| | | Market Snapshot
| Dow | 46381.33 | +66.27 | (0.14%) | | Nasdaq | 22788.98 | +157.50 | (0.70%) | | SP 500 | 6693.74 | +29.39 | (0.44%) | | 10-yr Note |
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| | NYSE | Adv 1375 | Dec 1364 | Vol 1.31 bln | | Nasdaq | Adv 2660 | Dec 1962 | Vol 9.81 bln |
Industry Watch
| Strong: Information Technology, Utilities |
| | Weak: Financials, Consumer Staples, Communication Services, Consumer Discretionary, Energy |
Moving the Market
Buy the dip activity prompts record highs despite modest opening losses
Market digesting commentary from several FOMC voting members ahead of Friday's PCE report
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Mega-cap tech rally prompts record highs
22-Sep-25 16:35 ET
Dow +66.27 at 46381.33, Nasdaq +157.50 at 22788.98, S&P +29.39 at 6693.74
[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.7%), and DJIA (+0.1%) continued their record-setting streak today as a batch of favorable corporate tech headlines outweighed a lack of economic data and macro developments.
The market opened to broad-based but modest losses amid a quiet pre-market news flow, though investors promptly took advantage of the buy-the-dip opportunity, which coincided with several news catalysts in the top-performing information technology sector (+1.7%).
White House Press Secretary Karoline Leavitt stated President Trump will finalize the previously discussed TikTok deal later this week. TikTok's algorithm will be secured, retrained, and operated in the U.S. outside of ByteDance's control, with Oracle (ORCL 328.15, +19.49, +6.31%) to serve as TikTok's security provider.
NVIDIA (NVDA 183.61, +7.01, +3.97%) made a sharp move out of negative territory after announcing a letter of intent for a landmark strategic partnership to deploy at least 10 gigawatts of systems for OpenAI's next-generation AI infrastructure.
The advance contributed to a 1.6% gain in the PHLX Semiconductor Index.
Elsewhere in the sector, Apple (AAPL 256.08, +10.58, +4.31%) posted a strong performance as its new iPhone 17 is met with strong global demand.
Outside of the technology sector, strength was relatively variable throughout the session. The utilities (+0.9%), industrials (+0.4%), and real estate (+0.3%) sectors round out the four S&P 500 sectors that maintained their gains through the close. The materials and health care sectors finished flat.
Losses in the remaining five sectors were modest, as only the consumer staples (-0.9%) and communication services (-0.9%) sectors retreated more than 0.4%.
The consumer staples sector was affected by Kenvue (KVUE 16.96, -1.38, -7.50%) finishing as the worst-performing S&P 500 stock today, trading lower ahead of President Trump's speech this evening, which is expected to link the prenatal use of acetaminophen (the active ingredient in Tylenol) to autism.
Meanwhile, the communication services sector faced losses in both of its mega-cap components, Meta Platforms (META 765.16, -12.70, -1.63%) and Alphabet (GOOG 252.88, -2.36, -0.92%), which limited further gains in the Vanguard Mega Cap Growth ETF (+0.8%).
Mega-caps still ultimately played a key role in today's index level advance as the market-weighted S&P 500 (+0.4%) outperformed the S&P 500 Equal Weighted Index (+0.1%).
The small-cap Russell 2000 got off to an even slower start than the major averages, but solid afternoon buying activity led to a nice 0.6% gain. The S&P Mid Cap 400, however, never shook off its Monday sluggishness and finished flat for the day.
On the policy front, investors heard from several Fed officials in the wake of last week's 25-basis point rate cut. St. Louis Fed President Alberto Musalem (FOMC voting member) said policy is now appropriately balanced between modestly restrictive and neutral, with Atlanta Fed President Raphael Bostic (FOMC nonvoting member) supporting just one additional rate cut this year instead of two.
Fed Governor Stephen Miran (FOMC voting member) sees the current policy as too restrictive, advocating for a fed funds rate that is almost two percentage points lower than the current policy.
U.S. Treasuries were unable to hold onto their modest overnight gains, as safe-haven interest faded away with the stock market overcoming opening losses and rallying to new record highs yet again. The 2-year note yield settled up two basis points to 3.60%, and the 10-year note yield settled unchanged at 4.14%.
There was no economic data of note today.
