Live Market Updates: Nasdaq Composite Flat & NVIDIA (NVDA) Joins the Dow Jones

Investing

Published: November 4, 2024 1:41 pm

As of 1:30 p.m. ET, the Nasdaq Composite has climbed back to being a shade above breakeven. The index is currently up about 6 points, or .03%.

It’s been a back-and-forth trading day, with the Nasdaq hitting 18,300 at 11:15 before falling to 18,142 in the next hour. Here’s a check-in how other major indexes are performing:

S&P 500: Down 3.81 (-.10%)
Dow Jones Industrial Average: Down 188.99 (-.45%)
Russell 2000: Up 17.14 (Up .77%)

Let’s take a look at the day’s biggest news.

NVIDIA Joins the Dow Jones

NVIDIA (Nasdaq: NVDA) is replacing Intel (Nasdaq: INTC) in the Dow Joens Industrial Average. NVIDIA’s recent stock split helped clear the way for the company joining the index.

With the Dow Jones including bellwether stocks across America’s largest industries, it makes sense that NVIDIA is more representative than Intel. At today’s market cap, NVIDIA is worth $3.38 trillion while Intel is worth little more than $100 billion.

NVIDIA is up 1.75% on the news while Intel is down 3%. In other news, Sherwin-Williams (NYSE: SHW) will replace Dow Inc. (NYSE: DOW) in the index. Sherwin-Williams is up 3.8% on the news while Dow Inc. is down 2.4%.

Markets Await More Election News

The dominant news story this week will be the U.S. Presidential election tomorrow. Prediction markets like Kalshi and Polymarket have seen large swings across the weekend. Odds on Donald Trump winning hit 65% on Kalshi on October 29th, but slipped back to 51% yesterday.

As of publication, Trump is currently priced at a 54% chance of winning on Kalshi while Harris bets are priced at 46%. Professional pollsters like Nate Silver have the race at a dead-heat. Shares of Trump Media & Technology Group (Nasdaq: DJT), which tend to trade around sentiment Trump gets elected have jumped 11% today.

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¹https://www.fdic.gov/national-rates-and-rate-caps