Opening Comment — Monday, April 21, 2025
DJIA: 39,142.23, down 527.16
S&P 500: 5,282.70, up 7.00
NASDAQ: 16,286.45, down 20.71
Stocks lower to start off week
Stock futures are lower Monday morning as markets await further developments in global trade talks. Investors are also looking ahead to this Wednesday’s preliminary purchasing managers’ index data for April. As of 7:18 AM ET, the Dow is decreasing 0.8%, while the S&P 500 is down 1.0%. The Nasdaq 100 is falling 1.2% relative to fair value on the GLOBEX.
U.S. equities were mixed on Thursday as initial jobless claims came in lower than expected despite continuing claims coming in higher than forecasted. Housing starts declined more than projected, though building permits unexpectedly rose. The Dow was down 1.3%, while the tech-heavy Nasdaq Composite fell 0.1%. The S&P 500 increased 0.1% with eight of 11 sectors finishing in positive territory. The Energy sector was the top performer, rising 2.3%, while the Information Technology sector was the bottom performer, falling 0.7%.
On the data front, the Leading Index for March is forecasted to show a decline of 0.5% versus the prior month’s decrease of 0.3%.
Across the pond, most European markets are closed for the Easter holiday.
Overnight in Asia, stocks were mixed as South Korean export and import data for the first 20 days of April decreased by 5.2% and 11.8% year over year, respectively. Meanwhile, China’s one-year and five-year loan prime rates remained steady.
In FOREX trading, the dollar is lower as investors await U.S. preliminary purchasing managers’ index data for April scheduled for Wednesday.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 2.5% lower at $63.07/barrel following progress being made on a U.S.-Iran nuclear deal.
In the metals complex, gold is 2.3% higher at $3,383.00/ounce following a weakening dollar.