The Dow Jones (DJIA) is trading higher on Wednesday on an unexpected ISM Services Purchasing Managers’ Index (PMI) print. Services make up roughly two-thirds of U.S. gross domestic product, representing the largest share of any sector.
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November’s services PMI climbed to a nine-month high of 52.6, beating the consensus estimate of 52.0 and increasing from 52.4 in October. The index measures activity in the services sector, tracking factors like employment, new orders, and prices. Readings above 50 signal expansion, while those below 50 indicate contraction. Employment rose to 48.9 from 48.2, while new orders fell to 52.9 from 56.2. Furthermore, prices paid cooled to 65.4 from 70.0 in a sign of easing inflationary pressures.
“The continued expansion in both the Business Activity and New Orders indexes in November, and the highest Backlog of Orders index reading since February 2025 are positive signs of an emerging recovery for the services sector,” said ISM Chair Steve Miller.
Meanwhile, the private sector continues to struggle, shedding 32,000 jobs in November, according to ADP’s National Employment Report. Over the past three months, the U.S. has now lost an average of 4,333 jobs per month, marking the first three-month decline since 2020, said Creative Planning Chief Market Strategist Charlie Bilello. It’s worth highlighting that there is a major job growth divide in small, mid-sized and large companies. Firms with fewer than 50 employees lost 120,000 jobs, while those with 50–499 employees added 51,000, and companies with 500 or more employees added 39,000.
“Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” said ADP Chief Economist Dr. Nela Richardson.
The Dow Jones is up by 0.73% 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.
Microsoft (MSFT) is leading tech stocks lower following a report from The Information that the tech giant had lowered its AI software sales quotas. However, Microsoft denied the report, saying, “Aggregate sales quotas for AI products have not been lowered, as we informed them prior to publication.”
Amazon (AMZN), another member of the Magnificent 7 group, is also in the red despite Cantor Fitzgerald reiterating its $315 price target and “overweight” rating. The firm cited the company’s positive announcements at the Amazon Web Services re:Invent 2025 event, such as new Trainium servers and the Nova 2 AI model.
Elsewhere, UnitedHealth Group (UNH) is surging after Wolfe Research raised its price target to $375 from $330, while consumer-facing stocks, like Walmart (WMT), Home Depot (HD) and Nike (NKE), are showing strong performance as well.
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 $531.83, implying upside of 11.19% from current prices. The 30 holdings in DIA carry 29 buy ratings, one hold rating, and zero sell ratings.
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