The Dow Jones (DJIA) opened Wednesday’s trading session in positive territory and is now less than 1% away from securing a new all-time high.
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The race to replace Fed Chair Jerome Powell has been whittled down to “three or four names,” said Trump in a speech at The Kennedy Center. He added that he may announce his pick “a little bit early.” Fed Governor Christopher Waller currently leads all candidates on prediction platform Polymarket with a 24% chance. Trailing behind are former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett, both with 11% odds.
Ahead of his one-on-one summit on Friday with Russian President Vladimir Putin, Trump has warned that Russia will face “very severe consequences” if it continues its offensive against Ukraine after the meeting. Trump had warned that Russia would face 100% secondary tariffs if it continued to fight, although the punishment was never implemented.
Meanwhile, Treasury Secretary Scott Bessent has called for a 50 bps rate cut at the September 16-17 Federal Open Market Committee (FOMC) meeting. “I think we could go into a series of rate cuts here, starting with a 50 basis point rate cut in September,” Bessent said in an interview with Bloomberg, adding that most economic models support a 150 or 175 bps cut. The odds of a 25 bps rate cut next month are at 99.9%, according to CME’s FedWatch tool.
The Dow Jones is up by 0.91% 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.
Nvidia (NVDA) is in the red after Fubon Research analyst Sherman Shang warned that the semiconductor company’s Rubin chip could be delayed in order to stay competitive with Advanced Micro Devices’ (AMD) upcoming MI450 chip.
Meanwhile, Magnificent 7 member Amazon (AMZN) is catching a bid after it rolled out same-day grocery delivery to customers in over 1,000 cities. Walmart (WMT) is taking a hit from the news.
Consumer cyclical and healthcare are the top-performing sectors in the Dow Jones today, with every single company rising higher. UnitedHealth Group (UNH) is leading all of the stocks within the two sectors, bringing its five-day return to nearly 10%.
DIA Stock Moves Higher 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 rising 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 $499.01, implying upside of 11.27% from current prices. The 31 stocks in DIA carry 30 buy ratings, one hold rating, and zero sell ratings.