The Dow Jones (DJIA) is slightly in the red but has also recovered much of its early morning losses after President Trump announced a new trade deal.
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“The Terms are that Vietnam will pay the United States a 20% Tariff on any and all goods sent into our Territory, and a 40% Tariff on any Transshipping,” said Trump on Truth Social. The transshipping duty was likely added to steer Chinese goods away from Vietnam before being shipped to the U.S. In return, Vietnam will place a 0% tariff on imported U.S. goods, providing the U.S. with “TOTAL ACCESS to their Markets for Trade.”
Meanwhile, Director of the Federal Housing Finance Agency (FHFA) and Chairman of Fannie Mae (FNMA) and Freddie Mac (FMCC) Bill Pulte penned a letter to Congress, asking it to investigate Fed Chair Jerome Powell. Pulte accused Powell of lying to Congress when he testified about the Fed’s $2.5 billion headquarters renovation in Washington, D.C. Pulte, along with Trump, has criticized Powell in the past for delaying interest rate cuts.
“Powell’s $2.5B Building Renovation Scandal stinks to high heaven, and he lied when asked about the specifics before Congress,” said Pulte. “This is nothing short of malfeasance and is worthy of ‘for cause.'”
The Dow Jones is down by 0.07% 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.
Four of the six tech stocks within the index are in the red, although Nvidia (NVDA) and Apple (AAPL) are bucking the trend. NVDA stock is rising despite a report from The Information that claims Microsoft (MSFT) is looking to reduce its reliance on the company’s chips for its AI computing efforts.
Elsewhere, Amazon (AMZN) is muted ahead of its Prime Day event from July 8 to 11 while UnitedHealth Group (UNH) continues to plunge from allegations of insurance fraud. The healthcare giant is now down by about 38% year-to-date.
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 $466.46 for the stocks within the index, implying upside of 4.98% from current prices. The 31 stocks in DIA carry 30 buy ratings, 1 hold rating, and zero sell ratings.