Review & Preview: A Glass Half Full

Sep 19, 2025 19:17:00 -0400 by Alex Eule | #Markets #Review & Preview

More Momentum. U.S. stocks closed the week with continued momentum. The three major indexes all rallied into the close Friday, ending the session at new records. The S&P 500 finished the week up 1.2%, while the Nasdaq Composite rose 2.2% on the week. The Dow Jones Industrial Average saw a weekly gain of 481 points, or 1.0%.

Stock gains accelerated Friday in the wake of President Donald Trump’s call with Chinese leader Xi Jinping.

Trump said the leaders had approved a deal for a U.S. version of TikTok, seeming to end TikTok’s American uncertainty after Congress banned the app on national security grounds last year.

But there were no details around the arrangement and, speaking to reporters later on Friday, Trump said details that still needed to be worked out around TikTok’s algorithm, which drives TikTok’s recommendation engine—what many see as the app’s secret sauce.

The leaders agreed to meet in person later this year and analysts noted the continuation of a de-escalatory tone, my colleagues Reshma Kapadia and Angela Palumbo report tonight.

But the longer negotiations go on, the more chances there are for disruptions from unknown geopolitical events, Matt Gertken of BCA Research told them: “Anything that raises U.S. sanctions/tariffs on China and sets back the U.S.-China talks will act as a negative catalyst for an equity market that is ripe for a correction.”

For now, investors are putting that risk aside.

Company

Last

Chg

Chg%

Dow Jones Industrial Average

46,315.27

172.85

0.37%

S&P 500 Index

6,664.36

32.40

0.49%

NASDAQ Composite Index

22,631.48

160.75

0.72%

Market Data as of

The Hot Stock: Paramount Skydance +5.9%
The Biggest Loser: DexCom -11.0%

Best Sector: Technology +1.0%
Worst Sector: Energy -1.3%

Created with Highcharts 9.0.1Friday, Sept. 19Index performanceSource: FactSetAs of Sept. 22, 4 p.m. ET

Created with Highcharts 9.0.1Sept. 22-0.8-0.6-0.4-0.200.20.40.60.8%Nasdaq CompositeS&P 500Dow industrials

This Weekend’s Magazine

Illustration: Illustration by Timo Lenzen

The Calendar

Next week brings an inflation update from the Bureau of Economic Analysis on Friday with the release of the personal consumption expenditures price index. While Federal Reserve Chair Jerome Powell made it clear at last Wednesday’s press conference that the flagging labor market is a more immediate concern, he said there’s no “risk-free path” for the Fed as inflation is still above its 2% target.

Other economic data next week include S&P Global’s Manufacturing and Services Purchasing Managers’ Indexes, which will be released on Tuesday. The Census Bureau reports new home sales on Wednesday, while the National Association of Realtors reports existing-home sales on Thursday.

Micron Technology, which hit a record high this past week, reports earnings on Tuesday, while Costco Wholesale announces its quarterly results on Thursday.

—Dan Lam

What We’re Reading Today

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