Market Update
Tech Stocks Under Pressure After Trump Sets Prohibitive Work Visa Fees
Barry Adams
22 Sep, 2025
New York City
Benchmark indexes in New York edged down, and gold soared to a new record high on Monday.
The S&P 500 index decreased 0.3%, and the tech-heavy Nasdaq Composite declined 0.2%, following the advance in three consecutive previous weeks.
The Federal Reserve delivered a widely anticipated 25 basis-point rate cut and signaled possible additional rate cuts before the year's end.
The Fed's move was widely anticipated amid growing signs of a slowing labor market driven by reverse immigration and Trump's tariff whiplash.
Farmers on the West Coast are struggling to find workers to pick harvest following the ICE crackdown, and corn and soybean crop growers in the Midwest are worried about the loss of their largest export market, China.
Farmers in the past have voiced their strong opposition to any kind of government handout to other sectors of the economy, but they are now demanding a government bailout to the tune of $25 billion.
Moreover, most of the soybean, corn, and wheat production ends up in export markets, led by demand from China.
This week, U.S. investors are awaiting housing market updates, durable goods orders, personal income and spending data, and comments from various Federal Reserve officials.
August's sales of new homes are expected to hover near an annual rate of 650,000 and existing homes at 4 million, respectively.
The PCE price index, the Fed's preferred measure of inflation, is expected to show contained but resurgent inflation closer to an annual rate of 3%.
Durable goods orders are expected to decrease by 0.4%, the third consecutive month of decline.
On the earnings front, investors are looking forward to the release of quarterly results from AutoZone, Accenture, BlackBerry, CarMax, Costco, KB Home, Jabil Inc., MillerKnoll, THOR Industries, and Raymond James Financial.
U.S. Stock Movers
Kenvue Inc. decreased 4.7% to $17.49 after a report by The Washington Post suggested that the Trump administration is likely to announce that the Tylenol use among pregnant women is possibly linked to autism.
Pfizer Inc. increased 1.7% to $24.44, and the pharmaceutical company announced it would acquire weight-loss drugmaker Metsera Inc. for $4.9 billion in cash.
Metsera soared 60% to $53.45 in Monday's trading.
India-based tech services companies fell sharply after the U.S. president imposed a one-time fee of $100,000 on the H-1B visa, threatening to undermine the global competitiveness of U.S. technology companies.
Infosys Ltd. decreased 3.4% to $16.90, Wipro Ltd. dropped 2.1% to $2.74, and Cognizant Technology Solutions Corp. dropped 3% to $64.25.
Compass Inc. dropped 10.4% to $8.40, and the company agreed to merge with Anywhere Real Estate Inc. in a $10 billion combination of 34,000 real estate agents.
Anywhere Real Estate soared 59% to $11.49 in New York trading.
Oracle Corp. decreased 0.6% to $306.82, and the company announced leadership changes.
The software company appointed Clay Magouyrk and Mike Sicilia as Chief Executive Officers, with current CEO Safra Catz transitioning to Executive Vice Chair of the company’s Board of Directors.
Tech Stocks Under Pressure After Trump Sets Prohibitive Work Visa Fees
Barry Adams
22 Sep, 2025
New York City
Benchmark indexes in New York edged down, and gold soared to a new record high on Monday.
The S&P 500 index decreased 0.3%, and the tech-heavy Nasdaq Composite declined 0.2%, following the advance in three consecutive previous weeks.
The Federal Reserve delivered a widely anticipated 25 basis-point rate cut and signaled possible additional rate cuts before the year's end.
The Fed's move was widely anticipated amid growing signs of a slowing labor market driven by reverse immigration and Trump's tariff whiplash.
Farmers on the West Coast are struggling to find workers to pick harvest following the ICE crackdown, and corn and soybean crop growers in the Midwest are worried about the loss of their largest export market, China.
Farmers in the past have voiced their strong opposition to any kind of government handout to other sectors of the economy, but they are now demanding a government bailout to the tune of $25 billion.
Moreover, most of the soybean, corn, and wheat production ends up in export markets, led by demand from China.
This week, U.S. investors are awaiting housing market updates, durable goods orders, personal income and spending data, and comments from various Federal Reserve officials.
August's sales of new homes are expected to hover near an annual rate of 650,000 and existing homes at 4 million, respectively.
