September 26, 2025 – The financial markets today present a compelling paradox: a broader market pullback coexisting with remarkable individual strengths within the technology sector. As the S&P 500 (NYSE: SPY) and Nasdaq Composite (NASDAQ: QQQ) experienced a mild cool-off after recent record highs, spurred by cautious remarks from Federal
The BEA’s personal income and spending report for August is expected to show a 2.7% year-over-year increase in the personal consumption expenditure (PCE) index, up from the 2.6% rate in July.
After a cautious warning sign on Wednesday, Thursday’s breadth numbers confirmed the shift in tone. Decliners overwhelmed advancers, short-term momentum fell back below key thresholds, and new highs nearly vanished. The data now reflects a clear deterioration in market participation.
The BEA’s revised estimates showed 3.8% seasonally adjusted annual growth, above the 3.3% rate estimated, on average, by economists, with the real personal consumption expenditure upwardly revised to 2.5%.
Major stock market indexes are trading near all-time highs, but could start to decline ahead of a looming government shutdown that could occur as early as next week.
U.S. stock futures are trading mixed on Thursday following a decline on Wednesday, with no significant movements across major benchmark indices. The futures markets remain calm ahead of the weekly jobless claims data that are set to be released on Thursday, offering an essential economic data point to influence monetary decisions by the Federal Reserve.
In an interview with Fox Business, Bessent stated that he aims to complete the first round of interviews for Fed Chair candidates by the first week of October.
