what stocks make up the dow jones

This article answers what stocks make up the Dow Jones, explains how the 30 DJIA components are chosen and weighted, shows where to verify the live list, and explains how corporate actions and the ...

2025-08-23 01:42:00

By Emma Shah

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What stocks make up the Dow Jones

This article answers the common question what stocks make up the dow jones and explains which companies comprise the Dow Jones Industrial Average (DJIA or "the Dow"), how they are selected, how the index is calculated, and where to check the current, authoritative list. Read on to get a dated snapshot, learn how price weighting and the divisor work, and find practical sources to verify live components.

Summary / Quick answer

The Dow Jones Industrial Average consists of 30 large publicly traded U.S. companies (the "Dow 30").
The exact list changes over time when the S&P Dow Jones Indices committee updates the index to reflect corporate actions or shifts in the economy.
For a current, authoritative list see the "Current components" section below and verify on S&P Dow Jones Indices or the SPDR Dow Jones Industrial Average ETF (DIA) holdings page.

This short answer repeats the central search intent: what stocks make up the dow jones — a group of 30 major U.S. companies whose exact membership is updated occasionally by the index committee.

Overview of the Dow Jones Industrial Average

The Dow Jones Industrial Average is one of the oldest and most-followed U.S. stock market indices. Introduced in 1896, the DJIA is intended as a market barometer representing large, established U.S. companies across a range of industries. Unlike market-cap-weighted indices (for example, the S&P 500), the DJIA is price-weighted: each component's influence on the index is proportional to its share price (adjusted by the Dow divisor) rather than to its total market capitalization.

Because the DJIA includes only 30 companies and uses price weighting, it is a compact gauge of broad market trends but has limitations when one wants a fully representative measure of the entire U.S. market.

Current components

Components table

Note: The membership of the DJIA changes from time to time. Below is a dated snapshot and an explanation of the table layout. For live, authoritative data check S&P Dow Jones Indices or major ETF providers' holdings pages.

Components as of Dec 19, 2025 (snapshot for illustration; verify current list on official sources):

Company Ticker Primary Sector Exchange Share price (used in weighting) Index weight (price / divisor) Last updated

Apple Inc.	AAPL	Information Technology	Nasdaq	Example price — see live feed	Example weight — see live feed	Dec 19, 2025
Microsoft Corp.	MSFT	Information Technology	Nasdaq	Example price — see live feed	Example weight — see live feed	Dec 19, 2025
UnitedHealth Group	UNH	Healthcare	NYSE	Example price — see live feed	Example weight — see live feed	Dec 19, 2025

Explanation: the table above is a snapshot template showing how a components table should be read. For up-to-date prices and index weights you must check live market data; prices and weights are updated intraday or at end-of-day depending on the data provider.

How to read the table and notes on currency/quote timing

"Share price (used in weighting)" is the price per share that is summed across all components when calculating the index value. Data providers will show either real-time (intraday) or previous close prices — always check the timestamp.
"Index weight" in the DJIA context is derived from a component's share price divided by the Dow divisor — it indicates the component's effect on the DJIA, not a percentage of market capitalization.
Currency: all DJIA component prices are quoted in U.S. dollars.
Timing: confirm whether the table uses intraday quotes, last trade price, or end-of-day close. Corporate actions that have already been accounted for (splits, spin-offs, or special dividends) will be reflected through divisor adjustments.

Because the DJIA is price-weighted, corporate actions that change a stock's share count or price require the index divisor to be adjusted so the index value remains continuous across the corporate event.

How the DJIA is calculated and how component prices affect the index

The DJIA uses a price-weighted approach. The headline formula is:

Index value = (Sum of component share prices) ÷ Dow divisor

Sum of component share prices: add the price per share of each of the 30 components.
Dow divisor: a small number (not equal to 30) used to scale the sum into an index value and to maintain continuity across corporate actions.

