Nvidia (NVDA) is set to replace Intel (INTC) on the Dow Jones Industrial Average (^DJI) on Friday. Intel has been a fixture in the benchmark index since 1999, but its shares have plummeted nearly 48% throughout 2024. Ritholtz Wealth Management chief market strategist Callie Cox tells Morning Brief that this change will introduce Nvidia to a broader audience. “Really, most of America knows the Dow, so a lot of America is gonna be introduced or at least have to get a little bit more familiar with Nvidia and all of what Nvidia means in this AI story,” she notes. However, Cox points out that the Dow is not a market-cap-weighted index, so Nvidia’s inclusion will not have the same significant impact as it would on the S&P 500 (^GSPC) or Nasdaq Composite (^IXIC). “I really just think it’s a brand thing for Nvidia. Nvidia being able to say they’re part of one of the most storied indexes on Wall Street, even if that storied index is less powerful these days,” she states.
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