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Happy Wednesday. This is TheStreet’s Stock Market Today for Sept. 24, 2025. You can follow the latest updates on the market here in our daily live blog.
Two days of declines and people are acting like the sky is falling. “Is the bull run over?” If you’re suspecting that with stocks barely 2% off record highs, maybe it’s time to consult a financial planner.
In all seriousness, there’s some interesting afternoon commentary from Daniel Skelly, the Head of Morgan Stanley’s Wealth Management Market Research & Strategy Team. With the B word making the rounds, it seems apt to finish off the day with:
The stock market’s sustained push during the traditionally weak seasonal period appears to be fueling “bubble” talk, especially in regard to tech. While even the strongest rallies inevitably experience retracements, and the market certainly faces ongoing policy and economic uncertainties, there are good reasons to believe this talk is misplaced. Over the past 50 years, there have been five bull markets that lasted more than two years, and the average length was eight years. We’re not quite three years into this bull market, which dates back to October 2022. Also, tech isn’t necessarily overbought on a historical basis. When the Nasdaq 100 tech index peaked in March 2000, it was roughly 56% above its 200-day moving average. Today that number is closer to 13%. While abandoning basic investing principles of diversification and risk management is never a good idea, the market’s longer-term tailwinds remain intact.
Yes, the Shiller P/E Ratio jumped above 40 for the first time since … [reads notes] the Dot Com Era … but it’s more complicated than that.
People are acting like all this excitement is deeply irrational. If you’re expecting it, it’s clearly not. Maybe the folks saying, “AI will fix all problems in the next five years” are genuinely a little crazy, but let’s assume they’re wrong and just saying what they need to say to boost their bags:
This is still analysts’ expectations for earnings growth, per FactSet; visuals courtesy of Ryan Detrick at Carson Investment Research.
Needless to say, investors want a piece of that growth. Nothing irrational about that, even if the premiums are getting a little hefty. Seems the only thing it’s stirring is movement from individual stocks to more diversified ETF products:
Related: Investors Are Cycling Out of Large Cap and Growth Stocks — Here’s What They’re Buying
KB Home (KBH) (-0.05%) just reported earnings, showing a decline in home deliveries and home sale prices. The company also downgraded its guidance; it previously forecast $6.3 billion to $6.5 billion in revenue. It now sees $6.1 billion to $6.2 billion.
The weaker guidance contrasts with results by Lennar (LEN) , which reported last week and indicated greater optimism about the trajectory of the housing market. Unlike KB, Lennar has continued scaling its output of new homes, cementing greater dominance in the market.
Together with competitor D.R. Horton (DHI) , the two now represent nearly a quarter of new housing starts. Maybe their optimism comes from scale.
The U.S. markets are now closed. Equities backslid for a second day in a row, pulling back from a weeks-long rally which has seen stocks to new heights. It seems stocks finally remembered: September is generally not a great month for equities.
The Russell 2000 (-0.82%) was worst off today, peeling back nearly 1%. The Dow (-0.37%), Nasdaq (-0.33%), and S&P 500 (-0.28%) all declined as well. It’s not worth fretting though, considering all four benchmarks are still up since the start of the month.
Separately, Gold also saw a decline after setting its 38th record close yesterday.
We’ll be awaiting some after hours earnings today, including results from KB Home, which will go well with some of today’s earlier housing data. We’ll post an update in short order.
Intel (INTC) already has the support of the U.S. Government, Japanese bank SoftBank, and Nvidia (NVDA) . Could it soon win over one-time love story Apple (AAPL) ? Bloomberg reports that Intel has asked Apple to invest in it, betting that the company’s increased domestic production will be a motivator to come along on its comeback bid. Terms have not been disclosed.
Reuters reports that 18 U.S. states have asked a federal judge to decline a $425 million settlement with Capital One (COF) (+0.40%), who is alleged to have had two similarly-named savings products which paid different savings rates; 360 Savings and 360 Performance Savings. The bank has denied wrongdoing, but it continues to hold different savings rates for the two products, which was key to the states’ case.
Stocks might be tipping slightly to the downside, but there’s still plenty of individual stocks making big moves.
