Di Yi Cai Jing Zi Xun·2025-09-25 22:55Market Overview - The U.S. stock market closed slightly lower, with major indices declining for three consecutive trading days due to economic data increasing uncertainty about the Federal Reserve's future interest rate cuts [1][3] - The Dow Jones Industrial Average fell by 173.96 points to close at 45,947.32, a decrease of 0.38%; the S&P 500 dropped 33.25 points to 6,604.72, down 0.50%; and the Nasdaq Composite decreased by 113.16 points to 22,384.70, also down 0.50% [1] Sector Performance - Most sectors in the S&P 500 closed lower, with only the energy sector rising by 0.9% and the technology sector slightly up by 0.03% [2] - Large-cap tech stocks showed mixed performance, with Tesla down 4.38%, Meta down 1.54%, and Amazon, Microsoft, and Google all declining by up to 0.94%. In contrast, Nvidia rose by 0.41% and Apple increased by 1.81% [2] Company News - Intel shares surged by 8.9% following reports that the company is in discussions with TSMC regarding potential investment or collaboration [3] - Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up by 0.42%. Notable gainers included Kingsoft Cloud up over 6%, NIO and Xpeng both up over 4%, and Baidu and Li Auto up over 1%. Alibaba, however, fell by 0.55% [3] Economic Data - The U.S. Labor Department reported a decrease of 14,000 in initial jobless claims for the week ending September 20, adjusted to 218,000, indicating some resilience in the labor market [3] - The Bureau of Economic Analysis revised the second-quarter GDP growth rate to an annualized 3.8%, the fastest in nearly two years, driven by strong consumer spending and business investment. The first quarter GDP had previously contracted [3] Federal Reserve Outlook - Statements from Federal Reserve officials have added uncertainty to the policy outlook, with Chicago Fed President Austan Goolsbee expressing concerns about rapid interest rate cuts amid ongoing inflation risks [3] - Market expectations for a potential rate cut in October have decreased, with the probability of a 25 basis point cut dropping from approximately 92% to 83.4% [3] Investor Sentiment - Investors are looking forward to upcoming quarterly earnings reports, especially given the high valuation levels in the stock market [4] - Cherry Lane Investments partner Rick Meckler noted that current valuations are historically high, but a positive factor is the government's apparent willingness to allow large tech companies to continue expanding [4] Bond and Commodity Markets - In the bond market, the yield on the 10-year U.S. Treasury rose by 3 basis points to 4.177%, while the 2-year Treasury yield increased by 6.5 basis points to 3.663% [4] - In commodities, international oil prices showed mixed results, with WTI crude oil futures down 0.02% to $64.98 per barrel and Brent crude oil futures up 0.18% to $68.58 per barrel [4] - COMEX gold futures rose by 0.08% to $3,771.1 per ounce [5]