NEWS
Earnings Fail To Quell Election Jitters

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.

STOCKS
Dow Finally Drops Intel For Nvidia 🤯 

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. 🤷 

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