The S&P 500 is set to score a record finish every day of this past week while the Dow has yet to return to record territory in 2025.

In a move that rattled investors, Dow ( NYSE: DOW) cut its dividend. Chief Financial Officer Jeffrey Tate said the reduction reflects a broader effort to navigate a prolonged downturn and uncertain trade landscape, rather than a shift in its long-term earnings outlook.

Dow Inc. shares slumped after the chemical company reported its first quarterly loss in five years as trade and tariff uncertainties weighed on volumes.

Dow swung to a loss in the second quarter after sales declined and halved its dividend to 35 cents from 70 cents.

Investors held onto hopes that the U.S. and Japan’s trade agreement could lead to a tariff breakthrough with other countries, and pushed the S&P 500 and Nasdaq Composite to fresh record highs.

MIDLAND, Mich., July 24, 2025 -- Dow (NYSE: DOW) today announced that its Board of Directors has declared a dividend of 35 cents per share. The adjustment in payout size reflects Dow's balanced capital allocation approach and enhances financial flexibility amidst a persistently challenging macroeconomic environment.

Dow Inc. (NYSE: DOW) reported a larger-than-expected loss in Q2 and cut its dividend in half due to macroeconomic pressure and trade disruptions.

Dow Inc. (NYSE:DOW) -1% in Friday's trading, extending the stock's two-day decline to nearly 20% and within $0.05/share of its 52-week low, after reporting a sharp Q2 loss, deteriorating margins and a surprise dividend cut.