Major averages well positioned for record close
22-Sep-25 15:35 ET
Dow +111.08 at 46426.14, Nasdaq +164.06 at 22795.54, S&P +34.06 at 6698.41
[BRIEFING.COM] As the market enters the final half hour of trading, the major averages sit well positioned to capture record closing highs to go along with their intraday records.
The consumer staples sector (-0.6%) is one of just four S&P 500 sectors that remain in negative territory, though it is off its earlier session lows.
A modest gain in the sector's largest component, Walmart (WMT 102.85, +0.52, +0.51%), limits further losses despite a vast majority of components trading lower.
Walmart announced today that it will now provide same-day pharmaceutical delivery for refrigerated and reconstituted medication such as insulin, GLP-1s, and pediatric amoxicillin.
Meanwhile, Kenvue (KVUE 17.08, -1.26, -6.90%) is trading steadily at session lows ahead of President Trump's speech this evening, which is expected to link the prenatal use of acetaminophen (the active ingredient in Tylenol) to autism.
DJIA trades to new all time high
22-Sep-25 15:05 ET
Dow +88.98 at 46404.04, Nasdaq +155.43 at 22786.91, S&P +30.76 at 6695.11
[BRIEFING.COM] The DJIA (+0.2%) eclipsed its record high level from last Friday, a feat that the S&P 500 (+0.4%) and Nasdaq Composite (+0.7%) managed earlier in the session.
The top-weighted information technology sector (+1.7%) continues to drive today's growth, with the thinly traded utilities sector (+1.0%) the only other S&P 500 sector with a gain wider than 0.5%.
Meanwhile, the communication services sector (-1.0%) faces the widest loss, as Alphabet (GOOG 252.21, -3.03, -1.19%) and Meta Platforms (META 768.88, -8.98, -1.15%) both trade lower today.
Breadth figures have improved throughout today's session, with decliners outpacing advancers by just a few dozen names on the NYSE, while advancers hold a roughly 6-to-5 advantage on the Nasdaq.
S&P 500 rises as TER, WAB, MRNA lead gains; KVUE slumps ahead of Trump speech
22-Sep-25 14:30 ET
Dow +68.34 at 46383.40, Nasdaq +147.29 at 22778.77, S&P +27.76 at 6692.11
[BRIEFING.COM] The S&P 500 (+0.42%) is in second place on Monday afternoon, up about 28 points.
Briefly, S&P 500 constituents Teradyne (TER 135.20, +15.35, +12.81%), Wabtec (WAB 201.55, +12.85, +6.81%), and Moderna (MRNA 26.86, +1.62, +6.42%) pepper the top of the standings. Teradyne caught a price target bump to $200 out of Susquehanna this morning, while WAB rises after securing a record $4.2 bln locomotive order from Kazakhstan and receiving a Buy initiation from Citigroup, which named the company its top pick in the transportation group.
Meanwhile, Kenvue (KVUE 17.18, -1.16, -6.32%) is underperforming ahead of President Trump's speech this evening wherein he's expected to link acetaminophen (active ingredient in Tylenol) during pregnancy and autism.
Gold jumps $69.30 to $3,775 on Fed cut bets, weaker dollar, and safe-haven demand
22-Sep-25 14:00 ET
Dow +73.03 at 46388.09, Nasdaq +134.12 at 22765.60, S&P +25.23 at 6689.58
[BRIEFING.COM] The Nasdaq Composite (+0.59%) is in first place on Monday afternoon, up about 134 points with about two hours to go in the session.
Gold futures settled $69.30 higher (+1.8%) at $3,775.10/oz, as investors priced in further Fed rate cuts following last week's 25 bp reduction, with softer yields and a weaker dollar boosting demand for the yellow metal. Lingering inflation concerns, central bank buying, and safe-haven flows amid global uncertainty added to the upside momentum.
Meanwhile, the U.S. Dollar Index is down about -0.3% to $97.35.
Pfizer buys Metsera to compete with Lilly, Novo in obesity space; Deal could hit $70/share (PFE)
Pfizer (PFE) announced it will acquire clinical-stage biotech Metsera (MTSR) in a cash-and-contingent value rights deal worth up to $70 per share, as it seeks a foothold in the fast-growing obesity drug market. The deal includes $47.50 per share in cash -- a 43% premium to MTSR’s closing price last Friday -- plus up to $22.50 in milestone payments tied to the development and commercial success of MTSR’s lead candidate, MET-097i.
