Evening Market Recap

Sophia Reyes · September 9, 2025 5:49 PM

Market Snapshot for Tuesday September 9^th, 2025

S&P 500 – 6,512.61 (+0.27%)

Dow Jones – 45,711.34 (+0.43%)

NASDAQ – 21,879.49 (+0.37%)

Market Performance

Major U.S. Indexes Hit Record Highs Despite Slowing Job Growth

All three major U.S. stock indexes closed at record highs Tuesday as investors looked past concerns about the health of the economy.

The S&P 500 rose 0.27% to 6,512.61, while the Nasdaq Composite gained 0.37% to 21,879.49, hitting a new intraday record. The Dow Jones Industrial Average climbed 196.39 points, or 0.43%, to 45,711.34, buoyed by a surge in UnitedHealth shares.

Investor worries were reignited after the Bureau of Labor Statistics revised downward its payroll figures for the 12 months through March, cutting total job gains by 911,000—a record adjustment going back to 2002 and above Wall Street expectations.

While the revisions reflect data from six months ago and had limited immediate impact on markets, they may bolster arguments for the Federal Reserve to adopt a more aggressive rate-cut strategy later this year.

“The jobs picture keeps deteriorating, and while that could make it easier for the Fed to cut rates this fall, it could also throw some cold water on the recent rally,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management.

The stock rally was led in part by strong performances from key chipmakers Broadcom and Nvidia, which helped propel the Nasdaq to record territory. Broadcom shares, however, pulled back more than 2% on Tuesday after posting gains over the previous two sessions, leaving its one-week advance at nearly 13%.

Economic Takeaways –

• Bond yields were little changed, with the 10-year Treasury at 4.05%, still near its lows for the year. That backdrop has lifted fixed-income returns, with the Bloomberg U.S. Aggregate Bond Index up about 6.4% so far in 2025.
• A New York Federal Reserve survey released on Monday showed the perceived probability of losing one’s job rising to 14.5%. “Consumers continue to have an increasingly sour outlook when it comes to labor,” said Liz Ann Sonders, chief investment strategist at Schwab.
• Volatility remains subdued, with the Cboe Volatility Index (VIX) trading below 16—well under its long-term average of 20. However, the VIX curve is in contango, with contracts further out rising above 21 as investors price in higher volatility early next year.
• The Energy Sector (XLE) led gains in stocks on the S&P 500 (^GSPC) on Tuesday, adding around 1.7%.
• Traders continued to price in 90% chances of a 25 basis point rate cut from the Federal Reserve at its September meeting and 10% odds of a 50 basis point cut following the release of the BLS data on Tuesday, according to CME Group.

Gold –

• Gold prices surged to unprecedented heights on Tuesday, breaking the $3,650 barrier for the first time in history as anticipation of a Federal Reserve rate cut this month fuelled demand for the precious metal.

Oil –

• Oil prices rose on Tuesday after Israel carried out an attack on senior Hamas officials in the Qatari capital, Doha.
• Brent crude gained $1.04, or 1.58%, at $67.06 per barrel. U.S. West Texas Intermediate crude climbed $1.09, or 1.75%, to $63.35.

Crypto –

• Nasdaq to invest $50 million in Winklevoss-founded crypto exchange Gemini. Winklevoss twins-backed Gemini raised the proposed price range for its U.S. initial public offering on Tuesday and is now targeting a valuation of up to $3.08 billion in its listing, reflecting investor interest in crypto ventures.
• QMMM stock soars after announcing $100M Crypto treasury.
• Bitcoin is holding above $111,000.

JPMorgan CEO Jamie Dimon Says U.S. Economy Is Weakening

JPMorgan Chase CEO Jamie Dimon warned Tuesday that the U.S. economy is showing signs of slowing, citing a Labor Department report that revised nonfarm payrolls for the year through March 2025 downward by 911,000 jobs—the largest adjustment in over two decades.

“I think the economy is weakening,” Dimon said. “Whether it’s on the way to recession or just weakening, I don’t know.”

The revision follows weak employment growth in July and August, with just 73,000 and 22,000 jobs added, respectively. Despite these trends, most consumers still have jobs and continue spending, though confidence may be slipping.

Dimon noted that while corporate profits remain strong, the overall economic picture is mixed. He also suggested the Federal Reserve may cut its benchmark interest rate at its next meeting, though the move might have limited impact on the broader economy.

Piper Sandler: Market Trend ‘Remains Up and to the Right’

Despite September’s typical seasonal headwinds, the market could extend its recent gains into year-end, according to Craig Johnson, managing director and chief market technician at Piper Sandler.

