On Wall Street, it's four records for the price of one

September 2025 is challenging the month's reputation as a perennial drag on equities. Historically the weakest period for markets, this September has so far defied the pattern. With no convincing catalysts to push stocks lower, investors have instead lifted them higher, encouraged by massive commitments to building out the infrastructure that will turn the world into one vast data center. The week closes with the Bank of Japan's latest policy decision, a scheduled call between Donald Trump and Xi Jinping, equity indexes at record highs, and even a reminder of lingering vulnerabilities in the form of fresh cybersecurity incidents.

For those outside the financial world, weeks like this can seem baffling. The news is dominated by debates over interest rates, chipmakers, or debt ratios—subjects that hardly inspire excitement beyond our circles. To the casual observer, it may look like an endless loop of insiders speaking their own language.

 

Stepping outside that bubble, however, brings its own curiosities. A search for context yielded little more than a proverb about alfalfa harvests, but it also revealed that September 19 is International Talk Like a Pirate Day—an invention of two self-styled visionaries more than two decades ago. In the end, perhaps finance is no stranger than these niche traditions: its participants simply wear fleece vests instead of velvet coats and greet one another with market jargon rather than “Ahoy matey.”

 

Turning to the markets, the US Federal Reserve cut interest rates on Wednesday, as expected. Equities responded positively: the S&P 500 gained 0.5%, the Nasdaq 100 rose 0.95%, the Dow Jones advanced 0.3%, and the Russell 2000 surged 2.5% to a record high. The Fed tempered enthusiasm by signaling that further cuts will be limited, a message that left bond markets more restrained. Investors also remain attentive to the Fed’s future leadership, with Jerome Powell’s departure on the horizon and speculation about the White House’s influence over monetary policy.

 

In Europe, markets followed Wall Street’s lead. The CAC 40 climbed 0.9% and the DAX 1.35%. Semiconductor stocks were in focus after Nvidia’s investment in Intel sent the latter up 23%, sparking gains across the sector from ASML to Soitec.

 

Elsewhere, central banks remain in the spotlight. The Bank of Japan left rates unchanged overnight, as anticipated, but announced plans to gradually reduce its large ETF holdings at a pace of roughly $4.2 billion a year. The yen strengthened modestly in response.

 

Finally, geopolitics will draw attention today. US President Donald Trump is scheduled to speak with China’s Xi Jinping this afternoon, a call aimed at addressing both points of contention and areas of cooperation. He also remarked that Vladimir Putin “let him down”—a sentiment not unfamiliar to other Western leaders.

In the Asian markets, the trends are more or less the opposite of yesterday's. Japan is down 0.9%, South Korea 0.7%, India 0.4% and Taiwan 0.2%. Australia is up 0.7% and Hong Kong is recovering slightly. The MSCI AC Asia Pacific index has not moved much this week. 

Today's economic highlights

German producer prices and UK retail sales drive a day that, for once, will not feature any US statistics. See the full agenda here.

• USD / GBP: 0.7425 BGP
• Gold: US$3,650
• Crude Oil (BRENT): US$67.18
• United States 10 years: 4.122%
• BITCOIN: US$116,200

In corporate news:

• Apple – Hundreds of people lined up Friday outside Apple’s flagship store in Beijing for the launch of the iPhone 17, signaling a promising start for the model in China. Analysts believe the iPhone 17 lineup, released globally Friday, could boost Apple’s market share in China, where it has recently struggled with intensifying competition from Xiaomi and Huawei.
  
• Fedex jumps 5.4% in premarket trading after reporting quarterly revenue and profit above Wall Street expectations, as cost reductions and strong domestic deliveries helped offset weakness in international volumes.
  
• Ford Motor will recall 101,944 Taurus sedans in the United States due to a door defect, the National Highway Traffic Safety Administration (NHTSA) announced Friday.
  
• Jasper Therapeutics falls 13% in after-hours trading as the company seeks to raise funds, the amount of which has not been disclosed.
  
• Jefferies – Japanese bank Sumitomo Mitsui Banking Corp, a subsidiary of Sumitomo Mitsui Financial Group, will invest an additional 135 billion yen ($912.84 million) in the US investment bank, the two companies announced Friday in a statement.
  
• Lennar – The homebuilder falls 2.9% in premarket trading after reporting a 46% drop in quarterly profit due to inflationary pressures weighing on demand.
  
• Mastercard, Visa – European Union finance ministers are working Friday to reach a common position on creating a European digital currency, aimed at reducing dependence on the currently dominant US systems Visa and Mastercard. The ECB hopes legislation will be adopted in the first half of 2026.
  
• Metlife – Piper Sandler downgraded its rating from “overweight” to “neutral.” The stock is down 1.2% in premarket trading.
  
• Moderna has reached an agreement with Alnylam Pharmaceuticals, which had accused it of infringing patents in its COVID-19 vaccines, according to documents filed Thursday in a Delaware federal court.
  
• Nvidia signed a letter of intent for a potential $500 million investment in Wayve during its next funding round, the UK autonomous driving company announced Thursday.
  
• United Parcel Service rises 1.6% in after-hours trading after ending its planned acquisition of Estafeta, a Mexican parcel delivery company.

Analyst Recommendations:

• Armstrong World Industries : Zelman & Associates maintains its outperform recommendation and raises the target price from USD 214 to USD 224.
• Crowdstrike Holdings : Canaccord Genuity maintains its hold recommendation and raises the target price from USD 430 to USD 500.
• Darden Restaurants : Argus Research maintains its buy recommendation and reduces the target price from USD 260 to USD 220.
• Dupont De Nemours : Citi maintains its buy recommendation and raises the target price from USD 85 to USD 93.
• Factset Research Systems : Goldman Sachs maintains its sell recommendation and reduces the target price from USD 412 to USD 282.
• Fedex : ARC Independent Research maintains its buy recommendation and raises the target price from USD 267 to USD 270. 
• Hf Sinclair : TD Cowen maintains its hold recommendation and raises the target price from USD 46 to USD 50.
• Hologic : Argus Research maintains its buy recommendation and raises the target price from USD 80 to USD 90.
• Intel : New Street Research maintains its neutral recommendation and raises the target price from USD 23 to USD 32.
• Johnson & Johnson : Goldman Sachs maintains its buy recommendation and raises the target price from USD 185 to USD 186.
• Marathon Petroleum : TD Cowen maintains its buy recommendation and raises the target price from USD 182 to USD 195.
• Meta Platforms : China Merchants Securities maintains its buy recommendation and reduces the target price from USD 866 to USD 780.
• Mongodb : Canaccord Genuity maintains its buy recommendation and raises the target price from USD 340 to USD 375.
• Phillips 66 : TD Cowen maintains its buy recommendation and reduces the target price from USD 134 to USD 133.
• Valero Energy : TD Cowen maintains its hold recommendation and raises the target price from USD 140 to USD 162.