Wall Street hovered near record highs on Tuesday, September 9, 2025, as investors digested new signals from the U.S. job market and braced for a pivotal decision from the Federal Reserve. The S&P 500 index edged up 0.2% to 6,509.63, notching another day close to its all-time high, according to Barchart.com and the Associated Press. The Dow Jones Industrial Average gained 215.64 points, or 0.47%, reaching 45,730.59, while the Nasdaq 100 Index ticked up 0.20% to 23,809.96. The Nasdaq composite also inched higher by 0.2% from its record set just the day before, reflecting a market that’s optimistic yet wary of what comes next.
The day’s trading was shaped by the latest government data on the health of the U.S. job market. The U.S. government revised its previous job count through March downward by 911,000 jobs, or 0.6%, a discouraging signal that hiring has been weaker than initially thought. This revision, reported by the Associated Press, came before President Donald Trump’s surprise move in April to impose tariffs on countries worldwide, a decision that rattled both the economy and financial markets.
For investors, the key question is whether this slowdown in hiring is enough to push the Federal Reserve to cut interest rates at its upcoming meeting. Wall Street is hoping for a slowdown that’s just deep enough to convince the Fed to act, but not so severe that it tips the economy into recession. As the Associated Press put it, "Wall Street is hoping for a slowdown that's deep enough to get the Federal Reserve to cut interest rates, but not so overwhelming that it causes a recession."
Traders have grown increasingly confident that the Fed will deliver its first rate cut of the year at its next meeting in a week. The hope is that lower rates will provide a boost to the economy, even as inflation remains stubbornly above the Fed’s 2% target. However, expectations for a dramatic cut have been tempered. As Brian Jacobsen, chief economist at Annex Wealth Management, told the AP, "The more likely course is for the Fed to deliver an October and December cut rather than trying to deliver a catchup cut in September."
Upcoming reports on inflation, due Wednesday and Thursday, could further sway Fed expectations. If inflation comes in hotter than anticipated, the Fed may find itself in a bind—reluctant to cut rates aggressively for fear of stoking price increases. Still, for now, traders are nearly unanimous in predicting a September rate cut, even if it’s a modest one.
The bond market reflected this cautious optimism. The yield on the 10-year Treasury rose to 4.07% from 4.05% late Monday, a slight recovery after recent declines. Meanwhile, gold prices continued their ascent, surpassing $3,600 per ounce as investors sought safety amid uncertainty and the U.S. dollar weakened, slipping to 146.68 Japanese yen from 147.51 yen, according to reporting by the Associated Press’s Tokyo bureau.
Corporate news added further color to the day’s trading. UnitedHealth Group Inc. saw its stock surge 8.46% to 347.35 after executives reassured investors that the company is sticking with its profit forecast for 2025. This marked a notable turnaround for the insurer, which had faced a 36.7% loss for the year due to soaring medical costs. The AP noted, "UnitedHealth Group climbed 9.3% after saying its executives plan to tell investors and analysts that it’s sticking with its profit forecast for 2025."
Another standout was Nebius Group, a Dutch firm specializing in artificial intelligence infrastructure. Its U.S.-traded stock soared 49.8% after announcing a major contract to provide GPU services to Microsoft, a deal valued between $17.4 billion and $19.4 billion and running through 2031. Microsoft’s own stock nudged up 0.1% in response.
Apple Inc. slipped 1.73% to 233.77 ahead of its much-anticipated unveiling of the next generation of iPhones. Global trade tensions have cast a shadow over the company, with the specter of tariffs threatening to drive up prices for its flagship products. As the AP reported, "Apple slipped 0.7% ahead of its unveiling of the next generation of iPhones amid a global trade war that’s added a potential price increase to the company’s marquee product."
In the media sector, Fox Corp. Class A shares tumbled 5.55% to 59.01 after the Murdoch family announced a succession plan for the company following the death of Rupert Murdoch. The deal, which places control of Fox Corp. in a trust managed by Lachlan Murdoch and his sisters, ensures continuity at Fox News, a network favored by President Trump and conservatives. The Associated Press highlighted, "Fox dropped 5.6% after Rupert Murdoch’s family said they’ve reached a deal on control of the 94-year-old mogul’s media empire after his death."
Internationally, markets were mixed as investors eyed U.S. economic data and political developments abroad. France’s CAC 40 rose 0.2% to 7,742.97, while Germany’s DAX slipped nearly 0.5% to 23,697.43. Britain’s FTSE 100 edged up 0.1% to 9,232.78. In Asia, Japan’s Nikkei 225 erased early gains to finish 0.4% lower at 43,459.29 amid political uncertainty following Prime Minister Shigeru Ishiba’s announcement that he will step down. The Associated Press Tokyo bureau reported, "Who will replace him is still uncertain and may take weeks to decide." Potential successors include Sanae Takaichi, whose hawkish stance sent defense stocks higher in Tokyo, as well as Toshimitsu Motegi, Shinjiro Koizumi, and Yoshimasa Hayashi, all from the ruling Liberal Democratic Party.
Elsewhere in Asia, South Korea’s Kospi climbed 1.3% to 3,260.05, Hong Kong’s Hang Seng surged 1.2% to 25,938.13, and the Shanghai Composite fell 0.5% to 3,807.29. Australia’s S&P/ASX 200 declined 0.6% to 8,793.60.
Energy markets saw moderate gains, with benchmark U.S. crude rising 85 cents to $63.11 a barrel and Brent crude adding 87 cents to $66.89 a barrel. The euro slipped slightly to $1.1757 from $1.1765.
As the world waits for the Fed’s next move, markets remain on edge, balancing hope for stimulus with anxiety over inflation and political uncertainty. With so much riding on the next round of economic data, investors are bracing for a week that could shape the rest of the year for global markets.