- PFE shares are climbing higher on the news, with investors hopeful the acquisition could provide the next long-term growth catalyst, especially as COVID-19 product sales have sharply declined in recent quarters.
- The additional $22.50 per share will be paid out if MET-097i receives FDA approval by the end of 2027 and reaches $2.5 bln in cumulative U.S. sales within five years of launch.
- MTSR’s MET-097i, a GLP-1 receptor agonist, has shown comparable efficacy and improved tolerability relative to Eli Lilly’s (LLY) Zepbound, which achieved remarkable 172% sales growth in 2Q25, and Novo Nordisk’s (NVO) Wegovy in early-stage trials. This includes average weight loss of over 15% at 24 weeks with fewer gastrointestinal side effects.
- Shares of NVO are trading moderately lower, while LLY is up modestly.
- MTSR expects to begin Phase 3 trials in early 2026, with potential FDA approval projected for late 2028 to early 2029, assuming no regulatory delays.
- While MTSR currently has no commercial revenue, analysts estimate peak annual sales of $6–8 bln for MET-097i if approved, depending on market uptake and payer coverage.
Briefing.com Analyst Insight:
PFE’s acquisition of MTSR is a bold but calculated move to capture a share of the booming obesity treatment market. While MTSR is still a pre-revenue biotech, its lead drug, MET-097i, has demonstrated real promise. What makes this deal especially smart is the structure -- PFE limits upfront risk with a $47.50 base offer and ties the rest to performance. The obesity drug market is projected to exceed $100 bln by the early 2030s, and PFE has been under pressure to find new growth drivers as COVID-era windfalls fade. Despite being years away from commercialization, MET-097i offers a path to re-accelerate top-line growth. That’s why both stocks are up today.
InterDigital Pops to Record Highs on New Customer Add and Raised Q3 Guidance (IDCC)
InterDigital (IDCC) continues its strong run heading into the quickly approaching earnings season, climbing to new all-time highs after raising Q3 guidance and inking a fresh license deal with a major Chinese smartphone vendor. The stock has surged more than 50% on the back of the Samsung arbitration ruling and a standout Q2 earnings report on July 31.
- Raised Q3 EPS and revenue outlook to $2.08-2.27 (from $1.52-1.72) and $155-159 mln (from $136-140 mln), both well above consensus.
- New license adds another top smartphone player, boosting projected annualized recurring revenue (ARR) by about $26 mln to a record $579 mln. IDCC now has 8 of the top 10 global smartphone vendors under license, covering roughly 85% of the global market, up from ~80% noted on its Q2 call.
- The multiyear Samsung arbitration deal, finalized in July, remains a landmark agreement, worth over $1 bln through 2030 and marking a 67% increase vs. its prior contract.
- Growth isn't limited to smartphones: its Consumer Electronics & IoT program also continues to scale, highlighted by a recent PC licensing deal with HP.
Briefing.com Analyst Insight
InterDigital's licensing model, backed by its patent portfolio in 4G/5G/6G, video, and AI, continues to provide solid operating leverage. With ARR at record levels and expanded coverage across most of the smartphone market, the company is building a stronger recurring base while also positioning for future opportunities in AI-driven networks and IoT. The recent momentum highlights near-term earnings strength, though execution on newer growth avenues will be key.
Oracle Restructures Leadership to Double Down on AI and Cloud Growth (ORCL)
Oracle is shaking up its executive ranks to double down on AI and cloud growth. Longtime CEO Safra Catz will transition to Executive Vice Chair, while the company reinstates a co-CEO structure—signaling a bold strategic shift toward hyperscale cloud and AI infrastructure.
- Clay Magouyrk, promoted from President of Oracle Cloud Infrastructure (OCI), and Mike Sicilia, former President of Oracle Industries, will serve as co-CEOs.
- Magouyrk brings deep technical expertise, having led OCI's Gen2 platform—powering public cloud and gigawatt-scale AI training datacenters.
- Sicilia brings domain depth in vertical applications and applied AI, having driven adoption of AI Agents across Oracle's healthcare, banking, and other industry suites.
Recall that, earlier this month, Oracle issued a jaw-dropping update on remaining performance obligations (RPO):
- RPO now exceeds $455 bln, up 359% yr/yr and surging from $138 bln just last quarter (Q4).
- Cloud RPO alone skyrocketed nearly 500% on top of 83% growth last year.
- The company provided massive OCI guidance through FY30 and expects RPO to top $0.5 trillion in the future.
