The Dow Jones (DJIA) secured a new intraday all-time high of 46,317.52 on Thursday, one day after the Fed announced a 25 bps rate cut.
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President Trump and Chinese President Xi Jinping will hold a phone call on Friday at 9 a.m. Eastern Time, marking the first communication between the two leaders since June. Earlier this week, Trump extended the ban on TikTok by another 90 days to December 16 after negotiators from the two countries agreed to a framework deal in Madrid. The deal, which still requires final approval from Trump and Xi, involves the creation of a new U.S. entity, comprising Oracle (ORCL), Silver Lake, and Andreessen Horowitz. The entity would take an 80% stake in the popular short-form video app’s U.S. operations while China would own the rest.
Tariffs will be another main point of discussion during the call, with Treasury Secretary Scott Bessent saying earlier this week that negotiations between the two sides have “become more and more productive.” Investors will be closely watching to see if the U.S. tariff pause on Chinese imports will receive another 90-day extension and if Trump and Xi agree to an in-person meeting.
Meanwhile, the Dow Jones received an early morning boost after initial jobless claims for the week ended September dropped by 33,000 to 231,000. These claims totaled 264,000 during the prior week, marking the highest level since October 2021. Continuing jobless claims were also better than expected, coming in at 1.920 million compared to the estimate of 1.950 million.
The Dow Jones is up by 0.35% 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 catching a bid after the company announced that it would invest $5 billion in Intel (INTC) common stock, subject to regulatory approval. The two companies will also collaborate to develop custom data center and PC products. Within the technology sector, International Business Machines (IBM), Cisco (CSCO), and Salesforce (CRM) are also rising higher.
Meanwhile, Caterpillar (CAT) is contributing to the gains within the Dow Jones after Baird raised its price target to $540 from $495. CAT stock is up by nearly 30% year-to-date.
Elsewhere, the financials and consumer cyclical sectors are mixed, while energy and communication services are trading lower.
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 $501.86, implying upside of 8.50% from current prices. The 31 holdings in DIA carry 29 buy ratings, two hold ratings, and zero sell ratings.
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