Dow Jones Industrial Average edges up as Trump floats a meeting with Iran

The Dow Jones Industrial Average (DJIA) edged higher on Monday, trading near 51,900, after experiencing its worst week since March. President Donald Trump suggested he might be open to a meeting with Iran's President Masoud Pezeshkian at the United Nations General Assembly this week. LPL Financial's Jeffrey Roach noted that the Federal Reserve's (Fed) inflation outlook is tied to a steadier Crude Oil price.

Crude Oil prices hovered just above $95, having fallen for a fourth consecutive day, while Brent, the international benchmark, was just above $100. Trump proposed destroying Iran's economy as an alternative to meeting with the Iran government. Chevron, the only oil-producing company among the 30 stocks in the index, was the biggest loser in the Dow Jones when trading opened.

Lower Crude Oil prices mean cheaper gasoline, diesel, and jet fuel, and contribute to lower inflation readings that the Fed uses to set interest rates. The index's performance is influenced by various factors, including strong demand, tariffs, energy disruptions, and supply issues. If the index rises above 52,100, it is considered bullish, while falling below 51,500 is bearish.

The Stochastic Relative Strength Index (Stoch RSI) is near 23, indicating a low but not an upward momentum.