Market Snapshot for Friday September 19th, 2025
S&P 500 – 6,664.36 (+0.49%)
Dow Jones – 46,315.27 (+0.37%)
NASDAQ – 22,631.48 (+0.72%)
Market Performance
US Stocks Extend Record Run as Trade Talks with China Boost Sentiment
US equities closed out the week at fresh highs on Friday, capping a record-setting rally fueled by progress in US-China trade discussions and continued strength in the so-called “Magnificent Seven” tech names.
The Dow Jones Industrial Average (^DJI) gained 0.4% to finish at 46,315.27, up 172.85 points on the day, while the S&P 500 (^GSPC) advanced nearly 0.5%. The tech-heavy Nasdaq Composite (^IXIC) led the pack with a 0.7% climb, buoyed by a rally in Apple (AAPL) shares as the company’s latest iPhones landed in stores. All three benchmarks posted all-time highs for the second straight session.
On a weekly basis, the S&P 500 rose 1.2% and the Nasdaq jumped 2.2%, logging their third consecutive weekly gains. The Dow added 1%, marking its second week in a row of gains.
Tech remained a focal point for investors. Aside from Nvidia (NVDA), the “Mag 7” all advanced during the five sessions through Friday, led by Tesla (TSLA), which soared almost 8% for the week. Alphabet (GOOG, GOOGL) climbed about 6%, while Apple gained nearly 5%.
Market sentiment also got a lift from a high-profile phone call between President Donald Trump and Chinese President Xi Jinping. Trump wrote on Truth Social that “progress” was made on several critical issues, including trade, fentanyl, efforts to end the Russia-Ukraine war, and a potential agreement over TikTok’s future in the US.
While details of the TikTok arrangement remain sparse, The Wall Street Journal reported earlier in the week that Oracle (ORCL), Silver Lake, and Andreessen Horowitz would join a consortium to take an 80% stake in the app, which is owned by China’s ByteDance. Chinese state media offered only a brief summary of the leaders’ discussion, reiterating Xi’s support for a commercial solution and calling on Washington to refrain from new restrictive trade measures.
Beyond the big indexes, other corners of the market also moved. Nuclear-related stocks such as Oklo (OKLO) and NANO Nuclear (NNE) surged amid renewed optimism for the sector. Meanwhile, chipmaker Micron (MU) eased from record highs ahead of its September 23 earnings release. AI-focused Broadcom (AVGO) slipped 4% after a sharp run-up the previous week.
The week’s gains came as the Federal Reserve resumed cutting interest rates on Wednesday, underscoring hopes for a supportive policy backdrop even as investors digested headlines from Washington and Beijing.
Economic Takeaways –
- The PHLX Housing (^HGX) index has jumped more than 16% so far this quarter, against a roughly 7% gain for the S&P 500, although the housing gauge still trails the benchmark stock market index on a year-to-date basis.
- In bonds and currencies, yields and the U.S. dollar are rebounding, retracing part of this month’s earlier losses.
- The 10-year Treasury yield rose two basis points to nearly 4.13% after briefly dipping below 4% post–rate cut.
- The Fed cut its benchmark rate by a quarter point to 4.0–4.25%, in line with expectations. Projections signal two more possible cuts before year-end, though officials stress the path will depend on incoming data, especially labor-market trends. Overall, the direction for rates looks lower as policymakers aim to normalize policy gradually.
- The Fed is more conservative than the market with its projections for a target rate of 3.4% by the end of 2026. Futures trading pegs rates between 2.75% and 3.25% by then, per the CME FedWatch Tool.
- Cyclical and smaller companies, which are more sensitive to borrowing costs, stand to benefit: the Russell 2000 outperformed both the Nasdaq and the S&P 500 this week, reaching a four-year high.
Gold –
- Gold hit record highs this week, buoyed by expectations of a Federal Reserve rate cut that were confirmed when the U.S. central bank shaved a quarter of a percentage point off borrowing costs on Wednesday.
- Gold then fell for a third consecutive day on Friday as the impact of the Fed’s rate cut was felt in markets for the haven asset.
Oil –
- Oil prices dropped on Friday as worries about large supplies and declining demand outweighed expectations that the year’s first interest-rate cut by the U.S. Federal Reserve would trigger more consumption.
- Brent crude futures settled at $66.68 a barrel, down 76 cents or 1.1%. U.S. West Texas Intermediate futures finished at $62.68, down 89 cents or 1.4%.
Crypto –
- Bitcoin hovered under $116,000 on Friday.
- A 12-foot golden statue of President Donald Trump was put on display on 3rd street, just outside the US Capitol. The temporary statue was unveiled just hours before the Federal Reserve’s interest rate decision was announced.
Q3 Profit Outlook Fuels Optimism for Stocks Despite Tariff Concerns
US stocks are holding at record highs as earnings season approaches, with a brightening profit picture suggesting the rally could continue even in the face of tariff risks.
