Chart of the Day – August 3, 2020

Of the major indices here in the US, the Dow Jones is the laggard relative to each index’s all-time-highs made earlier this year.  Currently, the Dow Jones is roughly 10% from its high (price only).  The Nasdaq recorded multiple new ATH’s in July, and the S&P 500 is a little more than 3% from its ATH (price only).  Cyclicals are the difference and largest factor in why the Dow Jones is lagging its index peers.

Below are 1) the Dow Jones’s 2-yr, weekly chart, and 2) the current members and weightings of the Dow Jones.

CW

Source: Bloomberg & Wennco LLC

Source: Bloomberg