Dow Jones Today: Index Drops as Market Rally Fizzles

Investors weren’t able to keep up the excitement over Federal interest rates and more positive economic data today, but it wasn’t enough to derail a positive week for the Dow Jones Industrial Average (DJIA).

Key Takeaways

  • The Dow fell about 0.2% to finish a week where the Index moved higher by 1.3%.
  • Apple reaches an intraday all-time high before falling back 0.6%.
  • After announcing a new chip plant in Poland, Intel was the Dow’s best-performing stock.
  • Disney falls lower after a top executive leaves amid rumbles about the company’s restructuring.

The Dow gained about 1.3% over the week, the third straight the index has moved higher. Lower by 0.5% today, the Nasdaq finished the week higher by 2.8%, while the S&P 500’s 0.3% drop today didn’t stop it from gaining 2.4% on the week. 

With the Federal Reserve rate hike decision in the rear-view mirror, investors got more signals that consumers were confident about the economy through the University of Michigan Consumer Sentiment Index (MCSI), which came in higher than expected.

Intel (INTC) shares moved higher by 2% after it announced it would build a $4.6 billion chip manufacturing plant in Poland, its third in Europe, as it expands to meet the continent’s growing demand for semiconductor chips.

Walgreens Boots Alliance (WBA) shares moved higher by 1.5% after it announced it signed a deal with a biotech startup to expand its space in the clinical trials business, a market that competitor CVS (CVS) recently exited. CVS dropped 2.5%.

Walt Disney (DIS) shares were the worst performing of the Dow 30 after news of a top executive’s departure. The Wall Street Journal reported that Disney Chief Financial Officer Christine McCarthy clashed with CEO Bob Iger and other executives, particularly over a restructuring of the entertainment division that she didn’t believe went far enough.

Shares of Microsoft (MSFT) fell 1.2% though it still managed to eclipse its all-time high, trading above $344, higher than its previous high of $343.11 from November 2021. UnitedHealth Group (UNH) continued its slide, falling 1.2% after earlier in the week reporting that surgical procedures were rising, threatening the insurer’s profits. 

After reaching its all-time high price in intraday trading, Apple (AAPL) shares fell 0.6% to trade below $185, but not before reaching $186.99 earlier in the session.