NEW YORK, June 24, 2026 (EDT) — The Dow Jones Industrial Average advanced on Wednesday, buoyed by notable gains from Home Depot and 3M, as the broader market recovered from a technology-led selloff in the previous session.
At 10:46 a.m. EDT, the Dow had risen 302.73 points, or 0.59%, to 51,969.57. The S&P 500 added 0.58%, while the Nasdaq Composite climbed 0.66%, signaling a pause in the recent tech weakness.
Home Depot was the top performer on the Dow, surging 3.9%, followed by 3M with a 3.5% increase. Sherwin-Williams also posted strong gains, rising 3.1%. On the downside, Chevron fell 2.8%, Verizon dropped 2.4%, and Nike declined 2.0%.
The Dow's price-weighted methodology magnified the impact of higher-priced stocks like Home Depot and 3M, whose movements carried more weight than changes in cheaper components.
Oil prices retreated after recent gains driven by Middle East tensions. Brent crude fell 4% to $73.72 per barrel, while U.S. crude dropped 4.4% to $69.96. The 10-year Treasury yield declined to 4.41% from 4.50% late Tuesday, according to the Associated Press. Lower yields often enhance the appeal of equities relative to bonds.
Technology stocks stabilized after two sessions of losses, with investors focusing on Micron Technology's upcoming earnings report after the close. The results are viewed as a bellwether for artificial intelligence spending, particularly amid heavy capital expenditures by cloud and internet giants. "Micron's earnings this time are central to market sentiment," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company.
However, the recovery may prove fragile if Micron's results or guidance fail to alleviate concerns about AI demand, or if Thursday's inflation data reinforces expectations for further Federal Reserve rate hikes. "When markets move so rapidly, in either direction, it's a sign of instability," noted Michael McCarthy, market analyst at Moomoo Securities Australia.
In a significant index reshuffle, S&P Dow Jones Indices announced late Tuesday that Alphabet will replace Verizon in the Dow Jones Industrial Average, effective before the open on June 29. Verizon's low share price had reduced its weighting to approximately 0.5% of the index, while Alphabet's higher market capitalization, share price, and distinct business profile make it a more suitable fit for the communications-services category.
Alphabet shares rose 1% following the announcement, while Verizon shares lagged on the Dow. The change underscores the evolving nature of the index as it adapts to shifts in the market's composition.
Looking ahead, the personal consumption expenditures price index is set for release on Thursday, with economists forecasting a reading of 4.1%, according to Reuters. Traders have increased bets on a second rate hike this year after Federal Reserve Chair Kevin Warsh indicated that inflation remains elevated.
