New York, July 1, 2026 – The Dow Jones Industrial Average (INDEXDJX:.DJI) maintained its lead over the Nasdaq Composite (INDEXNASDAQ:.IXIC) in midday trading on Wednesday, as a shift in leadership from Walmart and Caterpillar to Salesforce and Nike helped the blue-chip index recover from an early slide.
By late morning, the Dow had gained 133.78 points, or 0.26%, to reach 52,452.98, according to Reuters data from LSEG. The S&P 500 (INDEXSP:.INX) added 9.08 points, or 0.12%, to 7,508.44, while the Nasdaq Composite slipped 42.94 points, or 0.16%, to 26,170.78. The Dow’s performance kept it roughly 0.4 percentage point ahead of the Nasdaq from the morning trough through midday.
Earlier in the session, markets were under pressure. At 10:01 a.m. ET, the Dow was down 65.31 points, the S&P 500 had lost 19.85 points, and the Nasdaq was lower by 141.90 points. Since then, the Dow has swung approximately 199 points into positive territory. “I don’t get the sense that there’s a great deal of euphoria out there at the moment,” said Benjamin Jones, global head of research at Invesco Ltd (NYSE:IVZ). “The mood is sanguine, but not complacent.”
The Dow’s price-weighted methodology means that stocks with higher share prices exert more influence on the index, regardless of market capitalization. This structural quirk favored Salesforce Inc (NYSE:CRM) and Nike Inc (NYSE:NKE), which drove the index’s recovery after early declines linked to Walmart Inc (NYSE:WMT) and Caterpillar Inc (NYSE:CAT). At 9:45 a.m. ET, MarketWatch attributed a 184-point Dow drop to Walmart and Caterpillar; by 11:00 a.m. ET, it credited Salesforce and Nike with a 132-point rally.
On the economic front, the latest data left the interest rate outlook unresolved. The Institute for Supply Management (ISM) reported that its Manufacturing PMI fell to 53.3 in June from 54.0 in May, with the Prices Index declining to 73.0 from 82.1, though factory input costs remained elevated. Meanwhile, ADP (NASDAQ:ADP) data showed private employers added 98,000 jobs in June, with annual pay growth of 4.4%. “The overall effect is a slowdown in job creation,” said Dr. Nela Richardson, ADP’s chief economist.
Market analysts offered mixed views on the implications. Tyler Richey at Sevens Report Research told ABC News that there is “more risk and less fundamental support from the Fed.” In contrast, Ed Yardeni of Yardeni Research noted that “earnings have been very, very strong.” The conflicting signals suggest that the market remains in a wait-and-see mode ahead of the next jobs report.
For the year, the New York Stock Exchange reminds investors that markets will close on Friday, July 3, for Independence Day. The day’s trading underscores the ongoing tug-of-war between blue-chip stability and growth-oriented tech stocks, with the Dow’s price-weighted structure providing a temporary edge.
