Opening Comment — Monday, May 04, 2026
DJIA: 49,499.27, down 152.87
S&P 500: 7,230.12, up 21.11
NASDAQ: 25,114.44, up 222.13
Stocks mostly lower to start off week
Stock futures are mostly lower Monday morning as investors assess the latest efforts to open the Strait of Hormuz and ahead of today’s economic releases, including March factory orders and finalized durable goods order data. As of 7:16 AM ET, the Dow is decreasing 0.4%, while the S&P 500 is down 0.1%. The Nasdaq 100 is little changed relative to fair value on the GLOBEX.
U.S. equities were mixed on Friday as the Institute for Supply Management (ISM) manufacturing purchasing managers’ index (PMI) for April remained stable at 52.7, versus expectations for an increase, while the prices-paid component rose more than projected. Meanwhile, S&P Global’s finalized manufacturing PMI for April was revised slightly upward to 54.5. The Dow was down 0.3%, while the tech-heavy Nasdaq Composite rose 0.9% and hit a new record closing level of 25114.44. The S&P 500 increased 0.3% and set a new record closing level of 7230.12, with two of 11 sectors finishing in positive territory. The Information Technology sector was the top performer, rising 1.4%, while the Energy sector was the bottom performer, falling 1.3%.
On the data front, March’s factory orders are expected to have increased 0.6% month-over-month (MOM) versus the prior month’s little change. Meanwhile, the finalized reading of March’s durable goods orders is forecasted to show a 0.8% MOM increase, similar to the initial reading.
Across the pond, European stocks are lower in mid-day trading as April’s finalized manufacturing PMIs for France and the eurozone remained steady as expected at 52.8 and 52.2, respectively. Meanwhile Germany’s finalized manufacturing PMI for April was revised slightly higher to 51.4.
Overnight in Asia, stocks were mostly higher following South Korea’s April manufacturing PMI rising to 53.6 from the prior month’s 52.6. Australia’s Melbourne Institute inflation gauge recorded an increase of 0.6% MOM and 4.3% year-over-year in April. Meanwhile, the country’s building approvals decreased by 10.5% MOM in March.
In FOREX trading, the U.S. dollar is higher ahead of this week’s U.S. labor market data, capped by the April jobs report on Friday.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 2.9% higher at $104.88/barrel.
In the metals complex, gold is 1.0% lower at $4,566.33/ounce following a strengthening U.S. dollar.