Opening Comment — Friday, March 14, 2025
DJIA: 40,813.57, down 537.36
S&P 500: 5,521.52, down 77.78
NASDAQ: 17,303.01, down 345.44
Stocks higher ahead of sentiment data
Stock futures are higher Friday morning as shutdown fears eased following Senate Democratic leader Chuck Schumer changing course and deciding not to block the continuing resolution bill. Investors are also looking forward to today’s preliminary March reading of consumer sentiment from the University of Michigan and looking ahead to next week’s Federal Reserve (Fed) policy meeting. As of 7:18 AM ET, the Dow is rising 0.5%, while the S&P 500 is up 0.7%. The Nasdaq 100 is increasing 1.0% relative to fair value on the GLOBEX.
U.S. equities were lower on Thursday as the February Producer Price Index eased more than expected to a 3.2% year-over-year (YOY) increase from last month’s upwardly revised 3.7%. Both initial jobless claims and continuing claims fell. The Dow was down 1.3%, while the tech-heavy Nasdaq Composite fell 2.0%. The S&P 500 decreased 1.4% with 10 of 11 sectors finishing in negative territory. The Utilities sector was the top performer, rising 0.3%, while the Communication Services sector was the bottom performer, falling 2.7%.
On the data front, the University of Michigan’s preliminary March reading of consumer sentiment is forecasted to come in at 63.0, lower than the prior month’s 64.7. The one and 5-10 year inflation expectations for March from the University of Michigan are expected to come in at 4.30% and 3.40%, respectively, compared to the prior month’s 4.30% and 3.50%, respectively.
Across the pond, European stocks are higher in mid-day trading as the U.K.’s industrial production declined more than expected in January. France’s and Germany’s finalized February Consumer Price Indexes were unchanged from the prior readings.
Overnight in Asia, stocks were mostly higher as South Korea’s Export Price Index and Import Price Index both declined for February.
In FOREX trading, the dollar is little changed ahead of next week’s central bank meetings.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.9% higher at $67.16/barrel with prices set to end the week little changed following prior declines.
In the metals complex, gold is 0.4% higher at $3,003.00/ounce.