Earnings and lower Crude Oil prices lift Dow Jones Industrial Average

• 52,500 in sight at the DJIA close after a high of more than five weeks.
• Falling Treasury yields accompany leading Dow point contributions from UnitedHealth, Amazon, IBM and 3M.
• Wednesday brings IBM earnings; Honeywell and Procter & Gamble follow on Thursday.

The Dow Jones Industrial Average closed just below 52,500. Earnings and lower Crude Oil prices lifted the index to its highest level in more than five weeks, even as artificial intelligence (AI) shares weighed on the NASDAQ 100. From the opening bell, the Dow advanced to slightly above 52,700. A diplomat involved in the US-Iran talks then rejected reports that a deal was close, sending the index down to around 52,400 within a single five-minute bar before it recovered into the close.

Within the S&P 500, health care was the strongest sector. The largest point contributions to the price-weighted Dow came from UnitedHealth (UNH), Amazon (AMZN), IBM (IBM) and 3M (MMM). Alongside lifting its 2026 profit guidance to $9.10-$9.15 a share, 3M granted Amazon a warrant covering up to 3.2 million shares, linked to $6 billion in data centre sales. Having reported on 13 October, UnitedHealth contributed roughly three times as many points as 3M.

Lower Crude Oil prices were accompanied by a decline in the 10-year Treasury yield. A week earlier, rising yields and concerns about AI debt had left US equities with their worst week since June. In Seoul, Korean AI company Elice lost more than 30% on its trading debut. Nvidia (NVDA) and Microsoft (MSFT) nevertheless both gained, limiting the drag on the Dow from the AI sell-off.

Three days, four Dow earnings reports

Wednesday's IBM results include a call at 21:00 GMT. Before Thursday's opening bell, Honeywell (HON) and Procter & Gamble (PG) release earnings, with calls scheduled for 12:30 GMT. American Express (AXP) reports before Friday's opening bell, completing a run of four Dow constituents reporting over three days.

Thursday's initial jobless claims release is scheduled for 12:30 GMT, with 200K expected against the previous 199K. Friday brings the flash Purchasing Managers Index (PMI) surveys from S&P Global at 13:45 GMT; the services reading is forecast at 57.9, down from 58.8. Both releases will inform the Fed's decision on 28 October on whether to increase rates again.

52,000: Dow closes above 50-day EMA

After slipping below its 50-day Exponential Moving Average (EMA) on Friday and Monday, the Dow finished back above the measure, which now stands near 52,000. The index has recovered almost half the decline from its August peak just above 54,700 to the 1 October low. That low remained just above the 200-day EMA near 50,500. For the first time since early July, daily momentum is approaching overbought territory.

DJIA: daily price chart