The Dow Jones (DJIA) is trading higher on Wednesday, receiving a boost from falling oil prices as investors prepare for Nvidia’s (NVDA) earnings report after the market close.
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Brent crude oil (BZ) is down by over 5% on the day, with losses extending after the U.S. Energy Information Administration (EIA) announced that U.S. crude inventories, including the Strategic Petroleum Reserve (SPR), plummeted by 17.8 million barrels last week, marking the largest weekly drop on record. In addition, Iran’s Islamic Revolutionary Guard Corps (IRGC) said 26 vessels transited the Strait of Hormuz over the past 24 hours. The waterway, which handles roughly 20% of global oil supply, has seen traffic plunge since the U.S.-Iran war began on February 28.
The U.S. and Iran remain in a stalemate over negotiations. The U.S. is pushing for strict limits on Iran’s nuclear program and the reopening of Hormuz, while Tehran is demanding sanctions relief and firm guarantees against future conflict. Still, President Trump believes that talks between the two countries are in the final stages.
“We’re in the final stages of Iran. We’ll see what happens. Either have a deal or we’re going to do some things that are a little bit nasty, but hopefully that won’t happen,” Trump told reporters.
The Dow Jones is up by 0.89% 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.
All eyes are on Nvidia (NVDA) ahead of its earnings report after the close today. The semiconductor giant is expected to report revenue of $79.12 billion with an adjusted EPS of $1.77. Other tech stocks in the index, including Apple (AAPL) and Microsoft (MSFT), are flat on the day.
Meanwhile, Nike (NKE) is leading the consumer cyclical sector higher, although shares of the sportswear company are still down by 31% year-to-date. Amazon (AMZN) and Home Depot (HD) are also in the green.
Is the Dow Jones a Good Long-Term Investment?
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 $577.73, implying upside of 15.92% from current prices. The 30 holdings in DIA carry 30 buy ratings, zero hold ratings, and zero sell ratings.