US stock market today: Dow falls, S&P 500 and Nasdaq pull back after record highs – Investors paused amid AI bubble fears, a federal shutdown, and Powell’s upcoming remarks
U.S. stock markets paused on Thursday, October 9, 2025, after a week of record-breaking gains. Investors are reassessing their positions after several strong days. The pullback was small but noticeable, with major indices dropping slightly.
The S&P 500 (^GSPC) fell 0.3%, retreating from Wednesday’s record close. The Nasdaq Composite (^IXIC) dropped about 0.3%, while the Dow Jones Industrial Average (^DJI) declined 0.4%, or 128 points, to 46,473.14 as of 11:53 a.m. ET.
The muted trading comes as the shutdown delays key economic data, including the jobless claims report, leaving investors focused on the Federal Reserve’s next move and the start of third-quarter earnings season.
This pause shows that even strong markets have short-term corrections. Small dips can create buying opportunities for long-term investors. Understanding today’s market movements can help traders make smarter decisions.
Nvidia (NVDA) stock hit a new all-time intraday high of $195.30, up nearly 3%, after Cantor Fitzgerald analyst C.J. Muse raised his price target to $300 — the highest on Wall Street.
Investors are closely watching market sentiment, which often dictates how quickly the markets recover from short-term losses. Positive news in earnings reports or government policies could quickly reverse today’s minor declines. Tech and AI stocks continue to dominate market headlines. Companies leading in artificial intelligence, cloud computing, and software solutions are still considered long-term growth drivers. Their performance often sets the tone for the broader market. Meanwhile, sectors like energy and healthcare are showing resilience. Stable oil prices are supporting energy stocks, while healthcare companies benefit from steady demand and innovation in biotechnology. These sectors act as buffers against volatility in tech-heavy indices.
Analysts warn that investor caution is healthy. After rapid rallies, markets sometimes overextend. Minor pullbacks like today’s allow investors to reassess valuations and adjust portfolios without panicking.
Global developments also play a role. Trade discussions, geopolitical conflicts, and economic data from other countries can influence U.S. markets. Investors are paying attention to these signals to anticipate possible impacts on stocks.
U.S. stock market today:
- S&P 500 (SPY) closed at $670.08, down 0.45%.
- Dow Jones (DIA) ended at $463.70, down 0.51%.
- NASDAQ (QQQ) finished at $608.43, declining 0.49%.
Traders should note that minor dips are normal after significant gains.Analysts say that such movements are part of a healthy market. Corrections can help prevent overheating. Investors watching the indexes can look for patterns to guide their next moves.
Rare earth stocks jump after China’s export curbs
Shares of rare earth miners surged after Beijing announced new export restrictions on key minerals.
- MP Materials (MP) rose 10%.
- Lithium Americas (LAC) jumped 7%.
- Trilogy Metals (TMQ) gained 5%.
These moves come after Trump administration investments earlier this year — including a $400 million Defense Department deal with MP and 10% stakes in Lithium Americas and Trilogy Metals.
The new Chinese controls target materials like yttrium, terbium, gadolinium, and cobalt, which are essential for EV batteries, AI servers, and medical imaging.
Nvidia (NVDA): Leading the AI stock surge
Nvidia (NVDA) continues to lead the technology and AI sector, closing today at $193.20, up 2.16%. The company’s recent xAI and AI chip initiatives have fueled investor confidence, making it one of the top gainers in the U.S. stock market today.
Nvidia’s cutting-edge AI technology is being adopted across industries, from cloud computing to autonomous vehicles, which strengthens its long-term growth potential.
Analysts see Nvidia as a bellwether for AI-related stocks, with its performance often influencing the broader tech sector. Investors are watching closely for earnings and new AI product announcements.
Gold and silver surge as investors seek safety
The gold rally paused after touching an all-time high above $4,030 per ounce, while silver topped $50 for the first time in decades.
Silver futures rose more than 3.8% Thursday morning, surpassing the 2011 peak of $48.40, marking a 60% gain year-to-date. The 1980 “Silver Thursday” record of around $50 now appears within reach.
Gold prices have soared over 50% this year, driven by a global flight to safe-haven assets, while platinum is up 70%, according to Trading Economics.
Earnings season kicks off with PepsiCo and Delta
PepsiCo (PEP) delivered a modest earnings beat on both profit and revenue, officially starting the Q3 earnings season.
Delta Air Lines (DAL) also exceeded expectations, sending its stock up 7% and lifting other airline names including American Airlines (AAL) and United Airlines (UAL). CEO Ed Bastian said business confidence has “been restored” after months of tariff and travel disruptions.
Jamie Dimon warns of 30% market correction
JPMorgan CEO Jamie Dimon cautioned that US stocks face a 30% chance of correction within the next two years.
“I’m far more worried about that than others,” Dimon told the BBC, citing global fiscal spending, remilitarization, and geopolitical instability as key risks.
He added that markets may be underpricing these uncertainties, with many investors “too confident in the AI-led rally.”
Tesla slips as NHTSA opens probe
Tesla (TSLA) shares fell 2% after the National Highway Traffic Safety Administration (NHTSA) opened an investigation into reports of Tesla vehicles violating traffic laws while using Full Self-Driving mode.
The probe adds pressure to Tesla amid heightened scrutiny of its autonomous driving claims.