Looking at equities that have a market cap >$2 billion in FinViz, we’ll miss the big boom in Lithium Americas LAC stock today, but here’s what’s on the move within those criteria:
Here are the 20 stocks at the top of the market at midday. At the very top of the market, uniQure (QURE) (+241%) is soaring after releasing positive results from its Huntington’s gene therapy trial.
Downstream is Cidara Therapeutics CDTX, Fluence Energy FLNC, and others. It seems biotech and IT services are king today:
On the other end of the market, Worthington Enterprises WOR (-14%), Bloom Energy (BE) , and Freeport-McMoRan (FCX) (-11%) are among the top decliners.
Here are the bottom 20 performers in the market at midday:
Heading towards midday, stocks all seem to be doing roughly the same thing: the Russell 2000 (-0.12%), Dow (-0.12%), S&P 500 (-0.13%), and Nasdaq (-0.15%) are all in decline. It’s not much of a decline, but red is red.
Here’s the Russell 3000 heatmap today. It’s pretty indecisive:
Keep an eye on those darker tones on the heatmap; they’ll probably reappear in our midday movers, coming up in a little bit.
A short blurb from our daily markets newsletter, specifically about housing data:
Today’s economic star has been housing. This morning, data from the Mortgage Bankers Association (MBA) showed that the 30-Year Mortgage declined week-over-week to 6.34%, while the overall market saw a modest uptick in refinancing and purchasing activity.
We’d be remiss if we didn’t talk about today’s main character: Lithium Americas LAC (+98%). Yesterday, the stock jumped on a report that the Trump Administration wanted to take a stake in the lithium miner, converting an earlier grant into equity.
The company has promised that its Nevada-based development will one day be the country’s largest lithium mine, but they’ve had their work cut out for themselves in recent years. It’s a long story, but the bump today is a nice injection of energy (pardon the pun).
Here’s LAC’s chart since 2024. Check out that candle:
The U.S. stock market is now on the move. Out of the gate, the Nasdaq (+0.26%), Dow (+0.24%), and S&P 500 (+0.18%) are all higher this morning, at 22,630, 46,403, and 6,668. The Russell 2000 (+0.21%) is also higher this morning.
Equities are getting a bump this morning thanks to strong earnings from Micron (MU) , which reported earnings after hours yesterday. Further beefing up U.S. stocks, Alibaba (BABA) announced that it would invest more than expected in AI this year; the higher capex seen as a sign that the AI boom is not abating.
We’ll be back with an update in a little bit.
Happy Hump Day to those that celebrate. U.S. equities are trading slightly up in futures trading this morning, in light of some commentary from Fed Governors and Fed Chair Jerome Powell on Tuesday.
Because of that, Gold scored its 37th record close of the year, but all four major U.S. equity benchmarks weren’t so lucky, facing declines yesterday. We’ll see if they can turn them around today, in light of some positive after hours earnings from AI beneficiary Micron (MU) .
In anticipation of that, here’s everything that’s on the docket for today:
Today, we’re going to be getting a slew of data from the Mortgage Bankers Association (MBA), including last week’s 30-Year Mortgage Rate. It’s likely to have shown a small decline, thanks to the Fed’s recent rate cut.
Later in the day, we’ll get a glimpse at New Home Sales and Building Permits for August, both of which will be interesting in light of the recent Lennar LEN earnings (and forthcoming earnings from another homebuilder after market.)
Rounding out today, the Energy Information Administration will have new stocks, production, and imports data out in the late morning. Fed Governor Mary Daly (San Francisco) will also have remarks in the afternoon.
Here’s the ‘priority list’ in short:
Per Nasdaq, there’s 25 earnings reports coming out today; eight of which are for firms over a $1 billion market cap.
Among them are Cintas Corporation (CTAS) , Uranium Energy Corp (UEC) , and Thor Industries (THO) ; all this morning. This evening, we’ll get reports from homebuilder KB Home (KBH) and adhesive manufacturer H.B. Fuller FUL, among others.
Here are the top earnings today:
This story was originally reported by TheStreet on Sep 24, 2025, where it first appeared in the Stock Market News & Data section. Add TheStreet as a Preferred Source by clicking here.
