U.S. equities closed modestly higher, marking the end of a historically strong September, with the S&P 500 climbing 0.41% to finish near 6,688.46 and the Nasdaq advancing 0.3% to around 22,660. The Dow Jones Industrial Average edged up 0.18% to a record close at 46,397.89, while the Russell 2000 index also notched gains, capping its first record close (2,436.48) since 2021 as small-caps participated in the rally. The month concluded as the best September for the S&P 500 (+3.5%) and Nasdaq (+5.6%) in over 15 years, supported by Fed easing and surging AI optimism.
Macroeconomic Reports
Economic data releases and market sentiment were dominated by uncertainty over an imminent federal government shutdown, which threatens to delay upcoming key releases including Friday’s jobs data. Consumer confidence indicators fell to a five-month low as Americans grew more concerned about the economy’s outlook, weighing on risk sentiment. FOMC officials publicly maintained a data-dependent policy stance with no new policy decisions today; the outlook has turned more uncertain as the Fed weighs rate cuts against fragile labor and inflation trends.
Key Company Highlights
Apple (AAPL): Apple stock saw light volume amid conflicting narratives closing at $254.63, +.08% — technical momentum remains robust on the heels of iPhone 17, but some analysts flagged the lack of a price hike versus inflation and signs of consumer hesitation despite initial demand. The stock remains near 52-week highs with strong year-to-date gains and ongoing optimism around AI features.
Broadcom (AVGO): Shares rise .61% to $329.91 as Broadcom reported record Q3 revenue of $15.95B, fueled by a 63% jump in AI segment sales and strengthened by robust demand for its custom accelerators and VMware products. The company announced a quarterly dividend payout and lifted its Q4 guidance, with new analyst targets as high as $420. AVGO closed near $334.53, up 45% year-to-date.
NVIDIA (NVDA): Nvidia jumped nearly 3% to an all-time high closing at $186.58, crossing a $4.5 trillion market cap after announcing a landmark $100 billion investment in OpenAI and securing a $14.2 billion AI cloud partnership with Meta. Analysts remain bullish given Nvidia’s dominance in the AI chip sector and aggressive infrastructure expansion.
Tesla (TSLA): Tesla traded steadily rising .34% to $444.72 as the auto sector digested mixed production data and approached a busy Q4 launch window. Investor attention centered on Tesla’s potential in the evolving U.S. EV landscape.
Meta Platforms (META): Meta fell 1.21% to $734.38 with news of expanded AI infrastructure partnerships. Year-to-date, META has climbed 25.43%, and recent AI-related investments signal ongoing global tech leadership, despite its shares trading below recent highs.
McDonald’s (MCD): McDonald’s was little changed on the session rising +.30% to $303.89, with earnings growth expectations underpinned by resilient consumer spending and ongoing menu innovation.
Intel (INTC): Intel was among the top large-cap performers this quarter but closed down 2.67% to $33.55 today. Intel shares rose sharply this month after new product launches and AI infrastructure deals and investments, sustaining investor interest in chip sector momentum.
Rio Tinto (RIO): Rio Tinto ticked upward +.145 to $66.01 as commodity prices held steady.
Eli Lilly (LLY): Lilly continued to garner bullish coverage and rose +5.025% to $763 today.
Tariffs, Yield Curve, and FOMC
No major updates on U.S.-China tariffs were issued. On the rates front, the 2-year Treasury yield ticked lower to 3.625%, and the 10-year yield increased to 4.157%, reflecting investor caution amid fiscal uncertainty and Fed rate-cut speculation.
Commodities and Crypto
Gold prices set a new all-time high, closing near $3,884.30 per ounce as safe-haven demand surged. The SPDR Gold Shares ETF (GLD) closed at $355.47, up +11.76% over the month. Silver traded to $46.82 per ounce. Oil settled around $62.52 per barrel on growth concerns, while Bitcoin climbed to $115,220, buoyed by institutional interest.