According to Bloomberg, among the S&P 500 companies (^GSPC) that have issued third-quarter guidance so far, more than 22% expect to beat analysts’ forecasts — the highest share in a year, based on Bloomberg Intelligence data. At the same time, the proportion of firms warning of weaker-than-expected profits has fallen to its lowest level in four quarters.
This upbeat outlook runs counter to the gloomy predictions many on Wall Street had made when President Donald Trump’s first round of tariffs took effect. “People have been crying wolf regarding tariffs, but the wolf has yet to appear,” said Sam Stovall, chief investment strategist at CFRA. “And the real question is, has the wolf been delayed or eliminated? It seems like corporations are absorbing most of the tariffs’ costs.”
Bloomberg Intelligence data show analysts now expect S&P 500 earnings to rise 6.9% in the third quarter, up from 6.7% at the end of May. The shift points to growing confidence in corporate resilience — and in the market’s ability to keep climbing despite ongoing trade tensions.
House Passes Resolution Honoring Charlie Kirk After His Killing in Utah
The House on Friday approved a resolution honoring conservative activist Charlie Kirk, one week after he was assassinated at an event in Utah.
The measure, sponsored by Speaker Mike Johnson, passed 310-58 with support from nearly 100 Democrats as well as most Republicans. It condemns Kirk’s murder and describes him as a “courageous American patriot … who boldly lived out his faith with conviction, courage, and compassion.” It also urges Americans of all political and demographic backgrounds to “reject political violence, recommit to respectful debate, uphold American values, and respect one another as fellow Americans.”
“It would be great for the country if Republicans and Democrats could stand together to call out political violence,” Johnson said before the vote.
Still, some Democrats voiced discomfort with the resolution’s language praising Kirk “as a model for young Americans across the political spectrum” who was known for “engaging in respectful, civil discourse across college campuses, media platforms, and national forums, always seeking to elevate truth, foster understanding, and strengthen the Republic.”
Fifty-eight Democrats voted no; another 38 voted “present” and 22 did not vote. By contrast, only three Democrats failed to vote on the measure immediately preceding the Kirk resolution.
Afterward, the Congressional Black Caucus said in a statement that the resolution “was not about healing, lowering the temperature of our political discourse, or even ensuring the safety of members of Congress, staff, and Capitol personnel.”
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
Oklo Inc. (OKLO) +28.83%
Brighthouse Financial (BHF) +27.24%
Quantum Computing (QUBT) +26.81%
Jyong Biotech Ltd. (MENS) +26.80%
NuScale Power (SMR) +22.69%
Top Losers
The top US stock losers today, based on percentage change included:
DexCom, Inc. (DXCM) -10.99%
Hess Midstream (HESM) -10.44%
Vor Biopharma Inc. (VOR) -10.39%
Maplebear, Inc. (CART) -8.59%
Orla Mining, Ltd. (ORLA) -7.68%
Notables
- Apple (AAPL) stock rallied 3% on Friday as the company’s new iPhone 17 Pro, Pro Max and iPhone Air all went on sale.
- Pattern Group (PTRN) made its public debut on the Nasdaq on Friday. Shares opened at $13.50 under the ticker PTRN, below the IPO price of $14. The company raised $300 million in its initial public offering.
- Bottom of FormCo
- Bottom of FormMemory chipmaker Micron (MU) saw its shares fall more than 3% Friday, sinking from a record close of $168.89 in the previous trading session as investors await the company’s earnings report on Sept. 23.
- CoreWeave (CRWV) shares jumped nearly 4% Friday after Loop Capital initiated coverage of the stock with a Buy rating.
- NANO Nuclear Energy (NNE) shares jumped nearly 15% on Friday, extending a recent upswing.
- Oracle (ORCL) nudged 1.6% higher early Friday, as US President Trump and Chinese President Xi Jinping held a call in which they were expected to complete a TikTok deal that could involve the software giant.
- Citi (C) analyst Christopher Danely downgraded Intel (INTC) shares to Sell from Hold on Friday, following a rally in the stock.
- Lennar (LEN)stock dropped 2% in premarket trading on Friday after reporting a 46% drop in third-quarter profit and forecasting fourth-quarter home deliveries below Wall Street estimates. High inflation and affordability pressures have hindered US homebuilders.
- FedEx was up after posting stronger-than-expected earnings, even as it warned of a potential $1 billion hit from trade-related volatility this year.
- Tesla (TSLA) slipped in what appeared to be a “sell-the-news” reaction after a strong two-week rally ahead of the Fed meeting and rate cut. Reports that the company will need to redesign door handles following safety concerns may also have pressured shares.
What to Watch Ahead
For the week of September 22, 2025, investors will focus on Friday’s Personal Consumption Expenditures (PCE) inflation data and Federal Reserve speeches, which will offer new insight following last week’s rate cut. The market is also digesting the implications of the Fed’s recent shift toward prioritizing the labor market over inflation concerns.
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