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Can Markets Follow Last Week's Record Highs?
Tom White
September 22, 2025
U.S. stock futures are slightly lower in premarket trading after the three major indices (SPX – NDX - $DJI) settled at more record highs on Friday.
The moves come after the Federal Reserve last week cut interest rates by a quarter percentage point, its first reduction since December. Also supporting equities is that markets are now pricing in two more quarter-point cuts between now and the end of the year, according to the CME FedWatch Tool.
Data is light today but we may get some clarity on the interest rate decision from Fed-Speakers today.
Morning Movers
Snapshot (as of 7 AM ET)
Oil (/CL) – Oil prices are down 0.7% just under $62.00 a barrel as concerns over Russia and the Middle East were countered by oversupply jitters. Iraq has increased oil exports, and OPEC+ continues to roll back production cuts. Short term supply risks, meanwhile, are helping to soften the downtrend in prices.
Gold (/GC) – Gold futures are rallying about 1.4% near $3760 - a fresh record high, buoyed by investors’ heightened expectations of a dovish rate-cut path, ahead of remarks by multiple Federal Reserve officials and key inflation data later in the week.
Bitcoin (/BTC) – The Crypto Future is down about 2% near 113,000 in premarket trading.
VIX – The CBOE Volatility Index was down 1.6% on Friday and settled at 15.45 as stocks were higher to end the week.
U.S. Dollar (/DX) – The dollar is down 0.2% to 97.1.
Biggest Premarket Movers
Symbol | Product | Mark % Change (as of 7 AM ET) |
|---|---|---|
TER | Teradyne | +4.71% |
FOX | Fox Corp. | +4.67% |
NEM | Newmont | +4.01% |
KVUE | Kenvue | -5.13% |
COIN | Coinbase Global | -2.73% |
JPM | JPMorgan Chase | -1.65% |
Economic Data
Time | Event |
|---|---|
8:30AM ET | Chicago Fed National Activity Index |
9:45AM ET | Fed’s Williams Speaks |
10:00AM ET | Fed’s Musalem Speaks |
11:30AM ET | 3-Month Bill Auction 6-Month Bill Auction |
12:00PM ET | Fed’s Hammack Speaks Fed’s Barkin Speaks |
Notable Earnings
Premarket | Postmarket | Premarket Tomorrow | Postmarket Tomorrow |
|---|---|---|---|
None | None | AZO | AIR, MU, MLKN, WOR |
Upgrades/Downgrades
Morgan Stanley upgrades ASML (ASML) & Applied Materials (AMAT) to Overweight from Equal Weight
Morgan Stanley upgrades Lam Research (LRCX) to Equal Weight from Underweight
Wells Fargo upgrades Brinker (EAT) to Overweight from Equal Weight
Raymond James downgrades Lennar (LEN) to Underperform from Market Perform
Morgan Stanley downgrades KLA (KLAC) to Equal Weight from Overweight
Edgewater Research downgrades The Trade Desk (TTD) to Underperform from Neutral
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