’s preliminary October manufacturing purchasing managers’ index (PMI) unexpectedly rose to 56.0, while the services PMI declined more than anticipated to 57.9. The finalized reading of October consumer sentiment from the University of Michigan was revised upward to 48.0. Meanwhile, investors continued to assess developments in the Middle East. The Dow was down 1.2%, while the tech-heavy Nasdaq Composite fell 0.2%. The S&P 500 decreased 0.5% with eight of 11 sectors finishing in negative territory. The Energy sector was the top performer, rising 2.5%, while the Consumer Staples sector was the bottom performer, falling 1.8%.
On the data front, the Chicago Fed’s National Activity Index for September is expected to come in at -0.10, down from the prior month’s -0.04. The Dallas Fed’s Texas Manufacturing Outlook Survey for October will be released, with the general business activity index expected to come in at 8.8, down from the prior month’s 9.8.
Across the pond, European stocks are mostly higher in mid-day trading as Germany’s October IFO Business Climate Index rose to 90.2 against expectations of holding steady.
Overnight in Asia, stocks were mixed as Japan’s finalized August Leading Index remained unchanged at 118.0.
In FOREX trading, the U.S. dollar is slightly higher ahead of a busy week of central bank meetings, beginning with the Fed on Wednesday and followed by the European Central Bank and Bank of Japan later in the week.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 2.0% lower at $101.20/barrel and Brent crude oil is down 1.4% at $115.05/barrel, paring back some of last week’s gains.
In the metals complex, gold is 0.5% higher at $4,014.97/ounce despite a strengthening U.S. dollar.