PUT IN WORK (9/22/2025)

We're back with another issue! Last week saw the stock market continue its upward trajectory, with both the S&P 500 (SPY) and Nasdaq (QQQ) reaching new all-time highs. Despite some midweek volatility, investor optimism remained strong, fueled primarily by dovish signals given by the Fed.

The week kicked off with positive momentum. The S&P 500 climbed 0.5%, surpassing its previous record, while the Nasdaq surged 0.9%, also hitting a new high. Investors were kept on the positive side by the United States-China trade talks and anticipation of the upcoming Fed meeting, which was set to take place on Wednesday and Thursday.

Tuesday saw markets take a breather as investors awaited the Fed's upcoming decision. Both the S&P 500 and Nasdaq fell, but only slightly. Uncertainty started to rear its head, but things began to shift on Wednesday as the Fed delivered its first rate cut of 2025, reducing rates by 0.25%. While the Dow Jones Industrial Average rose 0.6%, the S&P 500 and Nasdaq experienced slight declines. Fed Chair Jerome Powell indicated that further rate cuts might be forthcoming, depending on economic data.

Thursday was when the real market movement began. Markets rebounded as big tech stocks led the charge. The S&P 500 and Nasdaq both reached new closing highs, pushed higher thanks to strong performances from companies like Intel and Nvidia. The Russell 2000 index also set a new record, reflecting optimism in the small-cap sector.

The week concluded with continued gains. The S&P 500 and Nasdaq posted their third consecutive week of gains, primarily driven by investor confidence in the Fed's stance going forward. Despite this market's recent stellar performance, there's still a lot of money sitting on the sidelines, and we believe the market is heading in a good direction. That being said, we're always on the lookout for pullbacks, crashes, and opportunities.

(Nasdaq ETF (QQQ) price from September 2024 - 2025 — each candle is 1 week. Chart provided by tradingview.com.)

PORTFOLIO UPDATE

Our portfolio performed just as well as the market at large, with some of our more volatile stocks swinging wildly in either direction. Rigetti (RGTI) is one such stock, and has gone up nearly 50% since Monday. We plan to hold all currently owned stocks for the foreseeable future. As always, thank you for reading, and happy investing.