Market Overview - U.S. stock markets closed lower on September 24, 2025, as investors engaged in profit-taking after a series of record highs for major indexes, with all three major benchmarks ending in negative territory [1][2] - Federal Reserve Chairman Jerome Powell's comments on asset prices being "fairly highly valued" contributed to a cautious mood on Wall Street [1][3] Market Performance Recap - The Dow Jones Industrial Average (DJI) fell 0.2% to close at 46,292.78, after reaching an intraday high of 46,714.27 [2] - The S&P 500 (SPX) declined 0.6% to finish at 6,656.92, having touched a new intraday high of 6,699.52 [2] - The Nasdaq Composite (IXIC) experienced a 1% drop, down 215.50 points to settle at 22,573.47, marking a second consecutive day of declines [2] Sector Performance - Sector performance was mixed, with the Energy Select Sector SPDR (XLE) advancing 1.7%, while the Consumer Discretionary Select Sector SPDR (XLY) and Technology Select Sector SPDR (XLK) both fell 0.9% [4] - The CBOE Volatility Index (VIX) rose 3.4% to 16.64, indicating increased market volatility [4] Major Stock News and Movers - Freeport-McMoRan (FCX) shares dropped over 10% after lowering its fiscal third-quarter sales outlook for copper and gold [5] - Micron Technology (MU) saw a 2.8% decline despite reporting better-than-expected quarterly sales and a strong forecast, reflecting high pre-earnings expectations [5][8] - U.S.-listed shares of Alibaba (BABA) surged 8% following an announcement of an increased budget for AI infrastructure [6] - Marvell Technology (MRVL) rose more than 7%, while Intel (INTC) advanced over 6% due to a significant investment from the U.S. government [6] - Lithium Americas (LAC) experienced a significant jump of 87.6% amid reports of potential government ownership stake [6] Earnings Announcements - Micron Technology (MU) reported fiscal Q4 earnings of $3.03 per share, exceeding estimates, with revenues of $11.32 billion driven by AI chips [8] - Worthington Enterprises Inc. (WOR) reported a 60% year-over-year increase in earnings per share for the quarter ending August 31, 2025 [9] - AutoZone Inc. (AZO) reported adjusted earnings of $48.71 per share, missing estimates, although quarterly revenues of $6,242.73 million beat expectations [9][10] Upcoming Market Events - Investors are closely watching upcoming economic data releases and Federal Reserve communications, with key data including final Q2 GDP reading and durable goods orders scheduled for September 25, 2025 [11][16] - The next Federal Open Market Committee (FOMC) meeting is scheduled for October 28-29, 2025, which will be significant for market direction [13]