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Another record high for stocks as tech heavyweights put market on their shoulders

All of the gains on Monday are attributable to Nvidia and Apple.

9/22/25 4:51PM

The S&P 500 and Nasdaq 100 set fresh record closing highs to kick off the week, up 0.4% and 0.5%, respectively, while the Russell 2000 outperformed with a 0.6% advance.

While indexes are making new highs, breadth is not. Over the past 15 trading days, the S&P 500 has moved higher despite more of its constituents falling than rising on seven occasions, including today. That’s tied for the highest frequency of the US benchmark index and its components diverging over a three-week span on record, based on data going back through 1997.

Tech and utilities were the only two S&P 500 sector ETFs to go positive on the day. Consumer staples was far and away the worst performer.

Gains on the day were led by Teradyne, which jumped nearly 13% after the semiconductor test equipment maker got a price target hike from Susquehanna to $200 from $133. Declines were led by Kenvue, which fell 7.5% following reports that President Donald Trump would soon announce a link between prenatal use of Tylenol and autism. Elsewhere…

Nvidia surged nearly 4% as the company said it would invest as much as $100 billion into OpenAI as part of an unprecedented data center buildout.

Apple was up more than 4% after Wedbush Securities analyst Dan Ives raised his price target on the tech giant to $310 from $270 thanks to “early strong demand signs” for the iPhone 17.

Of the 46 basis points in total return for the SPDR S&P 500 ETF on Monday, Nvidia and Apple contributed 58 basis points, as most other components went down.

Oracle leapt over 6% after the hyperscaler announced that its CEO for the past 11 years, Safra Catz, is stepping down and being replaced by two new co-CEOs.

Snap soared 4.3% as the stock receives a lot of positive attention from the r/WallStreetBets subreddit.

Oklo jumped almost 4% after Ives boosted his price target on the stock to a whopping $150 from $80 on Sunday.

Pfizer ended virtually flat after the vaccine maker announced that it would acquire anti-obesity drug developer Metsera. Metsera soared over 60% on the news.

Moderna rose more than 5% after a federal vaccine panel adopted a recommendation for the COVID-19 vaccine that was better than investors were pricing in.

Fox rose after Trump said that Rupert Murdoch and his son Lachlan, the chief executive of Fox, are “probably” going to be involved in the investor group looking to buy TikTok in the US.

Shares of Better Home & Finance spiked nearly 47% after EMJ Capital founder Eric Jackson posted on X, dubbing the online mortgage lender the “Shopify of mortgages.”

BYD was marginally positive even as Berkshire Hathaway fully exited its stake in the world’s largest EV maker, according to a CNBC report over the weekend.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

Revenue of $11.0 billion (estimate: $10.8 billion).
Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

Another record high for stocks as tech heavyweights put market on their shoulders

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SpaceX gets a wave of bullish ratings from Wall Street analysts

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