Dow Jones Live Update May 28: Dow Jones Industrial Average (DJI) Opens Higher
Key Points
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President Trump has ignited a stock market rally on the Dow Jones Industrial Average, raising hopes of a trade deal with the EU.
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At the same time, dissension rises within the White House as Elon Musk says he’s “disappointed” in the President’s “Big, Beautiful Bill.”
Live Updates
Gravity Reasserts Hold on the Dow
After surging more than 700 points in Tuesday trading, the Dow Jones Industrial Average shed 245 points Wednesday to close down 0.6%.
Bonds on Sale
The Treasury’s auction of 5-year notes has concluded. Paying 4% interest, the $70 billion in notes sold at an average yield of 4.07%, indicating a small 1.7% discount to face value.
At the Right Price, Investors Still Love T-Bills
$70 billion worth of 5-year Treasury notes are about to go on auction, and demand looks healthy even as yields rise. (Which makes sense. Higher yields imply lower prices, and everybody likes a bargain, even when we’re talking about U.S. government debt).
2-year Treasuries went on sale yesterday, and demand was described similarly as “solid.”
The Dow is still down 0.3%.
Apple and iPhones in Focus
Dow component company Apple (Nasdaq: APPL | AAPL Price Prediction) is in focus today as Loop Capital analyst Ananda Baruah reiterates a hold rating and $215 price target on the tech stock.
“Tariff actions” are pulling demand for iPhones forward into the March and June quarters as investors hedge against the risk President Trump is serious about imposing 25% tariffs on imported iPhones. Further out, the analyst is looking ahead to the expected iPhone 17 launch. Apple has raised its estimates for iPhone 17 shipments in Q4, and iPhone average selling prices are also moving higher. Apple stock is up about 0.5% today.
But the Dow Jones Industrial Average has turned red, now down 0.3%.
This article will be updated throughout the day, so check back often for more daily updates.
President Trump alarmed investors last week when he threatened to impose a 50% tariff on imports from the European Union as early as June 1. On Monday, the President backtracked, saying the tariffs won’t actually go into effect until July 9. Even more optimistically, he confirmed efforts are afoot to “quickly establish meeting dates” with EU negotiators to lower tariff barriers and “open up the European Nations for Trade with the United States of America.”
In more troubling news, there’s trouble brewing at the White House today as Elon Musk, who spearheaded President Trump’s Department of Government Efficiency (DOGE) efforts, says he’s “disappointed” with “the massive spending bill” that the President sent to Congress last week, and that the House of Representatives has now passed. The bill, says Musk, “increases the budget deficit” and “undermines the work that the Doge team is doing.”
Not good.
Nevertheless, after soaring 700 points yesterday, the Dow Jones Industrial Average (DJINDICES: ^DJI) is up another 65 points today for a nearly 0.2 % gain.
Earnings
Abercrombie & Fitch (NYSE: ANF) reported an earnings beat today, $1.59 per share earned in Q1, which was $0.20 better than expected. The retail clothing chain stock is up nearly 27% currently.
Macy’s (NYSE: M) “beat earnings by a penny,” reporting $0.16 per share in Q1 profit. Macy’s stock is down almost 4%.
Both companies cut guidance after reporting their beats. Abercrombie predicts it will earn between $9.50 and $10.50 this year. Macy’s says full year earnings will range from $1.60 to $2. Both earnings ranges are broadly below analyst forecasts, implying no more earnings beats this year.
Dick’s Sporting Goods (NYSE: DKS) meanwhile reported $3.37 per share this morning. The number beat analyst forecasts. Even better, guidance at Dick’s calls for $13.80 to $14.40 per share earned this year. At the midpoint, that’s less than Wall Street’s forecast $14.34, but the “$14.40” number at least implies there’s a chance Dick’s will beat estimates this year.
Joel South covers large-cap stocks, dividend investing, and major market trends, with a focus on earnings analysis, valuation, and turning complex data into actionable insights for investors.
He brings more than 15 years of experience as an investor and financial journalist, including 12 years at The Motley Fool, where he served as an investment analyst, Bureau Chief, and later led the Fool.com investing news desk. He has also co-hosted an investing podcast and appeared across TV and radio discussing market trends.
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