Why the divisor exists

When a component undergoes a stock split, issues a special dividend, or is replaced, its share price changes independently of market-wide moves. To prevent such events from producing artificial jumps in the index, the divisor is adjusted so that the index value immediately before and after the event remains unchanged if the only change was the corporate action.

Simple illustrative example

Suppose there are three stocks in a toy index with prices $100, $50 and $25. Sum = $175. If the divisor = 0.5, the index value = 175 / 0.5 = 350.
If the $100 stock splits 2-for-1, its new price becomes $50. New sum = $50 + $50 + $25 = $125. To keep the index at 350 after the split, we solve divisor = sum / index = 125 / 350 ≈ 0.35714. The divisor is adjusted so index continuity is maintained.

Practical implication: a high-priced stock has a bigger effect on the Dow than a low-priced stock, regardless of the two companies' relative market capitalizations.

Selection criteria and governance

Who decides

The components of the DJIA are selected by the S&P Dow Jones Indices committee. The committee meets periodically and may announce changes to constituents when warranted.

Informal selection criteria

Large, well-established U.S. companies that are leaders in their industries;
Representation across major sectors of the economy;
Generally, members of the S&P 500 are considered candidates, although membership in the S&P 500 is not an explicit requirement;
Listed on the New York Stock Exchange or the Nasdaq exchange (the committee generally selects U.S.-listed stocks);
Corporate stability and public interest: the committee prefers companies that meaningfully reflect the U.S. economy and investor attention.

Why constituents change

The committee replaces components to reflect structural changes in the economy, to remove companies that have lost relevance, or when corporate actions (merger, bankruptcy, spin-off) make continued inclusion inappropriate.

Historical composition changes

Timeline of major changes

1896: The Dow began with 12 industrial companies as a newspaper index.
1916–1920s: Financial firms and utilities were added and later removed as the index evolved.
1928: The index expanded to 30 components, which is the format used today.
20th and 21st centuries: Periodic swaps reflected shifts from manufacturing to services and technology — notable inclusions include major technology firms as the economy shifted toward tech.
Recent decades: High-profile swaps have included additions and removals that reflected corporate decline or strategy shifts; examples include the replacement of long-standing industrial names when their economic role diminished.

Reasons for changes

Common reasons the committee replaces a DJIA component:

Mergers and acquisitions (a component is bought or combined with another);
Bankruptcy or delisting;
Prolonged decline in a company's economic relevance or market importance;
Sector rebalancing to better reflect the current economy;
Corporate restructuring that changes the business substantially.

Historical and notable former components

A study of former DJIA components highlights how the U.S. economy and capital markets have evolved. Historically significant former constituents include firms that were once industrial or utility giants but later declined or were acquired. Examining historical lists is useful for researchers tracking long-term structural change.

(An appendix can include a comprehensive historical list with entry and removal dates for researchers; see the Appendix suggestions below.)

Sector and industry representation in the DJIA

The DJIA's 30 stocks span many sectors: technology, financials, healthcare, consumer goods, industrials, energy, materials and communications. However, because the index includes just 30 firms and is price-weighted, sector balance in the DJIA can differ substantially from market-cap-weighted indices like the S&P 500.

For example, if a few high-priced tech stocks have elevated share prices, the DJIA can show outsized sensitivity to technology even if tech's market-cap share is smaller. To assess sector concentration, look at the weights (price/divisor) and consider both the number of constituent companies in a sector and the share prices of those companies.

Index weighting, concentration and influence

Price weighting concentrates influence in high-priced shares. A single high-priced component can drive large moves in the Dow even if the company's market cap is smaller than many others in the S&P 500.

Example practical implication

If a high-priced Dow stock jumps 10% in a trading day, that move can contribute meaningfully to the DJIA’s point change even while a larger-cap but lower-priced company moves less and has a smaller effect.

Investors seeking exposure to broad market performance often prefer market-cap-weighted indices for representativeness, while traders and commentators still use the Dow as a shorthand market barometer.

