One stock, Goldman Sachs (GS), accounted for about seven of every ten points the Dow Jones Industrial Average added on Monday. The index rose to near 52,600 by the tenth five-minute bar, gave back about two-thirds of that climb by the session low near 52,250, and ended short of 52,400.
The Dow is weighted by share price, and at about $890 Goldman is its most expensive stock, so its 2% rise was worth about 105 points. UnitedHealth (UNH) and Merck (MRK) took about 70 points off between them, which left the Dow behind the S&P 500, where technology shares count for more.
Anthropic's filing to list on the Nasdaq says it will spend up to $120.5 billion on computing built on Nvidia chips, and Nvidia (NVDA) added about 30 points. The same filing commits up to $114.5 billion to Google (GOOGL) through 2033, and Alphabet (GOOGL) fell about 1% and took about 20 points off the Dow.
On the calendar
The Federal Open Market Committee (FOMC) decision is due at 18:00 GMT on Wednesday, and futures price about a 10% chance of a hike from 3.75%-4.00%. Fed Chair Warsh's press conference follows at 18:30 GMT. The September Personal Consumption Expenditures Price Index (PCE) and third-quarter Gross Domestic Product (GDP) are due at 12:30 GMT on Thursday, and both bear on a December hike.
Boeing (BA), Coca-Cola (KO) and Sherwin-Williams (SHW) report before Tuesday's opening bell, and Visa (V) after it. Microsoft (MSFT) and Alphabet report after the Fed on Wednesday. Caterpillar (CAT), the Dow's second most expensive stock at about $690, reports with Merck on Thursday, and Chevron (CVX) on Friday.
On the charts
The Dow has given back about a quarter of its climb from the October 1 low near 50,500 to the October 22 high near 52,900. It's still above the 50-day Exponential Moving Average (EMA) near 52,100, and the August 5 high just short of 54,750 is about 4% above. Daily momentum has cooled from overbought since Thursday.
Dow Jones 5-minute chart
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