Markets Mixed as Fed Delivers 25bps Rate Cut: Dow Up, NASDAQ Down
The Canadian Vanguard Stock Market Report – Tuesday, September 16, 2025 Edition
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The Toronto Market
The TSX Composite Index gained 6.43 points, or 0.02%, closing the session at 29,321.66.
Today’s Market Statistics: The issues that declined (Decliners) outnumbered those that gained (Advancers). There was one Decliner for every Advancer, or a more exact ratio of 1.02-to-1.0. In real numbers, there were 1,008 Decliners to 985 Advancers while 172 stocks remained Unchanged.
Today, there were 256 new 52-Week Highs and 16 new 52-Week Lows. There were 296 new 52-Week Highs and 27 new 52-Week Lows yesterday.
The total volume of shares traded at the TSX today was 438,763,356, or 13% lower than the volume of 502,001,583 shares traded yesterday.
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The US Markets
The markets closed mixed. Dow Industrial Average index was the top performer, ending the session as the only index of the major three indexes to gain today. Dow Industrial Average gained 260.42 points or 0.57%, to close the session at 46,018.32. The S&P 500 index declined -6.41 points or -0.10% and closed the session at 6,600.35. The Nasdaq Composite declined -72.63 points or -0.33%, and closed the session at 22,261.33. In small caps, Russell 2000 gained 4.31 points or 0.18%, and closed the session at 2407.34.
Today’s Market Statistics
At the NYSE, the issues that declined (Decliners) outnumbered the issues that gained (Advancers). There was one Decliner for every Advancer, or a more exact ratio of 1.02-to-1.0. In actual numbers, there were 2,150 Decliners to 2,114 Advancers with 397 Unchanged.
Today, there were 524 new 52-Week Highs and 65 new 52-Week Lows. There were 503 new 52-Week Highs and 62 new 52-Week Lows yesterday.
The total volume of stocks traded today at the NYSE was 5,913,354,048, 8.6% higher than the total volume of 5,445,498,802 shares traded yesterday.
On the NASDAQ, the Decliners outnumbered the Advancers. There was roughly one Decliner for every Advancer, or an exact ratio of 1.14-to-1.0. In actual numbers, there were 2,482 Decliners to 2,168 Advancers with 270 Unchanged.
Today, there were 346 new 52-Week Highs and 65 new 52-Week Lows. There were 342 new 52-Week Highs and 78 new 52-Week Lows yesterday.
The total volume of shares traded at the NASDAQ today was 9,607,481,479, or 9.3%, or about ten percent, higher than the total volume of 8,789,125,121 shares traded yesterday.
Market Roundup Report
The Dow Jones Industrial Average closed back above the 46,000 level today following the Federal Reserve’s decision to cut interest rates by 25 basis points (0.25%) at the conclusion of its policy meeting.
Market volatility picked up around 2:00 PM, coinciding with the start of Fed Chair Jerome Powell’s press conference, and continued into the following hour. The NASDAQ, which had been down more than 1% earlier in the day, recovered most of its losses to finish the session down just 0.3%.
Interest rates have a direct impact on borrowing and financing costs, and today’s cut boosted financial sector stocks. Notably, JPMorgan Chase (JPM) and Bank of America (BAC) both hit new 52-week highs. JPM has now posted gains in seven consecutive trading sessions.
One stock to watch is American Express Co. (AXP), which rose 2.74% today, adding $8.96 to close at $336.00 on volume of 3.58 million shares. American Express benefits from a customer base that skews toward higher-income individuals, who are typically more resilient to economic disruptions such as tariffs. This makes AXP stock less vulnerable than lower-tier credit card companies during times of trade-related uncertainty.
Outside the Financial Sector
Workday Surges on Investment News. In the non-financial sector, Workday (WDAY) jumped more than 8% after Elliott Investment Management announced a stake of over $2 billion in the enterprise software company.
Small-cap stocks also posted gains today. While the Fed’s rate cut is a significant catalyst, what’s even more crucial for small caps is the market’s reaction in the days that follow—particularly Thursday and Friday.
Be sure to check back with us tomorrow for more analysis and coverage on how the markets continue to digest today’s news.
Oil Price: U.S. crude oil prices fell to $64.05 a barrel earlier today. US Oil price is at $63.69 per barrel, as of the time (11:30 pm ET, Wednesday) of this post update.
10 –year Treasury Yield: The 10-year Treasury yield rose five basis points to 4.07% earlier in the day today. The 10-year yield is at 4.058%, as of the time (11:30 pm ET, Wednesday) of this post update.
Gold is down slightly, -$46.70 at $3,670.20 per troy ounce, while Silver is down -1.45% at $41.51 per ounce as of the time of this post update.
Bitcoin (BTC-USD) is at $117,126.00, up $1355.76 or 1.179% as of the time (11:30 pm ET, Wednesday) of this post update.
After-hours action: Stock Futures are up this evening. Dow Futures is up 111.00 points or 0.24% vs. fair value. S&P 500 futures is up 24.25 points or 0.36%, and Nasdaq 100 futures is up 134.50 points or 0.55% as of the time (11:30 pm ET, Wednesday) of this post update.
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(c) This article is published by The Canadian Vanguard on September 17, 2025.
