Wall Street finally took a breather. After three straight days of smashing through record highs, the party paused on Tuesday. It wasn't a total collapse or anything dramatic like that, but the vibe definitely shifted. The S&P 500 slipped 0.6% to finish at 6,656.92.
Honestly, it felt like the market was just waiting for a reason to sell. We saw the Dow and the S&P 500 actually hit new intraday records right after the opening bell, but the momentum evaporated fast. By the time the closing bell rang, the tech-heavy Nasdaq was the biggest loser, tumbling 1% to 22,573.47. The Dow Jones Industrial Average managed to keep its losses more contained, dipping only 0.2% to end at 46,292.78.
The "Powell Chill" and stock market news today September 23 2025
What actually spooked everyone? It was basically Fed Chair Jerome Powell. Speaking in Providence, Rhode Island, he gave his first public comments since the central bank cut interest rates by a quarter-point last week. You'd think a rate cut would keep the bulls happy, right? Not exactly.
Powell used some pretty blunt language today. He mentioned that asset prices—specifically "risky equities"—look "fairly highly valued" right now. In central-bank-speak, that’s basically him saying, "Hey, maybe stop buying everything that moves." Investors took the hint. When the guy who controls the money supply says things look expensive, people start hitting the sell button.
It's a weird spot for the Fed. They lowered the target range to $4%$ to $4.25%$ just a few days ago to support the labor market, but they clearly don't want to accidentally fuel a massive bubble.
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Why tech took the hardest hit
If you look at the stock market news today September 23 2025, it’s clear the AI darlings were the ones feeling the heat. Nvidia (NVDA) dropped nearly 3%. This comes right after it hit an all-time high on Monday following that massive news about partnering with OpenAI for a $100 billion data center buildout.
It's a classic "buy the rumor, sell the news" situation.
Oracle (ORCL) was another one that got beat up, falling more than 4%. They just named two new co-CEOs—Clay Magouyrk and Mike Sicilia—to take over from Safra Catz. While the market usually likes a clear succession plan, the stock had jumped 6% the day before, so traders were just locking in those profits.
Winners and losers: A weird mix
Not everything was a sea of red. While tech was dragging things down, the energy sector actually had a decent day. The Energy Select Sector SPDR (XLE) climbed 1.7%. Halliburton (HAL) was the standout, surging 7.3%.
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But the real drama was in the individual movers:
- Generac Holdings (GNRC): This was the S&P 500’s worst performer, cratering over 10%. Analysts at Stifel are still fans, but they warned about a slump in the home generator market.
- Micron Technology (MU): The memory chip maker actually saved some face for tech. Shares climbed 3% in after-hours trading after they posted record quarterly sales of $11.32 billion. CEO Sanjay Mehrotra is basically doing a victory lap because of the AI hardware boom.
- Amazon (AMZN): Not a great day for Jeff Bezos’s crew. The stock fell 3%, making it the worst performer in the Dow. They're still locked in that legal battle with the FTC over how hard it is to cancel Prime memberships.
Gold is the new favorite child
While stocks were struggling to find their footing, gold was absolutely ripping. Gold futures touched a new all-time high of $3,824.60 an ounce today. It’s up nearly 44% year-to-date.
Whenever people get nervous about the "overvalued" stock market that Powell mentioned, they tend to run toward the shiny yellow metal. Plus, with interest rates starting to come down, non-income-bearing assets like gold suddenly look a lot more attractive compared to bonds.
What this means for your portfolio
Don't panic. A 0.6% drop in the S&P 500 after a week of record highs is just part of how the game is played. However, the "easy money" phase of the 2025 rally might be getting a bit more complicated. We're seeing a rotation away from the "Magnificent Seven" and into sectors like energy and materials.
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If you’re looking for a move to make, keep an eye on the $111,700 level for Bitcoin, which has been hovering there all day. The dollar index (DXY) is also sitting at 97.21, its lowest since early 2022. A weak dollar usually helps multinationals, but only if the economy keeps growing.
Actionable Next Steps:
- Rebalance your tech exposure: If your portfolio is 90% AI chips, today was a warning shot. Consider taking some profits and looking at energy or even small-caps (the Russell 2000 only fell 0.2% today).
- Watch the $4.11%$ mark: That’s where the 10-year Treasury yield settled. If it drops much further, it might signal that the market is worried about a real economic slowdown, not just "high valuations."
- Check Micron’s full report: Their "rosy outlook" for 2026 suggests the AI cycle isn't dead; it's just getting more selective. Look for companies with actual earnings, not just "AI" in their press releases.
The market is taking a breath. You probably should, too.