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Caterpillar shares have jumped to a sizable lead among the Dow 30 YTD, and the Texas company reports Q3 results next week
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Johnson & Johnson, NVIDIA, and Goldman Sachs are in a race for the second spot, each with a unique momentum story ongoing
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UnitedHealth Group has struggled the most, while Apple was the star earlier this week
Nasdaq stocks seem to always be in the spotlight, right? Let’s go old school this week by scanning key events with some of the best names on the Dow Jones Industrial Average (DJIA). We’ll also wag a finger at the DJIA’s worst component as we head into the heart of the Q3 earnings season.
Dow Basics
Just to level set, the Dow consists of 30 stocks, weighted by share price. It’s a rudimentary way to track how the U.S. equity market performs, but you can’t argue with tradition. The index has existed for more than 100 years, and when General Electric (now GE Aerospace) slipped the surly bonds of the DJIA in 2018, none of the original dozen Dow companies were left.
Named after Charles Dow and Edward Jones, the index’s current complexion remains more value-oriented than the growthy-heavy Nasdaq Composite or even the S&P 500. Just take a look at the sector breakdown via the . The $40 billion product holds a plurality of Financials at a 26% weighting. Information Technology (more than 35% of the ) makes up just 20% of DIA. There are no Utilities holdings, as that has its own index—the Dow Jones Utilities Average. Real Estate is also absent from the Dow.
The Top Performer: Caterpillar
OK, class dismissed. Let’s talk ideas and individual stocks.
So far in 2025, the Dow’s top dog is CAT—, that is. Shares are up 49%, dividends included, year to date. The $247 billion market cap Industrials-sector position has plowed higher, not from farming equipment demand, but thanks to its AI presence. CAT is a leader in turbine manufacturing, and it plays a vital role in the buildout of power generation for data center proliferation.
Don’t overlook its earnings date of Wednesday, October 29, BMO. Its report is surrounded on the calendar by some of the Nasdaq’s heavyweights, such as , , , , and . CAT’s executive team’s commentary around the AI boom and related electricity needs could move industries well beyond Construction Machinery & Heavy Transportation Equipment.
J&J’s Healthy Year
As CAT purrs, there’s a fight for the No. 2 YTD performance slot among the Dow 30. As of this writing, the tie goes narrowly to a company that may raise some eyebrows. has returned nearly 38% in 2025. The pharma giant and household name issued strong profit numbers last week, all while JPMorgan Chase CEO Jamie Dimon was talking cockroaches! Shares rallied sharply heading into the October 14 third-quarter release, and the bulls remained in charge despite rising S&P 500 volatility.
JNJ is popular with income investors, given its forward dividend yield of 2.7%—about twice that of the S&P 500. And with a guidance hike issued alongside the revenue and net income numbers, vital signs have looked good. The bears may point to a somewhat swollen price-to-earnings ratio just below 18x for this slow & steady Health Care stock.
JNJ’s corporate event calendar is light. Its management team has just a pair of speaking engagements on November 11: The UBS Global Healthcare Conference and the Guggenheim Global Healthcare Innovation Conference.
NVIDIA Keeps Rolling
The third-best DJIA stock of the year is . The world’s most valuable public company has seen its equity return 37% and more than double from the April post-Liberation Day low below $90. The chip giant is always a late-season reporter, so we won’t hear its Q3 2026 results until Wednesday, November 19, AMC.
But NVIDIA is among the busiest on the conference circuit. After an appearance at PyTorch 2025 today and tomorrow, executives will take part in Money 20/20 US 2025, Open Data Science Conference (ODSC) West 2025, and Adobe MAX – The Creativity Conference next week. Be on guard for business and strategy updates from any of those gatherings.
Goldman Sachs: From Leader to Recent Laggard
was the best Dow stock YTD for much of September, but its alpha has abated alongside some softness in the Financials sector. Nevertheless, arguably Wall Street’s most esteemed investment bank beat on both the top and bottom lines last week and outlined a $100 billion alternatives fundraising target.
Shares were mildly caught up in the bank selloff then but jumped out of the gate this week with a 2% Monday advance.
UnitedHealth’s Struggles and Comeback
Let’s wrap up on a sour note. has endured its share of bad news in the past year. Down 27%, it has gone back and forth with for the dubious honor of being the worst DJIA component in 2025. To its credit, the August low has been durable. The stock caught a notable boost after Berkshire Hathaway confirmed it had taken a stake in the now $323 billion Health Care stalwart.
UNH has a chance to build on its newfound momentum when it posts Q3 results next Tuesday morning.
AAPL Hits Record High
A quick shoutout to Apple. Strong iPhone 17 sales out of China resulted in sellside upgrades before the bell on Monday. Price action was strong enough to take AAPL to its first record closing price of the year, and it led the DJIA to begin this week. Its Q4 2025 report hits on Thursday, October 30.
The Bottom Line
The Dow Jones Industrial Average isn’t as sexy as the Nasdaq, and it has lagged the S&P 500 consistently since the bull market began three years ago. Still, investors can gain a sense of what’s going on under the surface by analyzing performance data among its best and worst members.
Critical events are on tap with some high-flying DJIA companies and one sagging Dow stock. Who will claim the 2025 performance crown? Events over the next few weeks may determine that accolade.