How are earnings and cheaper Crude Oil lifting the Dow Jones Industrial Average?

• DJIA closes near 52,500 after reaching its highest level in over five weeks.
• UnitedHealth, Amazon, IBM and 3M lead point gains amid declining Treasury yields.
• Wednesday brings IBM's results, followed by Honeywell and Procter & Gamble on Thursday.

The Dow Jones Industrial Average reached its highest level in more than five weeks, supported by earnings and lower Crude Oil prices, even as artificial intelligence (AI) shares dragged down the NASDAQ 100. Gains from the opening bell took the Dow just above 52,700. A reversal to about 52,400 followed within a single five-minute bar after a diplomat involved in US-Iran talks dismissed reports that a deal was close. The index finished just below 52,500.

Health care topped the sector performance table in the S&P 500, while 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 for up to 3.2 million shares linked to $6 billion in data centre sales. Having reported on 13 October, UnitedHealth contributed about three times the points added by 3M.

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

What is next on the calendar?

Wednesday's IBM results will be followed by a call at 21:00 GMT. Honeywell (HON) and Procter & Gamble (PG) are scheduled to release results before Thursday's opening bell, with calls at 12:30 GMT. On Friday, American Express (AXP) reports before the opening bell, making it the fourth Dow constituent to announce results over three days.

Thursday's initial jobless claims release at 12:30 GMT is expected to show 200K, compared with 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 28 October decision on whether to increase rates again.

What do the charts indicate?

After slipping below its 50-day Exponential Moving Average (EMA) on Friday and Monday, the Dow closed back above that line, which now stands near 52,000. Nearly half the decline from August's peak just above 54,700 to the 1 October low has now been recovered. That low held just above the 200-day EMA near 50,500. For the first time since early July, daily momentum is bordering on overbought territory.

Daily chart of the DJIA