The Dow Jones (DJIA) is trading slightly higher on Friday as the downturn in tech continues, spurred by fears of over-investment in AI, reduced profit margins, and circular financing agreements.
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However, the Dow Jones has much less exposure to tech relative to the S&P 500 (SPX) and the Nasdaq 100 (NDX). That, along with a shift to value from growth, has resulted in the DJIA returning 1.6% over the past week, compared with the SPX down 0.2% and the NDX with a 1.5% loss.
Retail and Financial Stocks Drive Dow Higher
A surge in retail stocks has also contributed to the Dow Jones’ relative strength. Over the past week, Home Depot (HD), Walmart (WMT), and McDonald’s (MCD) have all traded higher, while Nvidia (NVDA), Microsoft (MSFT), and International Business Machines (IBM) have faced losses.
Financial stocks have helped the Dow Jones as well, with Visa (V) and American Express (AXP) both up by at least 4% over the past week.
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