Why is the Dow Jones Industrial Average lagging as Anthropic's filing boosts tech?

• DJIA closes below 52,400 after surrendering about two-thirds of its early advance.
• Most of the price-weighted index's rise comes from Goldman Sachs, which contributes about 105 points.
• Wednesday brings the Fed decision, followed by results from Microsoft and Alphabet.

Monday's advance in the Dow Jones Industrial Average was heavily dependent on Goldman Sachs (GS), which contributed about seven out of every ten points gained. By the tenth five-minute bar, the index had reached close to 52,600. It subsequently surrendered about two-thirds of that rise at the session low near 52,250 before finishing below 52,400.

Goldman's 2% advance contributed about 105 points because the Dow weights constituents by share price, and Goldman, at about $890, is its highest-priced stock. Together, UnitedHealth (UNH) and Merck (MRK) subtracted about 70 points. That kept the Dow trailing the S&P 500, which gives technology shares a larger weighting.

Nvidia (NVDA) contributed about 30 points as Anthropic's Nasdaq listing filing outlined spending of up to $120.5 billion on computing powered by Nvidia chips. That filing also commits up to $114.5 billion to Google through 2033. Alphabet (GOOGL) declined about 1%, subtracting about 20 points from the Dow.

Which events are on the calendar?

Futures imply about a 10% probability of a rate increase from 3.75%-4.00% ahead of the Federal Open Market Committee (FOMC) decision, scheduled for 18:00 GMT on Wednesday. Fed Chair Warsh will hold his press conference at 18:30 GMT. Thursday's releases at 12:30 GMT include the September Personal Consumption Expenditures Price Index (PCE) and third-quarter Gross Domestic Product (GDP), both of which have implications for a December hike.

Tuesday's earnings schedule starts with Boeing (BA), Coca-Cola (KO) and Sherwin-Williams (SHW) before the market opens, followed by Visa (V) after the close. On Wednesday, Microsoft (MSFT) and Alphabet release results after the Fed decision. Thursday brings reports from Merck and Caterpillar (CAT), which, at about $690, is the Dow's second-highest-priced stock. Chevron (CVX) reports on Friday.

What do the charts indicate?

About a quarter of the Dow's advance between the 1 October low near 50,500 and the 22 October high near 52,900 has now been retraced. The index nevertheless remains above its 50-day Exponential Moving Average (EMA), near 52,100. Around 4% higher lies the 5 August peak, just below 54,750. Since Thursday, daily momentum has eased from overbought levels.

Dow Jones chart: 5-minute view