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News
Tuesday, September 23, 2025
What’s happening: US stocks climbed to record closing highs on Monday, driven by gains in tech stocks.
What happened: Nvidia’s shares surged after the company announced plans to invest up to $100 billion in OpenAI.
Shares of Apple and Tesla also rose on Monday, providing further boost to the major indices during the session.
Why it matters: Apple’s stock gained 4.3% on Monday after Wall Street analysts indicated strong preorders for the new iPhone 17. Analysts at Wedbush raised their price target for Apple, while saying that iPhone 17 preorders could be up as much as 10% versus last year. The latest version of the iPhone will become available in stores on Friday.
Tesla’s shares also rose almost 2% to the highest closing this year, with investors awaiting announcements related to new products, especially the latest version of its FSD (full self-driving).
Shares of Nvidia surged around 4% after the company said it will supply OpenAI with datacentre chips. Oracle’s shares climbed more than 6% following changes in leadership and optimism around the company’s AI outlook.
Last week, the Federal Reserve announced its first interest rate cut this year, bring rates lower by 25 bps, while signalling further cuts ahead. Lower interest rates support growth stocks.
Data released on Monday showed the Chicago Fed National Activity Index for the US rising to -0.12 in August, from -0.28 in the previous month. The index rose to the highest level in five months, signalling an improvement in economic growth.
Markets remained concerned around President Donald Trump’s announcement of new visa fees for foreign workers, which attracted widespread criticism from tech executives.
The S&P 500 has gained around 13.8% year-to-date and surged 3.6% so far in September, which has historically been a weak month for stocks.
The Dow Jones index gained 66.27 points, or 0.14%, to close at 46,381.54 on Monday, while the S&P 500 rose 0.44% to 6,693.75 and the Nasdaq 100 jumped 0.55% to settle at 24,761.07.
What to watch: Data on current account (1630 UAE Time), S&P Global manufacturing PMI (1745 UAE Time) and S&P Global services PMI (1745 UAE Time), due to be released today, will remain in focus. The US current account deficit, which rose by $138.2 billion to $450.2 billion in the first quarter, is expected to shrink to $270 billion in the second quarter. The S&P Global manufacturing PMI, which rose to 53.0 in August from 49.8 in July, is expected to decline to 52 in September, while the services PMI is projected to fall to 53.9 in September from 54.5 in the previous month.
Context: The AUD/USD forex pair edged lower this morning following the release of PMI data.
Details: The preliminary reading showed that Australia’s composite PMI declined to 52.1 in September, from 55.5 in the previous month. Although the latest reading signalled an expansion for the 12th consecutive month, it was the slowest growth during this period, with both the manufacturing and services sectors showing signs of a deceleration.
The S&P Global Australia manufacturing PMI declined to 51.6 in September, from 53 in the previous month, while the services PMI business activity index fell to 52 in September, from 55.8 in August.
Some strength in the US dollar also weighed on the AUD/USD pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged higher to 97.32 this morning.
The AUD/USD forex pair fell around 0.2% to 0.6586 this morning, while the S&P/ASX 200 gained 0.56% to 8,860.00.
What to watch: Data on monthly CPI indicator (0530 UAE Time) will be released on Wednesday. Australia’s monthly Consumer Price Index, which surged 2.8% year-over-year in July, up from 1.9% in June, is expected to rise by 2.9% in August.
The RBA Payments System Board Annual Report 2025 (0530 UAE Time), due to be released on Wednesday, will also remain in focus.
Other Markets: Asian indices traded lower on Tuesday, with Hong Kong’s Hang Seng index and China’s Shanghai Composite index down by 0.54% and 0.89%, respectively.
US Ambassador to the UN, Mike Waltz, threatened Russia to engage in negotiations with Ukraine to end the war. The news sent the RUB/USD pair lower in forex trading this morning.
China’s central bank chief pledged the use of several monetary policy tools to support economic recovery, which lent support to the CNY/USD forex pair.
South Korea’s producer prices surged 0.6% year-over-year in August, up from 0.5% in the previous month, which sent the KRW/USD pair lower in forex trading this morning.
Eurozone’s consumer confidence surged to -14.9 in September, from -15.5 in the previous month. The latest reading topping market estimates of -15.3 lent support to the EUR/USD forex pair.
Canada’s Raw Materials Price Index declined 0.6% in August, following a 0.3% gain in July, sending the CAD/USD pair lower in forex trading this morning.
Eurozone’s HCOB composite PMI (1200 UAE Time), HCOB manufacturing PMI (1200 UAE Time) and HCOB services PMI (1200 UAE Time), Spain’s balance of trade (1200 UAE Time), UK’s S&P Global manufacturing PMI (1230 UAE Time), S&P Global services PMI (1230 UAE Time), S&P Global composite PMI (1230 UAE Time), Treasury Gilt 2056 auction (1300 UAE Time) and CBI industrial trends orders (1400 UAE Time), Germany’s 2-year Schatz auction (1330 UAE Time), Brazil’s Central Bank Copom Meeting minutes (1500 UAE Time), Mexico’s economic activity (1600 UAE Time) and retail sales (1600 UAE Time), Canada’s new housing price index (1630 UAE Time), US Redbook index (1655 UAE Time), S&P Global composite PMI (1745 UAE Time), Richmond Fed manufacturing index (1800 UAE Time), Richmond Fed manufacturing shipments index (1800 UAE Time), Richmond Fed services revenues index (1800 UAE Time), 2-year Note auction (2100 UAE Time) and money supply (2100 UAE Time), as well as Argentina’s retail sales (2300 UAE Time).
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