The PCE price index, the Fed's preferred measure of inflation, is expected to show contained but resurgent inflation closer to an annual rate of 3%.
Durable goods orders are expected to decrease by 0.4%, the third consecutive month of decline.
On the earnings front, investors are looking forward to the release of quarterly results from AutoZone, Accenture, BlackBerry, CarMax, Costco, KB Home, Jabil Inc., MillerKnoll, THOR Industries, and Raymond James Financial.
U.S. Stock Movers
Kenvue Inc. decreased 4.7% to $17.49 after a report by The Washington Post suggested that the Trump administration is likely to announce that the Tylenol use among pregnant women is possibly linked to autism.
Pfizer Inc. increased 1.7% to $24.44, and the pharmaceutical company announced it would acquire weight-loss drugmaker Metsera Inc. for $4.9 billion in cash.
Metsera soared 60% to $53.45 in Monday's trading.
India-based tech services companies fell sharply after the U.S. president imposed a one-time fee of $100,000 on the H-1B visa, threatening to undermine the global competitiveness of U.S. technology companies.
Infosys Ltd. decreased 3.4% to $16.90, Wipro Ltd. dropped 2.1% to $2.74, and Cognizant Technology Solutions Corp. dropped 3% to $64.25.
Compass Inc. dropped 10.4% to $8.40, and the company agreed to merge with Anywhere Real Estate Inc. in a $10 billion combination of 34,000 real estate agents.
Anywhere Real Estate soared 59% to $11.49 in New York trading.
Oracle Corp. decreased 0.6% to $306.82, and the company announced leadership changes.
The software company appointed Clay Magouyrk and Mike Sicilia as Chief Executive Officers, with current CEO Safra Catz transitioning to Executive Vice Chair of the company’s Board of Directors.
Japan Indexes Advanced Tracking Wall Street Gains, LDP Kicks Off Campaign for Leadership Race
Akira Ito
22 Sep, 2025
Tokyo
Japan's benchmark indexes advanced on Monday, tracking Friday's Wall Street gains to new record highs.
The Nikkei 225 Stock Average increased 1.4%, and the broader Topix advanced 0.8% after investors reviewed rate decisions from major central banks.
The Bank of Japan left its key short-term rate unrevised and signaled its plan to start selling the ETF and J-REIT holdings, which were accumulated over the years of unorthodox monetary policy.
The U.S. Federal Reserve lowered its key lending rate range by 25 basis points to between 4.0% and 4.25%, and the Bank of England kept its rate steady.
However, the Norges Bank lowered its policy rate by 25 basis points to 4.0%, and Norway's central bank signaled additional rate cuts if the broader economy evolves as projected.
In Japan, the Tokyo-area inflation rate, and in India, a private survey on business activities is on tap.
On the earnings front, Niitaka Co., New World Development, Asahi Co., and Mitachi Co. are scheduled to announce their interim results.
Elsewhere in Asia, the People's Bank of China held its loan prime rates steady at record lows for the fourth consecutive month in September. The one-year rate remained at 3.0%, and the five-year rate stayed at 3.5%.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1.4% to 45,688.93, and the broader Topix added 0.8% to 3,173.64.
Semiconductor equipment makers led Monday's gainers in Tokyo trading, after Apple Inc launched the latest version of iPhone in the U.S. and many other countries.
Tokyo Electron gained 4.7% to ¥26,805.0, Advantest Corp. increased 3.3% to ¥15,500.0, and Lasertec Corp. soared 11.5% to ¥21,405.0.
Nintendo Co. Ltd. increased 0.5% to ¥12,865.0, Sanrio Ld. decreased 0.4% to ¥6,758.0, and Fujikura Ltd. added 1.7% to ¥14,205.0.
Nippon Yusen KK decreased 1.6% to ¥5,360.0, Mitsui O.S.K. Lines dropped 2.2% to ¥4,672.0, and Kawasaki Kisen Kaisha Ltd. fell 2.7% to ¥2,220.50.
Japan Indexes Advanced Tracking Wall Street Gains, LDP Kicks Off Campaign for Leadership Race
Akira Ito
22 Sep, 2025
Tokyo
Japan's benchmark indexes advanced on Monday, tracking Friday's Wall Street gains to new record highs.