Investment products that track the Dow and how to access the components

ETFs and funds (e.g., SPDR Dow Jones Industrial Average ETF Trust — DIA)

There are exchange-traded funds and mutual funds designed to replicate the DJIA by holding the index components. The SPDR Dow Jones Industrial Average ETF Trust (ticker: DIA) is the most widely known ETF that tracks the Dow by holding the 30 components in proportions that replicate the DJIA's price-weighted construction.

Where to view ETF holdings

Fund provider fact sheets and holdings pages (look up DIA holdings on the fund provider’s site);
Major financial-data providers show ETF holdings and provide breakdowns by component, sector, and weight.

When you use an ETF to access the Dow, the fund provider will list the holdings and the weights; those pages typically show the timestamp and whether the holdings are updated daily or intraday.

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Index futures, options and derivatives

Derivatives tied to the DJIA (futures and options) are available on major derivatives exchanges. These derivatives provide exposure to expected index moves and can be used for hedging or speculative purposes. Their prices move in close relation to the underlying index, which in turn is driven by the prices of the 30 components.

Where to find and verify the current list of components

Authoritative and frequently updated sources to verify the DJIA components include:

S&P Dow Jones Indices official site (official component list and methodology);
SPDR Dow Jones Industrial Average ETF (DIA) holdings page (fund-level holdings and timestamp);
Financial-data providers and aggregators that publish component lists and weights (verify the date/time shown on their pages);
Major financial news outlets that report component swaps when the S&P Dow Jones committee announces changes.

Always check the date or timestamp shown on any component list. Because corporate actions and committee decisions can change membership, a list without a date is not trustworthy for trading or precise analysis.

Impact of corporate actions on the index (splits, mergers, spin-offs, dividends)

Corporate actions affect the DJIA through price changes and divisor adjustments:

Stock splits: reduce per-share price. The Dow divisor is adjusted so that the index value remains continuous after the split.
Mergers and acquisitions: if a component is acquired or merges in a way that removes the listing, the committee may replace that component and adjust the divisor as required to preserve continuity.
Spin‑offs: when a company spins off a business, the committee and index provider determine how to treat the event and adjust the divisor or component list accordingly.
Special dividends: large one-off dividends can be treated by adjusting the divisor so the dividend does not produce a discontinuity in the index level.

These adjustments ensure that movements in the DJIA reflect market changes rather than technical artifacts from corporate restructuring.

Performance contribution and examples

Component contribution to the DJIA return is calculated roughly as:

Contribution (points) = (Change in component price) ÷ Dow divisor

Because the DJIA is price-weighted, a modest percentage move in a high-priced stock can contribute more index points than a large percentage move in a low-priced stock.

Example (illustrative):

If a high-priced Dow component trading at $350 rises by $35 (10%), and the divisor is 0.15, that one stock contributes 35 / 0.15 ≈ 233.33 index points.
A $5 move in a $50 stock contributes 5 / 0.15 ≈ 33.33 index points — much smaller despite the $5 absolute move being meaningful for that company.

Real-world case studies often show that when a high-priced Dow component gaps up or down on earnings or major news, it can drive large point swings in the Dow.

Note: These are mechanical calculations for index attribution; for portfolio-level performance attribution use weighted returns and holdings data from the fund manager or data provider.

Criticisms and limitations of the DJIA

Common critiques include:

Small number of components: 30 stocks cannot represent the full U.S. equity market the way a 500-stock index can;
Price weighting: using price rather than market cap gives outsized influence to high-priced shares and can distort representation;
Sector skew: a few high-priced stocks can cause the DJIA to overweight a sector compared with broader indices;
Replacement subjectivity: because a committee selects components, the index reflects judgment calls rather than a strict rules-based, fully transparent screen.

Many analysts prefer the S&P 500 or Russell 2000 for broader representation and market-cap-weighted constructions.

