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.
Source: Bloomberg & Wennco LLC
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