Oracle has quickly emerged as a top destination for AI workloads, landing major deals with OpenAI, xAI, Meta, NVIDIA, AMD, and others.
Briefing.com Analyst Insight:
This leadership change is a clear signal: Oracle is going all-in on AI and cloud. The co-CEO structure allows it to harness both operational and technical firepower as it seeks to rival AWS, Azure, and Google Cloud. With RPO growth off the charts and long-term contracts pouring in, Oracle is entering a transformative phase. This could be a pivotal moment for the stock—Oracle is no longer just playing catch-up; it's positioning to lead.
Compass-Anywhere merger aims for synergies and scale, but market skeptical on valuation (COMP)
Compass (COMP) announced a definitive agreement to acquire Anywhere Real Estate (HOUS) in an all-stock transaction valued at approximately $4.2 bln. Under the terms, each share of HOUS will be exchanged for 1.436 shares of Compass stock, implying a value of $13.01 per HOUS share based on COMP’s 30-day volume-weighted average price as of September 19. This represents a hefty 84% premium over HOUS’s last Friday closing price. While the deal is strategically compelling, the market response has been starkly bifurcated: shares of COMP are trading sharply lower on dilution and leverage concerns, while HOUS is soaring on the premium offer.
- The all-stock structure introduces significant dilution for COMP shareholders; the company also secured a $750 mln financing commitment from Morgan Stanley to support the deal.
- The combined company will include approximately 340,000 real estate professionals across major U.S. cities and 120+ global markets, adding over $1 bln in revenue from HOUS’s franchise, title, and relocation businesses.
- COMP expects $225+ mln in annual non-GAAP OPEX synergies, net of dissynergies, and aims to reach 1.5x net leverage by year-end 2028.
- The deal is expected to drive stronger free cash flow and an improved balance sheet over time.
Briefing.com Analyst Insight:
This is a bold and high-stakes move by COMP to cement its leadership in the residential real estate industry. Strategically, the combination makes sense: it expands COMP’s national and global reach, diversifies revenue streams, and enhances service offerings across brokerage, franchise, title, and relocation. However, the financial contours of the deal raise red flags. Notably, COMP is paying a steep 84% premium to HOUS's unaffected share price -- an aggressive valuation for a legacy player with inconsistent profitability and declining market share in recent years. While the implied acquisition price is $13.01 per HOUS share, the stock is trading below that level, likely due to uncertainty around deal completion, regulatory risks, and the all-stock structure, which ties the final value to COMP’s declining share price.
On the positive side, COMP sees the potential for $225+ mln in annual non-GAAP OPEX synergies, largely from consolidating overlapping functions, reducing technology and back-office costs, and leveraging its end-to-end platform across a larger network. With broader scale, COMP also expects to unlock strong free cash flow generation, which has been elusive so far in its standalone model. However, these benefits come with execution risk and a hefty dilution cost.
Apple's iPhone 17 debuts to long lines and high demand as company eyes upgrade cycle boost (AAPL)
Apple (AAPL) officially launched its iPhone 17 lineup today, and early signs point to strong demand, especially for the high-end Pro models. Long lines were reported across the U.S., Europe, and Asia, signaling strong consumer interest despite macro and competitive headwinds.
- Bloomberg reported strong early demand in Asia, with Pro models generating the most buzz in the U.S. and Europe.
- The launch follows a solid Q3 in which Apple posted 9.6% yr/yr revenue growth -- its best in 14 quarters -- driven by 13.5% growth in iPhone revenue to $44.58 bln, a record for the June quarter.
- Shares have rebounded in recent weeks but remain down 3% year-to-date due to ongoing concerns about AAPL’s AI positioning, competition in China, and the impact of an escalating U.S.-China trade war.
- The iPhone 17 launch seems to be extending recent momentum, and anticipation is already building for next year’s foldable iPhone, which could serve as a major catalyst heading into FY27.
Briefing.com Analyst Insight:
Today’s iPhone 17 launch suggests AAPL may be regaining some product momentum at a critical time. While it’s still early, initial demand trends -- particularly for Pro models -- are encouraging and may help ease investor concerns about a sluggish upgrade cycle. That said, AAPL still faces serious headwinds, including intensifying competition in China and a murky AI roadmap. The upcoming foldable iPhone could be a game-changer, but with geopolitical tensions and valuation still elevated (Forward P/E of 30x), AAPL isn't out of the woods just yet.
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