Also know that, unlike the S&P 500 or the Nasdaq Composite, the Dow is weighted by price rather than by market cap. Although Nvidia has an outsized influence on the movements of the cap-weighted benchmarks, at current prices NVDA stock will be as important to the DJIA as, roughly, 3M ( MMM ).

Nvidia’s stock now ranks third among the S&P 500’s biggest gainers for 2024. It held the No. 1 spot as recently as mid-September.