Stocks Sag As Last Full Trading Week of Third Quarter Kicks Off

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Happy Monday. This is TheStreet’s Stock Market Today for Sept. 22, 2025. You can follow the latest updates on the market here in our daily live blog.

And we’re off… The U.S. equity markets are now open. Out of the gate, stocks are still in the red. The Russell 2000 (-0.77%) is worst off, while the Dow (-0.39%) and S&P 500 (-0.13%) are doing a bit better than earlier. The Nasdaq (+0.01%) just slipped into the green.

Gold jumped to a new record this morning, with futures now trading above $3,750/oz. Crude Oil (-1.07%) declined to $62.01. The 10Y is -0.34 at 4.125%.

Here are some A.M. highlights crossing the wire:

Goldman Sachs  (GS)  raises S&P 500 12-month target to 7,200; RBC Capital sets new 7,100 target.

Atlanta Fed Governor Bostic penciled in only one rate cut for 2025 and indicated little support for future cuts, per WSJ.

Pfizer  (PFE)  to spend $7.3 billion to acquire weight loss drug company Metsera MTSR

Piper Sandler upgraded Tesla  (TSLA)  from $400 to $500, continuing a series of recent upgrades in the automaker as it pushes into humanoid robotics.

Chicago Fed National Activity was the highest in five months at -0.12, a sign economic activity saw modest recovery in August.

U.S. businesses are advising foreign-born workers to stay in the country after the Trump administration indicated that it would make changes to the H-1B visa program, adding a new $100K fee.

At last glance, all four major market indexes are down this morning. The Russell 2000 (-0.15%) is best-situated for the moment, while the S&P 500 (-0.29%), Nasdaq (-0.33%), and Dow (-0.44%) lagging behind. Equities aren’t far off records set in recent days, which could be tested again this week as the third quarter draws to a close.

We’re finally in the waning days of the quarter, with this week marking the last ‘full’ trading week. It could be a quiet one, as the summer turns into fall and the third turns into the fourth quarter.

Its been a good one for bullish investors, as stocks have soared to new heights on the anticipation of (and now, realization of) the Fed resuming its easing cycle. All four major index benchmarks have set all-time highs in recent days.

There are only a few earnings today from firms of note. Nasdaq reports that there are 12 reports today, including reports from Firefly Aerospace FLY and PACS Group PACS. In the grand scheme of things, not a whole lot to digest.

Today, there’s just one meaningful economic data print: the Chicago Fed National Activity Index, out in about an hour. Otherwise, this week will start with on an ‘events’ note, with five Fed Governors expected to speak over the course of the trading day.

Perhaps they will offer some commentary on the state of the economy and the Fed’s fresh easing cycle. However, the President has a greater likelihood of moving markets, especially after reports that the H-1B visa program will now carry fees. Also of note, the UN General Assembly is taking place through Sunday, which could make for some interesting geopolitical developments.

All in a day’s work… Here’s everything on the docket:

This story was originally reported by TheStreet on Sep 22, 2025, where it first appeared in the Stock Market News & Data section. Add TheStreet as a Preferred Source by clicking here.