The bulls on Wall Street to another punch from the macro picture today as U.S. equities saw a third consecutive day of losses as the S&P 500 declined 0.5% to 6,604.72, the Dow Jones Industrial Average slipped 0.4% to 45,947.32, the Nasdaq Composite dropped 0.5% to 22,384.70, and the Russell 2000 retreated 1% to 2,411.04. The market pullback was driven by robust GDP figures and valuations concerns, with investors recalibrating expectations heading into quarter-end. The second quarter GDP was revised sharply higher, expanding by 3.8%, its highest pace in nearly two years, fueled by strong consumer spending and lower imports. Weekly jobless claims came in lower than expected, reinforcing resilience in the labor market despite an environment of persistent policy uncertainty and ongoing debate on Fed rate adjustments.
Yield Curve, Interest Rates, Treasuries, and FOMC
Treasury yields climbed as positive economic data stoked expectations for postponement of further Fed rate cuts. The 2-year yield rose to 3.66%, while the 10-year Treasury yield moved higher to 4.178%. The Federal Reserve did not release a new policy statement today, but today’s commentary from the FOMC has emphasized caution on asset valuations and a data-dependent approach for future rate decisions.
Commodity and Crypto Markets
Gold closed at $3.781.70 per ounce, rising .36%. Silver settled at $45.44 per ounce, up 2.82% and oil (WTI) ended at $65.21 per barrel, up .34% supported by continued tightness in global supply. Bitcoin traded down 3.78% to $109,313.
Tariff Developments
Tariff discussions continue to cast a shadow on international trade outlooks, with President Trump reaffirming the current regime of elevated U.S. import tariffs in reaction to persistent global imbalances. Market participants remain wary as multinational supply chains adapt, with tariff-sensitive stocks showing increased volatility.
Significant Stocks In The Mix
Apple (AAPL)
Apple shares rose 1.81% to $256.87 as investors digested strong iPhone 17 initial demand but cast a wary eye on average selling price pressures. While shipping times for the new iPhone models remain lengthy, analysts flagged the concentration of sales in entry-level SKUs. Apple is reportedly in early discussions about potential investments in Intel to improve its supply chain resilience, following a year dominated by tariff uncertainty and U.S.-China trade friction.
Broadcom (AVGO)
Broadcom closed at $336.10, -.95% on the day. The company continues to garner bullish analyst sentiment after robust Q3 results, fueled by a 22% revenue surge and record AI accelerator growth. Despite modest day-to-day price action, the longer-term outlook remains constructive, with investors focusing on the company’s substantial AI and VMware-driven backlog and elevated profit margins.
NVIDIA (NVDA)
NVIDIA dipped to $177.69 up .41% amid heavy options volume and a broader shift in trader sentiment. Still, analysts remain overwhelmingly optimistic. Barclays and other firms raised price targets on accelerating AI spending, and the company notched a milestone partnership with OpenAI for a multibillion-dollar hardware deal. Shares remain up 32.32% year-to-date.
Tesla (TSLA)
Tesla shares slid 4.38% to $423.39 after a torrid rally in September. Today’s sell-off comes amid profit-taking, but the stock remains up over 22% over the last 1-month period, with improving U.S. delivery outlook offsetting weak European sales. Analysts raised 2026 price targets, buoyed by optimism on upcoming product launches and advancements in robotics and autonomy.
Meta (META)
Meta Platforms dropped by 1.54% to $748.91, with year-to-date gains of over 27%. Instagram surpassed 3 billion monthly users, and positive Q2 results fueled a wave of analyst upgrades and a $50 billion share buyback. The group maintains high investor confidence in Meta’s AI leadership despite broader market volatility.
McDonald’s (MCD)
McDonald’s stock traded down .67% to $302.30, stabilizing after recent pullbacks despite positive institutional trends and ongoing value-meal promotions. Analysts expect the chain’s scale advantage and product innovations, such as new beverage offerings, to support continued market share gains and margin improvements.
Intel (INTC)
Intel surged 8.87% to $33.99, reaching a new 52-week high of $34.20 during intraday trading after confirmation of preliminary investment talks with Apple and continued support from Nvidia. The new capital inflows and strategic partnerships have reignited optimism for the chipmaker’s turnaround efforts, although recent operating cash flow remains challenged.
MongoDB (MDB)
MongoDB traded up .01% to close at $315.32. The company’s strong Q2 results, ongoing AI-driven adoption, and favorable margin trajectory have prompted upward analyst revisions and kept investor interest high.
Oracle (ORCL)
Oracle fell 5.55% to $291.33 amid a new ‘Sell’ rating from Rothschild Redburn, who noted that the market may be overestimating the value of Oracle’s cloud contract pipeline. This was accompanied by an $18 billion bond sale announcement, further weighing on the stock despite the company’s otherwise strong year-to-date rally of over 76%.
Opendoor (OPEN)
Opendoor surged another 10.45% to $9.09 as Jane Street’s disclosure of a new 5.9% stake validated renewed institutional confidence. The stock, up over 468.12% YTD, has become a retail-driven “meme stock,” with its latest rally powered by leadership changes and strategic shareholder additions.
Palantir Technologies (PLTR)
Palantir closed at $179.12, down .25% and up 136.84% YTD, although many analysts say the name is extended. Consensus targets lag the current price, reflecting concern over premium valuations despite rapid AI-driven sales growth and substantial recent government contracts.
Rio Tinto Group (RIO)
Rio Tinto rallied 2.44% to $65.43 after announcing strategic restructuring into three core operating units—iron ore, aluminum/lithium, and copper—positioning for long-term gains from the green energy and critical minerals boom. The company declared a semi-annual dividend payable today, and shares benefited from stronger commodity prices and improving Chinese demand.
Roche
Roche shares fell 2.44% after advancing an experimental obesity therapy into late-stage trials. Success in this space could position Roche as a key player in the growing weight-loss therapeutics market. The company’s recent momentum follows earlier robust results for its acquired Carmot Therapeutics pipeline, and shares are up roughly 14.76% over the year.
Eli Lilly (LLY)
Eli Lilly shares fell 3.67% today as they pressed pause on their Zepbound-Bimagrumab diabetes study, a treatment meant to prevent muscle loss during rapid weight reduction for “strategic business reasons.”
Sunrun (RUN)
Sunrun (Nasdaq: RUN, $16.91, +5.36%), America’s largest provider of home battery storage, solar, and home-to-grid power plants, has recently activated the nation’s first residential vehicle-to-grid distributed power plant in partnership with Maryland’s largest utility, Baltimore Gas and Electric Company (BGE), a subsidiary of Exelon Corporation (Nasdaq: EXC). The pilot program is dispatching energy from customers’ all-electric Ford F-150 Lightning trucks to the grid during periods of peak demand this summer and fall.
