Tech gains on Anthropic's filing as Dow Jones Industrial Average trails

• DJIA closes below 52,400 after surrendering roughly two-thirds of its early advance.
• About 105 points from Goldman Sachs account for most of the price-weighted index's rise.
• Wednesday brings the Fed decision, followed by results from Microsoft and Alphabet.

About seven of every ten points gained by the Dow Jones Industrial Average on Monday came from Goldman Sachs (GS) alone. Having approached 52,600 by the tenth five-minute bar, the index surrendered roughly two-thirds of its advance at the session low near 52,250 before closing below 52,400.

With a share price of about $890, Goldman is the Dow's most expensive constituent. The index's price-weighted structure meant its 2% advance contributed about 105 points. A combined drag of about 70 points from UnitedHealth (UNH) and Merck (MRK) left the Dow trailing the S&P 500, which gives technology shares greater weight.

A commitment to spend up to $120.5 billion on computing based on Nvidia chips appears in Anthropic's filing for a Nasdaq listing. Nvidia (NVDA) contributed about 30 points. Also included in the filing is a commitment of up to $114.5 billion to Google through 2033; Alphabet (GOOGL) declined about 1%, subtracting about 20 points from the Dow.

Fed decision and company results take centre stage

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

Before trading opens on Tuesday, results are due from Boeing (BA), Coca-Cola (KO) and Sherwin-Williams (SHW), with Visa (V) reporting after the close. Wednesday's Fed decision precedes results from Microsoft (MSFT) and Alphabet. Thursday brings reports from Merck and Caterpillar (CAT), whose share price of about $690 makes it the Dow's second most expensive constituent. Chevron (CVX) reports on Friday.

Dow pares gains but holds above its 50-day EMA

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

Dow Jones chart: 5-minute timeframe