Dow Jones Today: Intel Pushes Index Higher

Tech stocks Intel, Cisco, Salesforce help lead Dow higher, while P&G dives on a rating cut

Intel logo hangs above crowd in conference center.

Xavi Torrent / Getty Images

Key Takeaways

  • Dow climbs 0.3%, notching its second straight day of gains.
  • Investors reward Intel after it lays out plans to gain market share.
  • Cisco and Walmart rise on earnings reports.
  • Walgreens Boots Alliance falls on opioid settlement and Procter & Gamble drops on analyst downgrade.

The Dow Jones Industrial Average rallied to finish higher by 0.3%, or 115 points, after earlier falling almost 150 points in intraday trading, fueled partly by optimism that U.S. lawmakers will resolve the debt ceiling standoff.

The Dow climbed for the second straight day after House Speaker Kevin McCarthy told reporters that the House of Representatives could consider legislation to extend the U.S. debt limit as early as next week, saying negotiations were in a “better place.” The Nasdaq moved up 1.5% to reach a 52-week high, while the S&P 500 also moved higher.

Intel (INTC) shares led the Dow higher, rising 2.7% after the company unveiled new gaming microchip offerings and laid out for reporters a sales strategy it hopes will help it take market share.

Investors ignored that Cisco System's (CSCO) orders plummeted 23% in the first quarter. Instead, they rewarded its 14% increase in revenue by pushing its stock up 1.2%.

Salesforce (CRM) gained for the fourth straight day, rising 1.9% to notch a fresh 52-week high.

Walmart (WMT) shares were up 1.3% on first-quarter earnings that showed strong grocery and online sales. Same-store sales rose 7.4% and digital sales jumped 27%, exceeding analysts' expectations. The company also raised its full-year guidance.

Walt Disney (DIS) shares rose 0.9% after it scrapped plans to build a new Florida campus amid the company’s feud with the state’s governor Ron DeSantis. About 2,000 employees located in California were to be required to relocate to the Florida facility, which now won’t be built. Disney also said it would close a Star Wars-themed hotel at its Florida theme park. 

Walgreens Boots Alliance (WBA) was the Dow's worst performer, falling 1.8% after the company agreed to pay San Francisco a $280 million settlement over its role in the city's opioid epidemic.

Procter & Gamble (PG) followed close behind, falling 1.7% after Truist lowered its rating on the maker of Tide, Bounty, and Pampers. Analysts praised the company overall, but questioned its current valuation and pointed to a dearth of “catalysts” likely to fuel growth. 

UnitedHealth Group (UNH) was down 1.2%, part of a healthcare sector that underperformed. Amgen (AMGN) and Merck & Co. (MRK) both fell 0.6%. 

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