Market Analysis: US30 Dow Jones Index Rises for 9 Sessions in a Row

<img src="https://fxopen.com/blog/en/content/images/2023/07/dowjones-1.png" alt="Market Analysis: US30 Dow Jones Index Rises for 9 Sessions in a Row" /><p>This is the most successful series in almost 6 years. Shares of JNJ helped demonstrate it to the US30 index, which rose by 6% after a strong report — J&amp;J&apos;s profit and revenue turned out to be higher than expected. Sales worldwide grew by 6.3% in annual terms.</p><p>Unusually for 2023, the Dow Jones US30 is now acting stronger than the Nasdaq 100 technology stock index.</p><p>E-mini Nasdaq 100 futures are down almost 3% from a week high, driven by weak Netflix reports (reported yesterday) and a sharp drop in TSLA stock price (-9.7% per session) after a disappointing report. Investors are worried about Tesla&apos;s lower margins due to lower model prices, as well as a projected third-quarter production slowdown due to factory upgrades. At the same time, Musk remains optimistic and calls for looking at the bigger picture; in his opinion, the key to future profits will be fully autonomous driving.</p><p>The weakening of the Nasdaq 100 amid the bullish behavior of the Dow Jones US30 index suggests that a correction has begun in technology stocks, which is overdue due to the AI-related boom. How true this assumption is, it will be more clear after the reports of Microsoft (July 25), Apple (August 3), Google (July 25).</p><figure><img src="https://lh5.googleusercontent.com/OjEdvDkafhs33khbPky8ixOrp5CAS7fTPP96C7AXd5oY5ss1FZtLfgrpikEVQfZQqSr6H1TEQfU4dXPUtHXa6-qzrV_Knt1T3Rr-Cbf4pkRPo400MQ9tsGriUVCN8MVckeS7L_ir_kLRGNGaDuadrBs" alt="Market Analysis: US30 Dow Jones Index Rises for 9 Sessions in a Row" loading="lazy" /></figure>