U.S. stock markets advanced to new all-time highs today following yesterday’s Fed rate cut, with the S&P 500 closing at 6,631.96 (+0.48%), the Dow 30 at 46,242.42 (+0.27%), and the Nasdaq at 22,470.72 (+0.94%). Notably, the Russell 2000 surged 2.51% to 2,467.70, its first new record since 2021, as small caps attracted investors seeking domestic growth exposure.
Macroeconomic Reports
The week’s macro releases showed a resilient labor market and signals of cooling in broader growth. Weekly jobless claims dipped by 33,000 to 231,000, with the four-week average slipping to 240,000. The Conference Board’s Leading Economic Index fell by 0.5% in August, the sharpest decline since April, raising concerns about future economic momentum. Manufacturing displayed tentative stabilization, as the September Philadelphia Fed manufacturing index rebounded to 3.1. The August Leading Index confirmed moderate economic deceleration.
Interest Rates & Yield Curve
Treasuries saw mild moves as the FOMC delivered a dovish hold after a rate cut: the 2-year yield settled at 3.582% while the 10-year yield climbed to 4.114%. The 10-2 spread sits at 0.54%, suggesting a mildly steepening curve, easing near-term recession odds but indicating vigilance as macro risks remain. The Fed signaled two further potential cuts by year-end, highlighting the labor market and tariffs as top watchpoints.
Sector and Index Movers
Technology, semiconductors, and AI infrastructure stocks led the gains, while staples and energy lagged. Cyclical momentum buoyed broad sectors, with oil pulling back while gold and cryptocurrencies gained.
Major Stocks
Apple (AAPL): Shares slipped 0.46% to $237.88 as post-iPhone 17 launch enthusiasm moderated, despite robust pre-orders and confidence in the firm’s longer-term AI strategy.
Broadcom (AVGO): Slipped .24% to $345.35 even with their AI leadership and a major new partnership with Lloyds Banking Group, propelling price target hikes to $420.
NVIDIA (NVDA): Gained 3.49% to $176.24 after announcing a $5 billion stake in Intel and a landmark co-development deal for data center and PC AI chips, allaying China supply chain fears.
Tesla (TSLA): Traded in the $415–$433 range as analysts boosted the price target to $395, citing autonomous vehicles and robotics as long-term drivers despite ongoing debate on valuation, However Tesla shares ended the day down 2.12% at $416.85.
Meta (META): Advanced +.58% to $780.25 on strong reviews for new Ray-Ban Display and Oakley AR smart glasses, with new products positioned for a robust holiday season despite continued Reality Labs losses.
McDonald’s (MCD): Closed at $301.14,-1.26% benefiting from price rollbacks and a successful National Cheeseburger Day promotion in the face of persistent inflation.
Intel (INTC): Surged more than 30% to $33.02 prior to closing at $30.57%, +22.77% as the Nvidia partnership and investment was celebrated as a milestone in Intel’s turnaround.
MongoDB (MDB): Closed at $315.30,+.29%, with several analysts raising their price targets amidst continued cloud adoption and insider buying.
Oracle (ORCL): Closed at $296.62,-1.59% after recently rising on optimism from new mega-scale cloud and AI deals with large tech partners and significant data center expansion plans.
Opendoor (OPEN, $9.94): Opendoor Technologies Inc. announced on Sept. 18 that it granted three inducement equity awards to Kaz Nejatian, newly appointed Chief Executive Officer of the Company, pursuant to the offer letter entered into between the Company, Opendoor Labs Inc. and Mr. Nejatian on September 10, 2025. Preliminary information about the three inducement grants was disclosed in the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on September 11, 2025. Opendoor is a leading e-commerce platform for residential real estate transactions whose mission is to power life’s progress, one move at a time.
Deals, Acquisitions, IPOs
A major transaction in the biotech space headlined the day as Roche (RHHBY) announced a definitive agreement to acquire 89bio (Nasdaq: ETNB) for $14.50 per share in cash plus a non-tradeable contingent value right (CVR) worth up to $6.00 per share, potentially totaling $3.5 billion in equity value. The deal, unanimously approved by both boards, brings Roche an innovative phase 3 FGF21 analog for treating metabolic-associated steatohepatitis (MASH) and greatly enhances Roche’s pipeline in cardiometabolic diseases. The acquisition offers a premium of up to 79% to 89bio holders and is expected to close in Q4 2025, integrating 89bio’s staff into Roche’s pharmaceutical division.
Alongside Roche’s deal, Nvidia’s $5 billion investment in Intel remains the standout technology transaction, aiming to anchor both firms at the heart of the AI ecosystem. There were no major S&P 500 constituent IPOs or other buyouts filed or completed today on the NYSE or Nasdaq.
Tariff & Global Trade News
Tariff and trade headlines continue to cast a shadow as the market treads cautiously around the latest U.S. presidential maneuvering. The Russell’s outperformance signals increased confidence in a soft-landing scenario and support from domestic growth policies.
Commodities & Crypto
Gold closed at $3,677.60/oz, -1.08% and silver at $42.11/oz,-.10%. WTI crude oil stood at $63.64/barrel, weakening slightly by .10% on profit-taking and currency moves. Bitcoin traded close to $117,990, +1.87% building on bullish themes in digital markets.
