The Dow Jones (DJIA) is trading slightly lower on Halloween as the market braces for another busy week of earnings.
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The government shutdown has stretched into its 31st day, with President Trump proposing that Senate Republicans end the filibuster to help reopen the government.
“It is now time for the Republicans to play their ‘TRUMP CARD,’ and go for what is called the Nuclear Option – Get rid of the Filibuster, and get rid of it, NOW,” Trump said in a Truth Social post.
The filibuster rule requires 60 votes in the Senate to pass most legislation. Ending it could speed up the passage of legislation, allowing the Republican-controlled Congress to end the shutdown with a simple majority vote.
Meanwhile, Dallas Fed President Lorie Logan, who didn’t vote in the October Federal Open Market Committee (FOMC) meeting, expressed her view that the 25 bps rate cut was unnecessary due to inflation risks, a balanced labor market, and a previous rate cut last month.
“For those reasons, I did not see a need to cut rates this week,” said Logan at The Evolving Landscape of Bank Funding conference in Dallas. “And I’d find it difficult to cut rates again in December unless there is clear evidence that inflation will fall faster than expected or that the labor market will cool more rapidly.”
Fed Bank of Kansas City President Jeff Schmid, the only voting FOMC member to call for an unchanged rate, echoed Logan’s view that inflation risks support an unchanged rate. Schmid said that a 25 bps reduction would have an immaterial effect on the labor market, but could have “longer-lasting effects on inflation.”
The Dow Jones is down by 0.18% at the time of writing.
Which Stocks are Moving the Dow Jones?
Let’s pivot to TipRanks’ Dow Jones Heatmap, which illustrates the stocks that have contributed to the index’s price action.
Amazon (AMZN) is the index’s top-performer after the e-commerce leader’s third-quarter revenue and adjusted EPS topped analyst estimates. In addition, Amazon’s cloud revenue grew by 20.2% year-over-year to $33 billion, marking the fastest pace since 2022. That helped quell fears of investment in AI without a payoff.
Apple (AAPL) reported its earnings as well. The company’s revenue and adjusted EPS came in slightly above their estimates, although comments from CEO Tim Cook helped give AAPL stock a boost.
“We expect total company revenue to grow by 10% to 12% year over year, we expect iPhone revenue to grow double digits, year over year, and we expect that that would make the December quarter the best ever in the history of the company,” said Cook.
Elsewhere, Nvidia (NVDA) is muted on the day, despite Hyundai (HYMLF) announcing that it would deploy 50,000 Blackwell GPUs. Caterpillar (CAT) is taking a breather after a solid earnings report and is still up by 8.5% during the past week.
DIA Stock Moves Lower with the Dow Jones
The SPDR Dow Jones Industrial Average ETF (DIA) is an exchange-traded fund designed to track the movement of the Dow Jones. As a result, DIA is falling alongside the Dow Jones today.
Wall Street believes that DIA stock has room to rise. During the past three months, analysts have issued an average DIA price target of $525.34, implying upside of 10.61% from current prices. The 31 holdings in DIA carry 29 buy ratings, two hold ratings, and zero sell ratings.
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