U.S. equity markets powered to fresh record highs during the week ending September 19, 2025, propelled by widespread optimism around Federal Reserve rate cuts, a strong showing from megacap technology, and notable corporate news. The S&P 500 rallied 1.6%, the tech-focused Nasdaq Composite leaped 2.0%, the Dow Jones Industrial Average climbed 1.0%, and the small-cap Russell 2000 rose 2.16%.
Macroeconomic Highlights
A flurry of economic reports reinforced expectations of continued easing from the Fed. August’s PPI exceeded forecasts at 0.4% month-over-month, while core CPI matched consensus at 0.3%. Weekly jobless claims surged to 263,000—the highest since 2021—underlining a softening labor market and bolstering rate cut odds. The University of Michigan’s Consumer Sentiment Index slumped to 55.4, its lowest since May, reflecting widespread consumer anxiety.
Federal Reserve and Yield Curve
Sentiment centered on the Federal Reserve’s 25 basis point cut, lowering the Fed funds target to 4.00–4.25%. Futures price in an additional 25bp cut at the October FOMC meeting, with a strong probability of further reductions through year-end. The yield curve nudged steeper, with the 2-year Treasury at 3.584% and 10-year at 4.13% by Friday’s close.
Major Corporate News and Share Moves
- Oracle (ORCL): Rose 5.64% over the last 5-days ( now up 31.64% in 1-Month) after a massive cloud contract update sent its RPO to $455 billion, reinforcing leadership in AI-driven cloud services.
- NVIDIA (NVDA): Closed at $176.67 as semiconductor optimism and AI demand remained prevalent; Nvidia’s investments in in-house chips further brightened sentiment.
- Apple (AAPL): Shares closed up 4.88% to $245.50 over the last 5-days after the unveiling of iPhone 17 and “iPhone Air” models.
- Tesla (TSLA): Rose 7.61% over the last 5-days to $426.07 following a new stock $1B purchase by CEO Elon Musk and momentum around AI and robotics expansion.
- Broadcom (AVGO): Fell 4.15% to $344.94 over the last 5-days.
- Meta (META): Added 3.02% to $778.38 over the last 5-days amidst its Meta Connect event featuring new AI smart glasses.
- McDonald’s (MCD): Dropped .99% to $302.38 over the last 5-days.
- Rio Tinto (RIO): Closed down 0.10% to %62.38 over the last 5-days despite strong cash generation and value positioning amongst peers.
- Intel (INTC): Gained 22.94% to $29.58 after finalizing the sale of Altera and securing $8.9B in federal grants, cementing its domestic chip leadership and receiving a $5B investment from NVIDIA.
- Palantir Technologies (PLTR): Shares move up by +6.39% to $182.39 over the last 5-days, drawing attention for expanded government AI contracts and strong multi-year partnerships.
- Roche (RHHBY, $41.79, +1.06%): Roche’s headline-grabbing agreement to acquire 89bio (ETNB, $14,87, +84.26% over the last 5-days) in a deal valued at up to $3.5 billion marks a significant moment in the fast-evolving cardiometabolic and liver disease therapeutic sector, underscoring mounting competition for late-stage pipeline assets targeting Metabolic Dysfunction-Associated Steatohepatitis (MASH).ays As part of the transaction, Roche will pay $14.50 per 89bio share in cash at closing, with the potential for an additional $6 per share via a contingent value right tied to developmental milestones—representing a substantial premium over recent closing prices.
- Oklo Inc. (OKLO, $135.23, +63.50% over the last 5-days) is experiencing significant attention following its plans for a $1.68 billion nuclear fuel recycling facility in Tennessee.
- Opendoor Technologies Inc. (OPEN, $9.57, +164.36% over the last month) announced on Sept. 10 that Kaz Nejatian, Chief Operating Officer of Shopify, has been appointed Chief Executive Officer and member of the Board of Directors. Co-Founders Keith Rabois and Eric Wu are returning to the Board of Directors, with Rabois taking on the role of Chairman.
- Other notable movers: Paramount Skydance (PSKY, $18.92, +49.36% over the last month) on acquisition talk, while Warner Bros. Discovery (WBD, $19,33, +67.21% over the last month) rallied alongside on potential buyout rumors.
IPO Activity
Several notable IPOs hit the tape, most prominently Netskope, Inc. (September 17, 2025; NYSE) and Navan (filed for IPO; $600M revenue run-rate). Nasdaq and NYSE continued to host robust listing activity, with 250 total IPOs thus far this year—an 82% increase over last year by this date.
Tariffs and Trade Policy
This week saw clarity around tariff modifications. President Trump’s executive order on tariffs took effect September 8, revising product coverage and procedures for trade deals. The U.S. is reportedly near a deal to ease tariffs on Indian goods and may reduce some rates from 25% to the 10–15% range. Japan also confirmed lower tariffs effective September 16.
Commodities & Crypto Markets
- Gold: Rose 1.01% over the last 5-days alongside inflation hedging, finishing near $3,719.40/oz.
- Silver: Moved higher by 1.99% over the last 5-days to $43.365, tracking precious metal momentum.
- Oil: Slipped .92% closing the week near $62.72 per barrel.
- Bitcoin: Traded near $115,450 on Friday.
