The Dow Jones (DJIA) is in negative territory following a disappointing Job Openings and Labor Turnover Survey (JOLTS) update and a warning from President Trump.
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July’s layoff level rose to 1.808 million, above the estimate of 1.639 million, while June’s layoffs were revised higher to 1.796 million from 1.604 million. On top of that, job openings fell to 7.181 million and missed the estimate of 7.380 million. June’s job openings were revised down to 7.357 million from 7.437 million.
A soft labor market has fueled Fed Governor Christopher Waller’s call for a rate cut during the next Federal Open Market Committee (FOMC) meeting on September 16-17. Waller argues that the Fed should cut rates before the labor market weakens even further “because usually when the labor market turns bad, it turns fast in a nonlinear fashion, it doesn’t just kind of creep up.”
Meanwhile, Trump cautioned that the U.S. may be forced to “unwind” trade deals with the European Union, South Korea, Japan, and other nations if his appeal to the Supreme Court falls short. Last week, a federal appeals court ruled that Trump’s tariffs were illegal, leaving them in effect until October 14 to allow time for him to appeal. Trump has requested an “expedited ruling” as tariff collections in August reached a yearly high of $31 billion.
The Dow Jones is down 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.
Apple (AAPL) is leading all tech stocks after a judge ruled that Alphabet (GOOGL) could continue paying the iPhone maker for pre-installing Google Search on its devices. In addition, the ruling stated that Alphabet must share some of its search data with competitors. Salesforce (CRM) is also in the green ahead of its earnings report after the closing bell today.
Elsewhere, other stocks are performing poorly. Every single stock in the healthcare, industrials, communication services, and energy sectors is in the red. Boeing (BA) is leading all industrial stocks lower, despite WestJet announcing a deal to purchase 67 of its jets by 2034.
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 $503.18, implying upside of 11.39% from current prices. The 31 stocks in DIA carry 29 buy ratings, two hold ratings, and zero sell ratings.
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