Anna's Markets Recap

_{Just facts, you think for yourself}

Saturday, 5:20 AM

September 27, 2025

Good morning news friend! Here is a quick recap of what happened in the markets this week. 📰🌟

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What Moved Markets Last Week

The U.S. stock market experienced a volatile week, defined by the tension between technological optimism and macroeconomic realities. The week began with the S&P 500, Dow, and Nasdaq all closing at record highs on Monday, September 22, driven by a major announcement in the artificial intelligence sector. However, this momentum reversed into a three-day losing streak as strong economic data tempered expectations for Federal Reserve rate cuts. A rally on Friday, September 26, was not enough to prevent the major indices from ending the week in negative territory. The S&P 500 fell 0.75%, the Nasdaq Composite lost 0.65%, and the Dow Jones Industrial Average slipped 0.15%.

The market's downturn was triggered by robust economic reports. The third estimate for Q2 GDP showed a strong 3.8% annualized increase, and weekly initial jobless claims fell to a two-month low of 218,000. This data, suggesting a resilient economy, pushed the 10-Year Treasury yield up to 4.20%, reducing the likelihood of imminent Fed easing. Investor sentiment soured further with the University of Michigan's Consumer Sentiment Index falling to a four-month low, as consumers cited high prices and job market fears.

The market found relief on Friday when the August Personal Consumption Expenditures (PCE) Price Index met expectations. The core PCE, the Fed’s preferred inflation gauge, rose 0.2% month-over-month, holding at a 2.9% annual rate. This in-line report eased fears of accelerating inflation and allowed the market to end the week with a modest rebound.

Commodity markets reflected the week's uncertainty. Gold surged to a record high near $3,790 per ounce early in the week as investors sought a safe-haven asset, though it eased to close around $3,761. West Texas Intermediate (WTI) crude oil had a strong week, rising 4.26% to close at $65.31 per barrel. Prices were supported by ongoing geopolitical tensions that raised concerns about global supply.

Tech and Growth

The technology sector was a hive of activity. On Monday, NVIDIA (NVDA) and OpenAI announced a landmark partnership for AI data center infrastructure, sending NVDA shares up 4% to an all-time high. The news had a ripple effect, with competitor Broadcom (AVGO) falling 1.5% as the market viewed the deal as a competitive loss.

Apple (AAPL) shares initially rose over 4% on reports that pre-orders for the new iPhone 17 were tracking 10-15% ahead of the prior year. However, the stock gave back some gains later in the week following a report that Apple was in talks to invest in chipmaker Intel (INTC), a development that sent Intel shares surging nearly 9%. In a significant milestone, Alphabet (GOOGL) saw its market capitalization cross the $3 trillion threshold for the first time, buoyed by momentum in its cloud division and a favorable U.S. court ruling.

Conversely, Tesla (TSLA) shares fell more than 4% on Thursday after data from Europe revealed a 23% year-over-year drop in its August vehicle registrations. The news from this key market overshadowed positive delivery projections from China. Finally, Salesforce (CRM) demonstrated the tangible benefits of AI, with its CEO revealing that AI agents had handled 1.5 million support conversations, allowing the company to replace approximately 4,000 human jobs while maintaining customer satisfaction.

Banks and Financials

The financial sector’s performance diverged based on business models. Rising Treasury yields benefited traditional banks, with JPMorgan Chase (JPM) shares rising to a new 52-week high of $317.81 on Friday. Investors saw the higher rate environment as a positive for the bank's net interest margins. In contrast, payment processors declined on fears of a consumer slowdown. The weak consumer sentiment report weighed heavily on Visa (V) and Mastercard (MA), as their revenues are directly tied to consumer spending volumes. Visa fell from over $344 to below $335, while Mastercard dropped from $584 to under $570 during the week.

Consumer Goods and Healthcare

This defensive sector was moved by policy news on Friday, when former President Trump announced a potential 100% tariff on imported pharmaceuticals. The proposal immediately boosted domestic drug manufacturers. Shares of Eli Lilly (LLY) climbed over 1% on the news, which amplified the strategic value of its announcement earlier in the week to build a new $6.5 billion manufacturing facility in Texas. Johnson & Johnson (JNJ) saw a modest tailwind after announcing positive clinical data for an investigational treatment for depression.

In retail, Costco (COST) shares fell more than 1% on Friday despite reporting earnings that beat expectations. The negative reaction was driven by management’s cautious commentary that consumers remain "very choiceful" with discretionary spending, confirming the market’s broader anxiety about consumer health.

Energy and Industrials

Energy and industrial stocks showed a clear split between companies executing on long-term capital projects and those exposed to the fragile consumer. Exxon Mobil (XOM) shares rose 1.4% for the week after the company announced a final investment decision on its seventh offshore project in Guyana—a $6.8 billion development. The move signals strong confidence in long-term energy demand. In contrast, Home Depot (HD) stock fell as the rise in Treasury yields pointed to higher mortgage rates, which threatens to slow the housing market and curb spending on home improvement.

Did you know we also write in-depth deep dives? They are long, packed with insights, and have received rave reviews. If you’re up for a detailed, action-packed read, check them out:

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Baked with love,

Anna Eisenberg ❤️