The Nikkei 225 Stock Average increased 1.4%, and the broader Topix advanced 0.8% after investors reviewed rate decisions from major central banks.
The Bank of Japan left its key short-term rate unrevised and signaled its plan to start selling the ETF and J-REIT holdings, which were accumulated over the years of unorthodox monetary policy.
The U.S. Federal Reserve lowered its key lending rate range by 25 basis points to between 4.0% and 4.25%, and the Bank of England kept its rate steady.
However, the Norges Bank lowered its policy rate by 25 basis points to 4.0%, and Norway's central bank signaled additional rate cuts if the broader economy evolves as projected.
In Japan, the Tokyo-area inflation rate, and in India, a private survey on business activities is on tap.
On the earnings front, Niitaka Co., New World Development, Asahi Co., and Mitachi Co. are scheduled to announce their interim results.
Elsewhere in Asia, the People's Bank of China held its loan prime rates steady at record lows for the fourth consecutive month in September. The one-year rate remained at 3.0%, and the five-year rate stayed at 3.5%.
Japan Indexes and Stocks
The Nikkei 225 Stock Average increased 1.4% to 45,688.93, and the broader Topix added 0.8% to 3,173.64.
Semiconductor equipment makers led Monday's gainers in Tokyo trading, after Apple Inc launched the latest version of iPhone in the U.S. and many other countries.
Tokyo Electron gained 4.7% to ¥26,805.0, Advantest Corp. increased 3.3% to ¥15,500.0, and Lasertec Corp. soared 11.5% to ¥21,405.0.
Nintendo Co. Ltd. increased 0.5% to ¥12,865.0, Sanrio Ld. decreased 0.4% to ¥6,758.0, and Fujikura Ltd. added 1.7% to ¥14,205.0.
Nippon Yusen KK decreased 1.6% to ¥5,360.0, Mitsui O.S.K. Lines dropped 2.2% to ¥4,672.0, and Kawasaki Kisen Kaisha Ltd. fell 2.7% to ¥2,220.50.
Hong Kong Stocks Turned Lower After Trump-Xi Call Yields Little Progress
Li Chen
22 Sep, 2025
Hong Kong
Stock market indexes in China struggled to stay above the flatline and future rate paths amid macroeconomic and geopolitical uncertainties.
The Hang Seng index decreased 1%, and the mainland-focused CSI 300 index inched lower 0.1%.
The People's Bank of China left its one-year and five-year prime rates at 3.0% and 3.5%, respectively.
The central bank held its key lending rates steady at record lows for the fourth consecutive month.
The talk between the leaders of the two largest economies yielded little progress, denting the market sentiment and prolonging the trade-related uncertainties.
Late Friday, Trump-Xi talks covered several issues, including trade tariffs, the fate of TikTok's U.S. assets, and the Ukraine-Russia war.
However, both leaders signaled a possible meeting on the sidelines of the Asia Pacific Cooperation Summit in Seoul, Korea, in October.
The sweeping tariffs announced by the U.S. president have forced many Chinese companies to shift their manufacturing operations and seek new markets in the ASEAN region, the European Union, South America, and Africa.
Chinese goods are facing U.S. tariffs as high as 67%, and the elimination of the de minimis exemption has also sharply curtailed the sale of Chinese goods sold on e-commerce platforms, including Shein, Temu, and AliExpress.
US-China trade talks are likely to stall till the end of the year, when the current suspension is scheduled to expire in November and Chinese policymakers finalize their annual policy meeting in December.
Elsewhere in Asia, this week, investors are awaiting the release of the Tokyo-area inflation rate and India's private survey on business activities.
China Indexes and Stocks
The Hang Seng Index decreased 1% to 26,278.52, and the CSI 300 index eased 0.1% to 4,499.38.
Stocks lacked momentum in Hong Kong amid worries that the lingering trade tensions and persistent weakness in the housing market are likely to sap the recent market enthusiasm.
ANTA Sports Products decreased 3.8% to HK$93.05 after a firework publicity stunt staged in Tibet drew scrutiny from local authorities.
ANTA-controlled outdoor apparel brand Arc’teryx organized a firework show with Chinese artist Cai Guo-qiang at the foothills of the Himalayas, drawing strong condemnation from the local population and authorities.
