The Dow Jones (DJIA) is trading higher during Friday’s shortened trading session ahead of the Thanksgiving weekend.
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The odds of a rate cut at the December 9-10 Federal Open Market Committee (FOMC) meeting are looking more and more likely, despite missing economic data due to the government shutdown. The odds of a 25 bps reduction sit at 86.9% on CME’s FedWatch tool, up from 83.4% a day ago and 71% a week ago.
During the early morning hours, the Chicago Mercantile Exchange (CME) experienced an outage resulting from a cooling issue at a data center operated by CyrusOne. CME said that its Globex Futures & Options markets were impacted, disrupting futures and options trading across global markets for several hours before normal operations were resumed at 8:30 a.m. Eastern Time. Historically, trading volumes are relatively lower around Thanksgiving, limiting the impact of the outage within U.S. markets. “All told this could have been much worse,” B. Riley Wealth Chief Market Strategist Art Hogan told CNBC.
In other news, President Trump said that he would “permanently pause migration from all Third World Countries” after an attack on two National Guard members in Washington, D.C., earlier this week. In addition, he said that he would cancel federal benefits and subsidies for non-U.S. citizens. “Only REVERSE MIGRATION can fully cure this situation,” Trump said in a Truth Social post.
Furthermore, Trump is considering a partial or full removal of income taxes over the next few years due to surging tariff revenues. Net customs duties increased to a monthly record of $31.4 billion in October, growing by 330% year-over-year. At the same time, individual income taxes were responsible for 53.65% of U.S. revenue during the month, while customs duties accounted for only 7.75%.
The Dow Jones is up by 0.50% 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) has remained weak following its earnings report on November 19 and has shed 5% since then. The semiconductor leader is also still reeling from news that Meta Platforms (META), a large customer of Nvidia, is considering purchasing Google’s (GOOGL) tensor processing unit (TPU) chips.
Meanwhile, Amazon (AMZN) is trading higher, with Adobe (ADBE) estimating that online Black Friday sales will grow by 8.3% year-over-year to $11.7 billion.
Elsewhere, all four industrial stocks are trading higher, while Chevron (CVX), the sole energy stock in the Dow Jones, is catching a bid from rising oil futures.
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 $533.76, implying upside of 11.81% from current prices. The 31 holdings in DIA carry 29 buy ratings, two hold ratings, and zero sell ratings.
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