ADDX GO Market Morning Wrap - 23rd Sep
Stock Market
On Monday Eastern Time, U.S. stocks opened lower but rallied, led by Nvidia and Apple, with all three major indices hitting intraday record highs and closing at all-time highs.
(Intraday chart of the three major indices, Source: TradingView)
At the close, the Dow Jones Industrial Average rose 0.14% to 46,381.54 points; the S&P 500 gained 0.44% to 6,693.75 points; and the Nasdaq climbed 0.70% to 22,788.98 points.
Nvidia’s stock surged 3.9%, hitting a new intraday high, with its market cap nearing $4.5 trillion.
Nvidia announced on Monday a potential investment of up to $100 billion in OpenAI, which will use Nvidia’s systems to build and deploy at least 10 gigawatts of AI data centers. TSMC’s U.S.-listed shares also rose about 3%.
Sam Stovall, Chief Investment Strategist at CFRA Research, said this partnership could mean “the AI trade will continue to drive earnings per share (EPS) and stock price growth into 2026 and beyond.”
Another AI stock, Oracle, also rose on Monday after announcing the promotion of Clay Magouyrk and Mike Sicilia to co-CEOs. Oracle jumped 6%, boosting its monthly gain to 45%.
Fueled by strong iPhone 17 sales, Apple surged over 4% on Monday, turning its year-to-date performance positive and nearing its all-time high.
Stovall said, “Unless a major crisis hits in the next three months, the market is basically telling you it wants to keep climbing by year-end.”
However, the risk of a U.S. federal government shutdown is still capping market gains.
Last week, the U.S. Senate rejected temporary funding proposals from both Republicans and Democrats. Senate Democratic Leader Chuck Schumer urged President Trump to meet with Democrats to reach a deal.
The deadline for Congress to fund the federal government is September 30.
Global Hotspots
Only U.S. Among UN Security Council’s Big Five Hasn’t Recognized Palestine
At the UN headquarters in New York, French President Emmanuel Macron announced at a high-level international meeting on resolving the Palestinian issue and implementing the “two-state solution,” co-hosted by France and Saudi Arabia, that France officially recognizes Palestine.
So far, 152 of the UN’s 193 member states have recognized Palestine, leaving the U.S. as the only permanent UN Security Council member yet to do so.
White House: Doctors May Be Exempt from H-1B Visa Fees
On September 22, the White House said certain individuals, potentially including doctors and medical residents, may be exempt from H-1B visa fees.
On September 19, President Trump signed a proclamation raising the cost for companies applying for H-1B visas to $100,000, aiming to ensure the U.S. recruits highly skilled talent not replaceable by Americans. Previously, H-1B visa fees typically ranged in the thousands.
Fed Governor Millan: After Aggressive Cuts, Smaller Rate Reductions Expected in 2026 and 2027
Fed Governor Millan said it’s best to quickly adjust policy to a neutral level but isn’t “panicked” about the current stance. A series of 50-basis-point cuts will “recalibrate” policy, with smaller rate reductions expected in 2026 and 2027.
U.S. Bureau of Labor Statistics Delays 2024 Consumer Spending Data Release to October 30
The U.S. Bureau of Labor Statistics posted on X that it will delay the release of 2024 consumer spending data from September 23 to 10 a.m.
Eastern Time on October 30. The agency noted that during preparations, it found discrepancies in some item aggregations due to questionnaire changes and is taking extra time to validate data for quality results.
Company News
Nvidia to Invest Up to $100 Billion in OpenAI, Co-Building 10-Gigawatt AI Data Centers
On Monday, September 22, Nvidia and OpenAI announced a partnership, including plans for massive data centers and Nvidia’s potential investment of up to $100 billion in OpenAI.
Under the agreement, OpenAI will use Nvidia systems to build and deploy at least 10 gigawatts of AI data centers for training and running next-generation models, equivalent to the power consumption of 8 million U.S. households.
Sources say Nvidia’s initial $10 billion investment will be made when the first gigawatt data center is completed, based on OpenAI’s valuation at that time.