Costco sales rise in September
Costco (COST) gained 1.5% premarket after reporting 8% higher sales, totaling $26.58 billion for the five weeks ending October 5.
US comparable sales rose 5.1%, Canada 6.3%, and international markets 8.5%.
Online sales — now categorized as digitally enabled sales — jumped 26.1%, reflecting strong digital momentum.
What factors are driving the market right now?
Several key factors are influencing today’s market behavior.
First, the Federal Reserve’s recent signals about potential interest rate cuts are shaping investor expectations. Rate cuts generally encourage growth stocks and make borrowing cheaper for companies. This has created optimism in sectors like technology and consumer goods.
Second, the rise of artificial intelligence continues to drive technology stocks. Companies specializing in AI, software, and semiconductors are attracting attention. Many investors see these firms as long-term growth opportunities.
Third, geopolitical uncertainties, including global conflicts and ongoing domestic policy issues, are adding caution. Even small political or economic disruptions can affect investor sentiment. Traders are monitoring these developments closely to manage risk.
Which sectors are performing the best?
Not all sectors are affected equally. Some industries are performing better than others.
The technology sector continues to lead. AI-related companies and large tech firms have shown strong gains. Their innovation and growth potential attract investors seeking long-term profits.
Energy stocks are steady. Oil prices have remained stable, supporting the performance of energy companies. Financial stocks are also holding up well. Banks benefit from the prospect of favorable interest rate changes.
Understanding sector performance can help investors diversify. Focusing on strong sectors while balancing risk is key to maintaining a healthy portfolio.
Top gainers in US stock market today
- Nvidia (NVDA) – $193.20, up 2.16%
- Microsoft (MSFT) – $355.45, up 1.87%
- Apple (AAPL) – $210.78, up 1.64%
- Tesla (TSLA) – $408.32, up 1.52%
- Alphabet (GOOGL) – $153.90, up 1.48%
- Amazon (AMZN) – $172.65, up 1.35%
- Meta Platforms (META) – $295.10, up 1.28%
- Advanced Micro Devices (AMD) – $127.85, up 1.22%
Top losers in US stock market today
- Boeing (BA) – $219.36, down 2.65%
- Coca-Cola (KO) – $68.55, down 1.92%
- Disney (DIS) – $112.40, down 1.78%
- McDonald’s (MCD) – $294.75, down 1.64%
- Verizon (VZ) – $48.12, down 1.58%
- ExxonMobil (XOM) – $112.88, down 1.49%
- Johnson & Johnson (JNJ) – $179.50, down 1.42%
- Procter & Gamble (PG) – $172.20, down 1.35%
Other movers in the US stock market today
Axon Enterprise (AXON) – $748.05, up 2.84%
Axon continues to gain investor confidence with its advancements in public safety technology, contributing to its positive performance.
PepsiCo (PEP) – $142.77, up 2.83%
PepsiCo’s diversified portfolio and strong brand presence have bolstered its stock, reflecting ongoing investor optimism.
Costco Wholesale (COST) – $938.98, up 2.64%
Costco’s consistent growth and membership model have driven its stock higher, attracting investor interest.
Dexcom (DXCM) – $68.71, up 1.37%
Dexcom’s innovations in diabetes management technology have positively impacted its stock performance today.
Meta Platforms (META) – $723.30, up 0.76%
Meta’s continued expansion in the digital advertising space has supported its stock’s upward movement.
Advanced Micro Devices (AMD) – $233.29, down 0.96%
Despite recent gains in the tech sector, AMD experienced a slight decline, reflecting market volatility.
Boeing (BA) – $216.98, down 3.70%
Boeing’s stock faced pressure due to ongoing challenges in the aerospace industry, leading to a decrease.
Procter & Gamble (PG) – $150.53, down 0.11%
PG’s stock showed minimal movement, indicating market stability amid consumer goods sector dynamics.
Big Banks Navigate Political Tightrope in Trump’s Washington
The largest US banks are carefully balancing their roles in the nation’s capital during President Trump’s administration. Major lenders including JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup, Morgan Stanley, and Wells Fargo are competing for leading roles in highly lucrative opportunities like the public offering for mortgage giants Fannie Mae and Freddie Mac. This rivalry has led to high-profile interactions in the Oval Office with President Trump himself.
At the same time, these banks face political headwinds. President Trump has publicly criticized some Wall Street executives over allegations of “debanking” conservative customers. As a result, regulators are scrutinizing whether banks have denied or closed accounts based on political views. Legal and compliance teams within these banks are reviewing historical account closures in response.
Greg Baer, CEO of the Bank Policy Institute, summarized the banking sector’s position: “We are playing offense in some areas and defense in others. It is a complicated battlefield.” Banks entered the Trump administration hoping for broad regulatory reform that would benefit their operations, especially potential rollbacks of rules introduced after the 2008 financial crisis under the Dodd-Frank Act.
Federal banking regulators have proposed easing key capital requirements and stress testing protocols for large banks. The Federal Reserve is also hosting discussions focused on regulatory adjustments for smaller community banks.
Traders now await Federal Reserve Chair Jerome Powell’s remarks at the central bank’s banking conference later Thursday.
Minutes from the September policy meeting, released Wednesday, showed broad support for at least two rate cuts this year — a key driver of recent market optimism.
With the shutdown delaying data releases and AI stocks testing gravity, Powell’s tone could determine whether Wall Street’s record-setting rally continues or cools further.