Relationship to other indices

S&P 500: market-cap-weighted, 500 large-cap U.S. companies — broader and more representative of the U.S. equity market than the DJIA.
Nasdaq Composite: includes all Nasdaq-listed securities, with heavy representation of technology and growth companies.
Russell 2000: small-cap focus, useful for tracking domestic small-cap performance.
Other Dow family indices: the Dow Jones Transportation Average is another historic Dow family index constructed separately and used for sector-specific analysis.

Each index has a different construction and therefore different use cases: the DJIA is a compact, legacy barometer; the S&P 500 is the standard for broad U.S. large-cap exposure.

Frequently asked questions (FAQ)

Q: How often does the Dow change? A: The Dow does not change on a fixed schedule. The S&P Dow Jones Indices committee updates components as needed. Announcements typically follow corporate actions or committee decisions and are publicized when made.

Q: Why are only 30 stocks included? A: The DJIA is a legacy index originally designed as a concise industrial barometer. The 30-stock format dates back to 1928 and has been kept for continuity and historical comparability.

Q: Does the Dow include international companies? A: The DJIA primarily includes U.S.-listed companies. Some members may generate large revenues internationally, but constituents are listed on U.S. exchanges.

Q: How does a stock get added or removed? A: The S&P Dow Jones Indices committee selects additions or removals based on criteria like market importance, sector representation, and corporate events. Removals may occur due to mergers, bankruptcies, or declines in relevance.

Q: Where can I find the current list of what stocks make up the dow jones? A: Authoritative sources such as the S&P Dow Jones Indices official site and major fund providers (for example, the SPDR Dow Jones Industrial Average ETF holdings page) publish current lists with timestamps.

References

Sources used to explain index construction, governance, and corporate-action treatment include S&P Dow Jones Indices methodology materials, ETF provider fact sheets for DIA, and major financial-data providers that publish holdings and weights. For market commentary and context on year-to-date returns cited in this article: as of Dec 19, 2025, a market commentary provided with this brief reported notable YTD percentage gains for major indexes and highlighted valuation considerations in certain high-profile stocks (source: provided market commentary, Dec 19, 2025).

External links (where to verify current constituents and methodology)

S&P Dow Jones Indices official constituents and methodology pages (search "S&P Dow Jones Indices" for DJIA constituents).
SPDR Dow Jones Industrial Average ETF (DIA) holdings page (fund provider holdings and timestamps).
Financial-data aggregators and market-data sites that publish DJIA components and weights (verify the timestamp on any list).

Appendix (optional)

Full historical list of every company ever in the DJIA (table)

A comprehensive historical table can be compiled for researchers showing entry and removal dates. Source provenance should include S&P Dow Jones Indices historical records and validated market-data archives.

Technical note on the Dow divisor and adjustments

Formula reminder: DJIA = Sum of component prices ÷ Dow divisor.
The divisor is recalculated when corporate actions (splits, special dividends, spin-offs, component replacements) change the arithmetic sum of prices without reflecting market-driven index changes.
Example of divisor adjustment for 2-for-1 split: new divisor = (old sum of prices accounting for new split-adjusted price) ÷ previous index value, solving for the divisor that keeps the index steady across the split.

Further exploration: If you want to check live components and see how recent price moves affected the Dow, visit official index provider pages or DIA holdings. To manage tokens, wallets or to explore spot and derivatives trading for market exposure, consider the tools available through Bitget and Bitget Wallet.

As of Dec 19, 2025, according to the market commentary provided with this brief, major U.S. indices had posted solid year-to-date gains, underscoring why investors often check what stocks make up the dow jones to understand which companies are driving headline moves.

If you'd like, I can prepare a dated, downloadable CSV template you can populate with live prices and divisor values to calculate component weights and contributions yourself — or produce a fully populated components table using live data from S&P Dow Jones Indices on request.

The content above has been sourced from the internet and generated using AI. For high-quality content, please visit Bitget Academy.