The SPDR Dow Jones Industrial Average ETF Trust (NYSEARCA:DIA), which tracks the price performance of the Dow Jones Industrial Average (DJI), dropped to a new 22-month trading low on Friday, as the underlying Dow index has plunged by 638 points in intraday trading.
The Dow Jones Index has fallen 2% in afternoon trading as it sits at 29,450. Its tracking ETF, with $27.39B assets under management and 0.16% expense ratio, has also declined 2% intraday.
Prior to the onset of the pandemic, the Dow had reached a high of 29,568.57 in February of 2020. The index plunged as the first COVID restrictions went into place, eventually reaching a level below 18,300, before bouncing back.
Friday’s drop has taken the DIA below its pre-COVID peak for the first time since it recrossed the key technical level back in late 2020. Looking longer-term, the fund is lower by 19.1% over the course of 2022.
Of the 30 stocks that make up the Dow Jones, all have found themselves in negative trading territory on Friday, with Chevron (CVX), Boeing (BA), and Caterpillar Inc. (CAT) all at the bottom of the list. In intraday trading, CVX is -6%, while BA has slid 5.8%, and CAT declined by 4.4%.
Despite its decline on Friday, CVX remains the best performer in the Dow for the year as a whole. The stock is up 32% for 2022. Merck (MRK) is also a winner in 2022, with a 14% advance year to date. UnitedHealth (UNH) is showing gains for 2022 as well.
In broader financial news, selling has accelerated in afternoon trading in the stock market on Friday with energy stocks seeing the brunt of broad selling.