In a note Tuesday, Johnson highlighted that “four straight monthly wins, supportive breadth, and easing yields keep the tape biased higher into Q4. History shows streaks like this rarely fade quietly, with seasonality adding fuel. Rotation remains uneven, but selective leadership is broadening beyond mega-cap tech.”

He added, “The trend remains up and to the right — and history suggests year-end strength is more likely to be confirmed than denied.”

Potential Trump Tariff Refund Could Reach $1 Trillion

The U.S. government has already collected tens of billions of dollars from President Donald Trump’s “reciprocal tariffs,” but much of that money could be refunded if the Supreme Court sides with lower courts that ruled many of the import levies illegal.

Treasury Secretary Scott Bessent warned in a declaration filed last week that the total could range from $750 billion up to $1 trillion. This figure includes more than $72 billion in tariff revenue collected so far by U.S. Customs and Border Protection since Trump’s “Liberation Day” announcement, as of August 24.

Top Gainers

Several stocks experienced significant gains. Some of the top gainers included:

QMMM Holdings (QMMM) +1,736.73%

Kindly MD, Inc. (NAKA) +77.19%

Nebius Group N.V. (NBIS) +49.42%

Cipher Mining Inc. (CIFR) +19.43%

Centessa Pharmaceuticals (CNTA) +15.64%

Top Losers

The top US stock losers today, based on percentage change included:

Core & Main, Inc. (CNM) -25.36%

Humana, Inc. (HUM) -12.04%

Albermarle Corp. (ALB) -11.49%

Iridium Communications (IRDM) -10.29%

QuantumScape (QS) -10.12%

Notables

• Oracle shares soared as the company’s CEO said AI will fuel cloud revenue explosion.
• UBS downgraded AST Spacemobile to neutral from buy following Starlink’s acquisition of Echostar’s S-Band spectrum, with analyst Christopher Schoell citing increased competition. He also cut the price target by $19 to $43, still implying about 5.5% upside from Monday’s close.
• VistaShares launched a new ETF Tuesday that lets investors mirror billionaire hedge fund manager Bill Ackman’s holdings. The VistaShares Target 15 ACKtivist Distribution ETF (ACKY) tracks the top publicly disclosed positions of Ackman’s Pershing Square Capital, following the firm’s earlier launch of a Warren Buffett-themed ETF.
• Kingsoft Cloud’s shares jumped 12% on Tuesday, shortly after the AI-focused cloud services provider notched a buy rating from Bank of America.
• Metsera shares rose 5% after Leerink Partners initiated coverage with an outperform rating, predicting the stock could double. The firm highlighted Metsera’s platform and pipeline of novel obesity peptide-based therapeutics as offering key advantages over competitors.
• Brighthouse Financial shares surged over 11% after The Financial Times reported that private equity firm Aquarian is reportedly in talks to raise funds for a potential takeover of the insurer.
• Citi upgraded Hyatt Hotels to buy from neutral, citing upcoming positive catalysts, and raised its price target to $167 from $138, suggesting roughly 15% upside from Monday’s close.
• Shares of UnitedHealth climbed more than 2% in Tuesday morning trading after the company said in a regulatory filing that it expects most of its members will be enrolled in highly rated Medicare plans next year. According to UnitedHealth’s preliminary review, roughly 78% of its membership is projected to be in plans rated four stars or higher.
• Fox Corp. shares dropped roughly 5% after the Murdoch family settled its succession dispute, giving Lachlan Murdoch control of the media company.
• Apple slipped 0.4% ahead of its annual event later Tuesday, where several new products are expected to be unveiled.
• Nebius Group N.V. surged 50% after securing a deal to supply AI computing resources to Microsoft.
• CoreWeave shares jumped Tuesday on news that the cloud infrastructure company, which was one of the hottest IPOs of the year, launched a venture fund to invest in artificial intelligence startups.
• Dell Technologies shares slid after the company announced CFO Yvonne McGill will resign, effective Tuesday. David Kennedy, currently senior vice president of global business operations, finance, was named interim CFO.

What to Watch Ahead

Investors are now focusing on upcoming inflation data that could influence the Fed’s policy decisions. The August producer price index is set for Wednesday, followed by the consumer price index on Thursday. Last week’s weaker-than-expected jobs report raised hopes for lower interest rates, but any surprises in inflation readings could change that outlook.

“If the CPI shows a worsening trend of higher inflation on Thursday, then the market will begin worrying about stagflation,” Zaccarelli said. “The bull market has been extremely resilient this year, but we could be approaching an inflection point where it is tested again.”