Evening Market Recap

Sophia Reyes · September 24, 2025 9:03 PM

Market Snapshot for Wednesday September 24^th, 2025

S&P 500 – 6,637.97 (-0.28%)

Dow Jones – 46,121.28 (-0.37%)

NASDAQ – 22,497.86 (-0.33%)

Market Performance

Stocks Retreat for a Second Day as Selling in AI Leaders Nvidia and Oracle Weighs on Market

U.S. stocks finished broadly lower Wednesday, marking the second consecutive day of declines as the intense enthusiasm around artificial intelligence bellwethers showed fresh cracks. Traders on the floor of the New York Stock Exchange navigated another choppy session that saw key indexes slip further from record highs hit earlier in the week.

The S&P 500, which just days ago notched an all-time intraday high, dropped 0.28% to close at 6,637.97. The tech-heavy Nasdaq Composite also pulled back, shedding 0.34% to 22,497.86. Meanwhile, the Dow Jones Industrial Average lost 171.50 points, or 0.37%, to end the session at 46,121.28. All three major indexes finished in negative territory Tuesday as well, breaking a recent winning streak driven by optimism over the AI boom.

At the heart of Wednesday’s weakness were two of the market’s biggest AI plays: Nvidia and Oracle. Nvidia slipped nearly 1% following Tuesday’s selloff, extending a decline sparked by mounting concerns over the sustainability of the AI trade. While the chipmaker recently unveiled a headline-grabbing $100 billion partnership with OpenAI, investors are beginning to question whether the sector’s explosive growth could be too circular — with AI firms increasingly reliant on each other’s products and services — and whether valuations have run ahead of fundamentals. Oracle fared even worse, falling almost 2% for a second straight day as traders rotated out of names perceived as overextended after months of steep gains.

Still, there were pockets of resilience. The Nasdaq’s losses narrowed toward the close thanks to a sharp rally in Intel, which surged more than 6% after Bloomberg reported the chipmaker had approached Apple about a potential investment to shore up its lagging business. The talks reportedly extend beyond capital infusion to broader collaboration between the two companies. Intel shares also benefited from speculation surrounding Nvidia’s recently announced $5 billion investment in the company.

Other semiconductor names faced a rougher ride. Micron Technology’s stock fell nearly 3% after the company’s latest earnings and forward guidance failed to meet heightened investor expectations, underscoring how confidence in the AI-related trade remains fragile even for firms supplying the building blocks of the boom.

This bout of selling comes after a remarkable stretch for equities. The S&P 500’s three-day rally earlier this week was powered by record closes and exuberance over AI, only to falter Tuesday when profit-taking set in. Traders and strategists say stretched valuations are a growing worry. Federal Reserve Chair Jerome Powell highlighted elevated asset prices at his press conference Tuesday, a remark some interpreted as a subtle warning.

“Tech is probably a little bit extended,” Jay Hatfield, CEO of Infrastructure Capital Advisors, told CNBC. “I would not say, ‘Oh, nobody’s going to use AI and the world is coming to an end,’ but it’s clearly valuation.” He added that seasonal weakness could also keep pressure on the market for several sessions. Even so, the S&P 500 remains nearly 3% higher so far this month, outpacing the 4.2% average September decline seen over the past five years.

Economic Takeaways –

• A steady stream of FOMC commentary is following last week’s rate cut. Chair Powell largely reiterated his post-meeting remarks, signaling that policy should move toward less restrictive levels but offering few specifics on timing or scope. By contrast, Governor Bowman took a more dovish tone, warning of the risks of falling behind the curve and calling for decisive cuts. Regional Fed Presidents Bostic and Goolsbee were more cautious, highlighting inflation risks and emphasizing patience. These divisions underscore the balancing act Powell faces and put added weight on upcoming labor and inflation data to confirm—or challenge—market expectations for rate cuts in October and December.
• Household exposure to financial assets rose to a record 45.4% in the second quarter.
• Treasury Secretary Scott Bessent said the Trump administration is seeking a Federal Reserve chair candidate with an “open mind” as he interviews 11 potential successors to Powell ahead of his term’s expiration next May.
• New Commerce Department figures showed new home sales unexpectedly surged in August as mortgage rates eased, drawing some buyers back into the market and unlocking pent-up demand. Still, affordability remains a headwind.

