NVIDIA (NVDA) Boosts Sentiment as US Stocks Power On - Market wrap for the North American session - September 22

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Log in to today's North American session Market wrap for September 22

Markets started the week on the back foot today, but shook off early concerns as US tech shares continued their impressive rise.

This was fueled by a promise from Nvidia to invest up to $100 billion in OpenAI, boosting excitement around artificial intelligence.

The S&P 500 saw gains primarily in the technology sector, marking a new record high for the 28th time this year. Nvidia's stock rose by about 4%, as its investment is meant to help OpenAI build data centers with its advanced AI chips.

Other tech stocks also did well: Apple's shares went up 4.3% after an analyst firm, Wedbush, raised its price target for the stock due to strong demand for the new iPhone 17. Tesla's stock also climbed 1.9%.

The technology sector as a whole led the gains for the S&P 500, ending the day 1.7% higher.

Meanwhile, some officials at the Federal Reserve expressed doubts about the need for further interest rate cuts, even though the central bank cut rates for the first time last week. Both St. Louis Fed President Alberto Musalem and Atlanta Fed President Raphael Bostic said that while last week's rate cut was a good way to manage unemployment risk, their main goal is still to lower inflation.

However, Fed Governor Stephen Miran, who last week argued for a bigger rate cut, said on Monday that monetary policy is already "well into restrictive territory."

In other news, the bond market was relatively quiet, with U.S. yields slightly higher. The dollar's three-day rally has ended, the crypto market was hit, and gold reached a new record high.

Read More:

• Gold (XAU/USD): Short-term bullish acceleration intact towards new all-time highs above US$3,660 key support
• Binance Coin (BNB) breaks $1,000 despite a crypto pullback – Crypto outlook
• GBPJPY rejects 200.00 mark as sellers defend the range

Cross-Assets Daily Performance (update)

Cross-Asset Daily Performance, September 22, 2025 – Source: TradingView

US stocks continued that impressive rally which has captivated attention in 2025, shrugging off an early session pause.

However, the story of the day is the precious metals markets with Gold powering forward to fresh all time highs near $3750/oz.

Cryptocurrencies on the other hand struggled with Bitcoin seeing massive liquidations as prices dipped below the $115k handle.

Oil on the other hand continues to toil in the range which has held prices for the last four months.

A picture of today's performance for major currencies

Currency Performance, September 22 – Source: OANDA Labs

The U.S. dollar is on track to end its three-day winning streak against the euro and Swiss franc. This shift comes as investors are processing a large number of recent comments from Federal Reserve officials regarding the central bank's latest monetary policy decisions.

As a result, the euro gained 0.44% against the dollar, reaching $1.1796, poised to snap its own three-day losing streak. The overall dollar index, which measures the dollar against a group of major currencies, fell by 0.39% to 97.34.

Other currencies also strengthened against the dollar: the Swedish krona rose by 0.75% ahead of its central bank's policy meeting on Tuesday, and the Japanese yen gained 0.17%, on track for its second straight day of gains against the dollar. The British pound also saw an increase of 0.37%, reaching $1.3516. Even the Australian dollar, which had started the day with losses, reversed its course to climb 0.12% to $0.6599.

A look at Economic data releasing in tonight and tomorrow's sessions

For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

A busy day ahead for markets, particularly in the European session where we get a host of PMI releases from the Euro Area and the UK.

Attention will then shift to US PMI data as we continue to get comments from Fed officials which after today may only serve to add more confusion and mixed messaging.

Safe Trades and an enjoyble week ahead!

Follow Zain on Twitter/X for Additional Market News, interactions and Insights @zvawda

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