Dow Jones Industrial Average
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The Dow Jones Industrial Average has recovered nicely from its early August lows, but will continue to decline until prices rise above the descending trendline connecting its mid-July and late-July highs. Stocks such as Cisco Systems and Walmart are currently reaching new highs, but they have yet to lift the Dow as a whole above its midsummer peak.
The daily price chart for industrial stocks looks like this:
Dow Jones Industrial Average daily price chart, 8 15 24.
Stock Chart
Four of the 30 Dow Jones Industrial Averages fell.
Boeing (NYSE: BA).
Boeing daily price chart, 8 15 24.
Stock Chart
The plane maker's shares peaked in December and began to fall sharply after reports of problems with its 737s. At the end of last year, the stock was trading at $265, but is now trading at $168 after hitting a low of $160 in late April. The dotted red line connecting the December 2023 high with the late July high shows the trend.
Notice how it continues to trade below both its 50 and 200 day moving averages. Congressional hearings and criminal investigations haven't helped. Boeing has been a component of the Dow Jones Industrial Average since March 1987, making it over 30 years old.
Chevron (NYSE: CVX).
Chevron daily price chart, 8 15 24.
Stock Chart
Shares of this oil and gas giant (market cap: $269 billion) tend to track the price of crude oil and have not recently surpassed their all-time highs.
The nearly universal sell-off in early August sent Chevron shares to their January lows, but they have since held off and recovered. That said, the stock is still trading below both its 50-day and 200-day moving averages, which doesn't seem very encouraging.
Disney (NYSE: DIS).
Walt disney daily price chart, 8 15 24.
Stock Chart
The company recently posted better-than-expected profits, but the theme park business is not what it used to be. Nelson Peltz's investment firm just sold a big chunk of its Disney stake. Morgan Stanley analysts raised the stock to “overweight” on August 5 and lowered their price target to $110 from $130.
Its decline from an early April high of $122 to an early August low of $85 was astounding for a Dow component, a 30% drop in just four months. Disney has rebounded in recent days, but it remains well below both its 50-day and 200-day moving averages.
Intel (NYSE: INTC).
Intel daily price chart, 8 15 24.
Stock Chart
The semiconductor company has laid off about 15% of its workforce and recently “suspended” its dividend. Analysts were busy downgrading Intel's ratings in early August, with Mizuho downgrading the stock to “neutral” from “outperform,” HSBC Securities downgrading it to “cut” from “hold,” and Bank of America Securities downgrading it to “underperform” from “neutral.”
Notice that both the 50-day and 200-day moving averages are trending downward, and the stock is trading below both. The dotted red line connecting the late January high with the early April high further illustrates the severity of the decline. The bounce back over the past few days has been minimal compared to the recent sell-off.
