U.S. markets close lower today as the Dow Jones Industrial Average registered a modest .19% fall to 46,292.78, the S&P 500 slipped 0.55% to 6,656.92, the Nasdaq Composite, down 0.95% at 22,573.47. The Russell 2000 also ended down .24% to 2,457.51. A bout of profit-taking in technology heavyweights weighed on both the S&P 500 and Nasdaq, while renewed caution accompanied comments regarding stretched valuations from Fed Chair Powell.
Economic Data and Policy
Today’s macro updates included a notable narrowing in the U.S. Q2 current account deficit, a subdued S&P Global PMI for September, and marginal expansion noted in the Richmond Fed Index. The economic backdrop was characterized by signs of slowing growth, with the CBO forecasting annual GDP growth at 1.4% and a gradual rise in unemployment to 4.5% into year-end.
Federal Reserve Chair Powell delivered a speech emphasizing caution on further policy moves, underscoring a measured stance toward future rate reductions as inflation remains uncomfortably persistent. The 2-year Treasury yield steadied near 3.599%, while the 10-year yield dropped to 4.112%, reflecting ongoing curve flattening and recalibration of rate expectations in the bond market. No Federal Open Market Committee rate actions were announced, with policymakers reiterating a data-driven approach.
Trade and Geopolitics
Trade dynamics remain clouded by continued U.S. tariff policy under President Trump, which investors cited as a persistent risk for multinational firms and for confidence in global supply chains. Market participants reported scant progress on resolving tariff-related disputes.
Commodities and Digital Assets
Gold advanced to $2,796.10 per ounce, +.56% buoyed by persistent inflation concerns and a tilt toward safe-haven assets. The SPDR Gold Shares ETF (GLD) rose .41% to $346.46 and is up +43.09% YTD. Silver ended at $44.285 per ounce, +.16%. Crude oil rise 2.12% to $63.60 per barrel. Bitcoin fell to $111,674.94.
Corporate Performance and Sector News
Apple (AAPL)
Apple eased 0.64% to $254.43, pressured by supply chain headwinds for iPhone 17 and rising regulatory scrutiny in several key geographies. Sales expectations remain robust but tailwinds from product refresh cycles appear muted.
Broadcom (AVGO)
Broadcom added .04% closing at $338.94 on the back of a prominent shareholder reducing its exposure. Despite strong underlying fundamentals, traders rotated following the recent run-up.
NVIDIA (NVDA)
NVIDIA pulled back 2.82% to $178.43, succumbing to profit-taking after its recent rally and following announcement of a transformative $100 billion partnership with OpenAI. Market participants cited rich valuation levels as a reason for short-term caution, while industry collaboration headlines with Intel continued to circulate.
Tesla (TSLA)
Tesla declined 1.93% at $425.85 as earlier momentum faded in the absence of new headlines despite increased analyst optimism and a recently boosted target price.
Meta Platforms (META)
Meta fell 1.28% to $755.40 amid the rotation out of large-cap tech and in absence of any notable company developments.
McDonald’s (MCD)
McDonald’s gained 0.97% to $303.19, maintaining year-to-date leadership.
Intel (INTC)
Intel advanced 2.02% to $29.34 following new investments from NVIDIA and SoftBank, as well as progress on government-backed AI expansion efforts, which helped the stock outperform its peers.
MongoDB (MDB)
MongoDB ended flat at $318.96, off `.43%.
Oracle (ORCL)
Oracle retreated after a steep rally, closing well off session highs by 4.36% to $313.83, but retaining nearly a 88.33% year-to-date advance as traders took profits. Cloud and AI momentum persist, but recent uncertainty over large new contracts limited further upside.
Opendoor (OPEN)
Opendoor tumbled 15.39% to $7.09. Weakness reflected post-rally profit-taking and persistent operational challenges following a reported net loss for the quarter. Robinhood (HOOD, $126.20, +1.05%) CIO reportedly stated that investors should watch Opendoor and Better Home (BETR, $67.75, +35.55%) stocks carefully.
Palantir Technologies (PLTR)
Palantir gained 1.80%, closing at $182.55 after Bank of America lifted its target to $215 based on strategic AI partnerships and a newly publicized billion-dollar UK government deal.
Rio Tinto Group (RIO)
Rio Tinto retraced by .13% to $63.57.
Oklo Inc.
Oklo Inc. shares rose to $142.65, +1.67%.