Sunny Optical Technology Group advanced 4.6% to HK$85.30, and SMIC edged higher 2.6% to HK$71.90.
Hong Kong Stocks Turned Lower After Trump-Xi Call Yields Little Progress
Li Chen
22 Sep, 2025
Hong Kong
Stock market indexes in China struggled to stay above the flatline and future rate paths amid macroeconomic and geopolitical uncertainties.
The Hang Seng index decreased 1%, and the mainland-focused CSI 300 index inched lower 0.1%.
The talk between the leaders of the two largest economies yielded little progress, denting the market sentiment and prolonging the trade-related uncertainties.
Late Friday, Trump-Xi talks covered several issues, including trade tariffs, the fate of TikTok's U.S. assets, and the Ukraine-Russia war.
However, both leaders signaled a possible meeting on the sidelines of the Asia Pacific Cooperation Summit in Seoul, Korea, in October.
The sweeping tariffs announced by the U.S. president have forced many Chinese companies to shift their manufacturing operations and seek new markets in the ASEAN region, the European Union, South America, and Africa.
Chinese goods are facing U.S. tariffs as high as 67%, and the elimination of the de minimis exemption has also sharply curtailed the sale of Chinese goods sold on e-commerce platforms, including Shein, Temu, and AliExpress.
US-China trade talks are likely to stall till the end of the year, when the current suspension is scheduled to expire in November and Chinese policymakers finalize their annual policy meeting in December.
China Indexes and Stocks
The Hang Seng Index decreased 1% to 26,278.52, and the CSI 300 index eased 0.1% to 4,499.38.
Stocks lacked momentum in Hong Kong amid worries that the lingering trade tensions and persistent weakness in the housing market are likely to sap the recent market enthusiasm.
ANTA Sports Products decreased 3.8% to HK$93.05 after a firework publicity stunt staged in Tibet drew scrutiny from local authorities.
ANTA-controlled outdoor apparel brand Arc’teryx organized a firework show with Chinese artist Cai Guo-qiang at the foothills of the Himalayas, drawing strong condemnation from the local population and authorities.
Sunny Optical Technology Group advanced 4.6% to HK$85.30, and SMIC edged higher 2.6% to HK$71.90.
Scholastic
21 Sep, 2025
Select
Scholastic Corp. plunged 12% to $23.39 after the education publishing company reported an increase in net loss for the first quarter ended August 31.
Consolidated revenue declined to $225.6 million from $237.2 million, net loss widened to $71.1 million from $62.5 million, and diluted loss per share increased to $2.83 from $2.21 a year ago.
The company paid $5.2 million in dividends and plans to continue share repurchases as market conditions allow, with $70.0 million remaining under its current board-approved repurchase authorization.
Net debt rose to $242.8 million from $152.1 million in the prior year, primarily due to working capital needs, dividends, and share repurchases.
U.S. Movers: Darden Restaurants, Scholastic
Scott Peters
19 Sep, 2025
New York City
Darden Restaurants dropped 7% to $194.30 after the parent company of Olive Garden reported mixed results for the fiscal first quarter ending on August 24.
Same-store sales in the quarter increased 4.7%, driven by a 5.9% rise at Olive Garden, 5.5% at LongHorn Steakhouse, and a 0.2% decline in its fine dining segment.
Total sales increased 10% to $3.0 billion from $2.8 billion, net income advanced $257.8 million from $207.2 million, and diluted earnings per share increased to $2.19 from $1.74 a year ago.
The company guided fiscal 2026 sales to increase between 7.5% and 8.5%, including 2% growth related to the 53rd week, and same-store sales to increase between 2.5% and 3.5%.
Scholastic Corp. plunged 12% to $23.39 after the education publishing company reported an increase in net loss for the first quarter ended August 31.
Consolidated revenue declined to $225.6 million from $237.2 million, net loss widened to $71.1 million from $62.5 million, and diluted loss per share increased to $2.83 from $2.21 a year ago.
The company paid $5.2 million in dividends and plans to continue share repurchases as market conditions allow, with $70.0 million remaining under its current board-approved repurchase authorization.
Net debt rose to $242.8 million from $152.1 million in the prior year, primarily due to working capital needs, dividends, and share repurchases.