Gold –

• Gold and silver prices were lower in U.S. trading Wednesday.
• Run-of-the-mill profit taking and weak long liquidation are featured from the shorter-term futures traders after gold this week hit a record high and silver a 14-year high.

Oil –

• Oil prices climbed about 3% to a seven-week high on Wednesday as a surprise drop in U.S. weekly crude inventories added to a sense in the market of tightening supplies.
• Brent futures rose $1.68, or 2.5%, to settle at $69.31 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.58, or 2.5%, to settle at $64.99.

Crypto –

• Bitcoin hovered around $113,000.
• Coinbase (COIN) CEO Brian Armstrong is now predicting that Bitcoin, which is trading above the $110,000 mark at the time of writing, will surge to $1 million by the year 2030.

Top Gainers

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

uniQure N.V. (QURE) +247.73%

Cidara Therapeutics (CDTX) +20.53%

Opendoor Technologies (OPEN) +16.24%

Soleno Therapuetics (SLNO) +13.46%

IREN Limited (IREN) +12.86%

Top Losers

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

Freeport-McMoRan (FCX) -16.95%

QMMM Holdings (QMMM) -12.84%

Worthington Enterprises, Inc. (WOR) -11.57%

Sable Offshore Corp. (SOC) -11.15%

Astera Labs, Inc. (ALAB) -10.79%

Notables

• Freeport-McMoRan plunged nearly 12% after declaring force majeure at its massive Grasberg mine in Indonesia following a deadly accident and warning of lower-than-expected third-quarter copper and gold sales.
• Biotech firm UniQure soared more than 250% after revealing positive trial data for its experimental Huntington’s gene therapy, while recreational vehicle maker Thor Industries jumped almost 6% on better-than-expected earnings.
• Shares of recreational vehicle maker Thor Industries, best known as the parent company of Airstream, climbed nearly 6% on Wednesday after the company delivered a much stronger-than-expected quarterly report. Excluding one-time items, Thor posted earnings of $2.36 per share on revenue of $2.52 billion, easily topping Wall Street forecasts of $1.28 per share on $2.32 billion in revenue. The upside surprise suggested resilient demand for the company’s lineup of travel trailers and motorhomes even amid a more cautious consumer spending environment.
• S.-listed shares of Chinese e-commerce and cloud giant Alibaba (BABA) surged more than 9% after the company announced it would sharply increase investment in developing and training advanced artificial intelligence models. Alongside the spending boost, Alibaba rolled out a suite of new AI products and updates to existing services, signaling that the company intends to compete more aggressively in China’s fast-growing AI sector and position itself as a global player in next-generation technology.
• Micron (MU) slipped after reporting fiscal Q4 earnings of $3.03 per share, exceeding consensus estimates by $0.17. The chipmaker also issued stronger-than-expected earnings and revenue guidance for Q1. Shares gained more than 2.5% in after-hours trading.
• Amazon (AMZN) announced plans to shutter all 19 of its Fresh grocery stores in the U.K., although five locations will be converted into Amazon-owned Whole Foods outlets.
• AutoZone (AZO) dropped following an earnings miss but found support at its 50-day moving average and finished Tuesday’s session flat.
• Tesla (TSLA) climbed after Mizuho Securities raised its price target to $450, citing muted tariff effects and optimism around its robotaxi plans.
• Meta (META) ticked higher after CEO Mark Zuckerberg announced Instagram has reached 3 billion monthly active users.

What to Watch Ahead

Investors are also bracing for a busy economic calendar and rising political risk. Weekly jobless claims data is due Thursday, and the Fed’s preferred inflation gauge — the PCE price index — is set for release Friday.

Both could influence expectations for the central bank’s next moves. Meanwhile, a potential government shutdown looms. President Donald Trump canceled a meeting with Senate Minority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries that had been scheduled to seek a deal ahead of the September 30 deadline. The breakdown in talks adds another layer of uncertainty for markets already grappling with high valuations and mixed earnings reports.