The large-cap U.S. indexes recorded their first meaningful week of downside as momentum wanes ahead of next week’s presidential election and fed decision. Lackluster earnings results failed to keep the bulls interested, with many investors and traders taking a more cautious stance. 👀

Today's issue covers the Dow index’s not-so-shocking change, a popular bull highlighting a bearish development, and other noteworthy pops and drops. 📰

Here’s the S&P 500 heatmap. 7 of 11 sectors closed green, with consumer discretionary (+1.63%) leading and utilities (-2.23%) lagging.

And here are the closing prices: 

Most bullish/bearish symbols on Stocktwits at the close: 📈 $CDXC, $ATHA, $GSAT, $LULU, $GTLS 📉 $MYGN, $NMHI, $GOEV, $ABR, DBRG*

*If you’re a business and want to access this data via our API, email us.

The Dow Jones Industrial Average is an old-school index that takes quite a while to change its ways. But, apparently, it’s seen enough to make two swaps as of the start of trading on November 8th.

The first swap is not super surprising; Nvidia is replacing Intel as its performance has blown it away over the last year, three years, five years, or pretty much any timeframe you choose. With Nvidia the second-most valuable company in the world and leading the semiconductor industry’s artificial intelligence (AI) revolution, many are not surprised by the move. Instead, they are asking, “What took so long?”

The next move is a little less obvious. A different chemical company is replacing chemical conglomerate Dow Inc.—paint giant Sherwin Williams. 🤔

The committee said the changes were made to ensure a more representative exposure to the semiconductor industry and materials sector. 🧺

The last replacement was in February when Amazon replaced Walgreens in the index. That trade has worked out well so far, though the history of these exchanges hasn’t always been a clear win.

What is clear, however, is that the index continues to adopt more and more tech exposure as it tries to keep pace with mega-cap tech giants that now dominate the U.S. stock market. Long-term history will judge the timeliness of this move, but for now, bulls are cheering the change. 🤷

ESGold Corp (CSE: ESAU) (OTC: SEKZF) offers a promising opportunity in the rising gold market. With $8M required to finish the Montauban plant, production could start in six months. The stock is gaining momentum, up over 50% this month.

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Disclaimer: This ad is paid for and disseminated on behalf of ESGold Corp (it is sponsored content). We do not own any securities of ESGold Corp. This ad contains forward-looking statements, which are not historical facts. These statements are based on the current beliefs and expectations of ESGold Corp’s management and involve known and unknown risks, uncertainties, and other factors that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Words such as “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” and similar expressions often identify forward-looking statements. This is not financial advice, please do your own DD. See SEDAR+ for more information.

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

One of Fintwit’s most vocal bulls, Trends With Friends co-host J.C. Parets, is sounding the alarm after the last two weeks of stock weakness. ⚠

He’s highlighting the bearish divergence between S&P 500 index prices (which have been making new highs) and New York Stock Exchange (NYSE) market breadth (which has been treading water).

His thesis for the coming weeks and months remains to be seen. However, his caption, “This is not bullish,” implies it’s not optimistic. 🐻

For more charts & trade ideas like this, get today’s “Chart Art” newsletter. 🎯

Below are some of today’s biggest movers, with full articles courtesy of the Stocktwits news team. 👍

Chevron: Shares rose 3% after its third-quarter earnings, revenue, and production topped estimates. Record-breaking U.S. production continued cost-cutting and divestments in Alaska, Canada, and the Congo as it refocuses its core operations. 🛢

Exxon Mobil: Shares popped then dropped 2% after third-quarter earnings beat estimates and production rose to its highest level in 40 years. Still, revenues came in below expectations due to lower oil prices and refining margins. 🔻

GlobalStar: Shares soared 39% after announcing a $1.5 billion investment deal from Apple to develop and launch a new mobile satellite services network. 🛰

Lexicon Pharmaceuticals: Shares fell 35% after the drug company’s sotagliflozin drug candidate received a negative vote by a US Food and Drug Administration (FDA) panel. 👎

ASP Isotopes: Shares rose 13% after the advanced materials company agreed to sell an aggregate of 2.395 million shares of its common stock at $6.75 per share, raising $16.2 million for working capital purposes. 💵

Atlassian: Shares jumped 19% after the collaboration software company’s first-quarter earnings and revenue topped expectations. Several Wall Street firms upgraded the stock, and Stocktwits sentiment also pushed into ‘extremely bullish’ territory. 💻

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💵 IRS unveils IRA contribution limits for 2025

📱 Apple is buying photo-editing app Pixelmator

🤑 US election bets surge, despite red flags and mixed record

📰 Marc Benioff is in talks to sell media company Time to Antenna Group

🧑‍💼 U.S. economy added just 12,000 jobs in October, impacted by hurricanes, Boeing strike

😡 Google employees pressure costumed execs at all-hands meeting for clarity on cost cuts

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