The companies said Nvidia will invest progressively as each gigawatt data center comes online, with the first phase expected in late 2026 using Nvidia’s Vera Rubin platform. Details will be finalized in the coming weeks. $NVDA
iPhone 17 Sparks Upgrade Wave, Wedbush Raises Apple Target to $310
With strong iPhone 17 sales, Wedbush raised Apple’s price target from $270 to $310 on Monday. Analysts said robust demand post-launch signals a “real upgrade cycle” after years of lackluster releases.$AAPL
Pfizer Reportedly Set to Acquire Metsera for $7.3 Billion
Sources say U.S. pharmaceutical giant Pfizer is nearing a $7.3 billion deal to acquire weight-loss drug developer Metsera, marking a return to the weight-loss market after development setbacks.
Pfizer will reportedly pay $47.50 per share in cash for Metsera, with an additional $22.50 per share tied to specific milestones, totaling $7.3 billion.
Boosted by the news, Metsera surged 60.8% on Monday. $MTSR
Oracle Shuffles Leadership! Two New Co-CEOs Appointed, Betting Big on Cloud Infrastructure
On Monday, September 22, Oracle announced on its website the promotion of 39-year-old Clay Magouyrk and 54-year-old Mike Sicilia to co-CEOs.
Former CEO Safra Catz was named executive vice chair of the board. Analysts say the shake-up signals Oracle’s focus on its rapidly expanding cloud computing business.$ORCL
Forex & Commodities
WTI crude oil futures fell 0.06% to $62.64 per barrel. Brent crude oil futures dropped 0.16% to $66.57 per barrel.
COMEX gold futures rose 2.03% to $3,781.2 per ounce; COMEX silver futures climbed 3.17% to $44.315 per ounce.
At the New York close, the U.S. dollar index fell 0.36% to 97.31, with most non-U.S. currencies rising.
Key Events
Gold Hits 36th Record High This Year, Investor Frenzy Sparks Bubble Fears
The gold market remains hot. On Monday, December gold futures on the New York Mercantile Exchange rose $69.30, or 1.9%, to close at $3,775.10 per ounce, marking the highest close for the most active contract on record.
This is gold’s 36th record-high close this year, with a year-to-date gain of 43%, surpassing the inflation-adjusted 1980 peak, fueling heated debate about whether its rally is overdone.
Since mid-2023, gold prices have been on a steady upward trend. Brett Friedman of Winhall Risk Analytics/OptionMetrics wrote in a recent report that gold is seen by many as the “perfect investment for the perfect time” amid inflation, currency devaluation, debt, geopolitical tensions, and socioeconomic anxiety, acting as “disaster insurance.”
This has kept demand high, though he stressed it doesn’t necessarily mean gold is in a bubble.
Cryptocurrency
Bitcoin fell 2.19% over 24 hours to $112,738.
Ethereum (ETH-USD) dropped 5.15% to $4,213.43.
XRP (XRP-USD) fell 3.50%, BNB (BNB-USD) declined 4.91%, and Solana (SOL-USD) dropped 6.30%.
Dogecoin (DOGE-USD) fell 6.85%, and Cardano (ADA-USD) declined 6.46%.
Key Events
From Rivals to Coexistence? Deutsche Bank Predicts Gold and Bitcoin May Both Join Central Bank Reserves
While gold and cryptocurrencies diverge in the short term, Deutsche Bank sees them coexisting in the coming years.
“By 2030, central bank balance sheets may hold both gold and Bitcoin,” analysts Marion Laboure and Camilla Siazon wrote in a recent report.
This optimistic view came after Bitcoin dipped below $113,000 on Monday, while gold hit a record $3,703 per ounce. The divergence highlights short-term differences between high-risk assets like crypto and traditional safe-havens like gold.
Deutsche Bank noted that traders are weighing geopolitical tensions, Fed rate cut expectations, and concerns about Fed independence, all of which are driving gold demand.
Market Events and Most Anticipated Earnings Releases
