In Tuesday’s trading, US stock market saw slight declines as investors digested key economic data and the launch of the Federal Reserve’s September policy meeting. Retail sales in August rose strongly by 0.6%, well above the 0.2% forecast, signaling resilient consumer spending despite a cooling labor market and persistent inflation.
The S&P 500 and Nasdaq Composite edged down less than 0.1%, while the Dow Jones Industrial Average dropped nearly 0.3%, reflecting cautious market sentiment ahead of the Fed’s highly anticipated interest rate decision scheduled for Wednesday .
The Fed’s meeting was underscored by unusual political drama when an appeals court blocked President Trump from removing Fed governor Lisa Cook, allowing her to participate in the two-day event. New Fed governor Stephen Miran was also sworn in just in time to join the rate-setting discussions.
ALSO READ: US Federal Reserve’s September 2025 meeting begins today with a half-point rate cut on the horizon
Market participants expect the Fed to cut rates by 25 basis points, with a 96% probability priced in for the upcoming decision. Yet, the real focus centers on Fed Chair Jerome Powell’s tone during his press conference—whether hawkish or dovish—as traders speculate on future monetary policy amid economic headwinds .
Among individual names, Oracle shares jumped nearly 3% on news of its role in a US-China TikTok deal that would allow the social media app to continue operating in the US under new oversight. Tesla gained about 1%, erasing earlier year-to-date losses after CEO Elon Musk purchased shares.ALSO READ: Are mortgage rates about to drop as Fed rate cut almost a done deal now? What today’s 30-year and 15-year rates mean for your next move Conversely, some tech giants like Nvidia, Microsoft, and Alphabet saw modest declines. Meanwhile, gold hit a record high above $3,700 an ounce, fueled by a weaker US dollar and expectations of Fed rate cuts.
Novo Nordisk shares rose over 2% following announcements related to its obesity drug development and regulatory plans, despite the stock being down year-to-date.
Retail sales strength, trade talks optimism, and the Fed meeting dominated investor focus as markets navigate a complex outlook .
Major indexes today
The Dow Jones Industrial Average (^DJI) fell 137 points, or 0.3%, to 45,746, while the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) slipped less than 0.1% after hitting record highs on Monday.
Fund managers are the most bullish on stocks since February, according to Bank of America’s latest survey, but investors are treading cautiously ahead of the Fed’s rate call.
What’s driving investor sentiment?
The Commerce Department reported that August retail sales rose 0.6%, triple the expected 0.2% gain and boosted by strong clothing and e-commerce spending. July sales were also revised higher, underscoring US consumers’ resilience despite slower hiring and sticky inflation. Import prices also rose unexpectedly, adding pressure to inflation concerns.
What’s happening with the federal reserve?
The Fed’s two-day policy meeting began Tuesday under unprecedented political tension.
- An appeals court blocked President Trump’s attempt to remove Fed Governor Lisa Cook, ensuring she will vote at this week’s meeting.
- Meanwhile, Trump’s pick Stephen Miran was confirmed 48-47 by the Senate and sworn in Tuesday morning, just in time to participate in the decision.
Markets are pricing in a 96% chance of a 25-basis-point rate cut on Wednesday, with only a slim 4% probability of a larger half-point move, according to CME’s FedWatch tool.
Traders will closely watch Fed Chair Jerome Powell’s press conference for clues on how dovish or hawkish the central bank will be through year-end.
Top stocks today
- Oracle (ORCL) jumped nearly 3% after reports the company is part of a US-China framework deal to keep TikTok operating.
- Tesla (TSLA) gained almost 2% after CEO Elon Musk bought company shares for the first time since 2020, turning the EV maker positive for the year despite a new US safety probe.
- Amazon (AMZN) rose more than 1% after announcing October Prime Day dates, while Apple (AAPL) ticked higher ahead of its new watch release.
- Gold futures (GC=F) surged past $3,700 an ounce for the first time, up 44% year-to-date, as the dollar sank to a four-year low against the euro.
Novo Nordisk stock today
- Novo Nordisk shares rose after positive Phase 3 trial results for its experimental obesity drug cagrilintide. Over 68 weeks, overweight or obese adults on the drug lost ~12.5 kg (11.8% of body weight) vs ~2.5 kg (2.3%) for placebo.
- The company is also expanding research of its obesity drugs (including Wegovy) into related health conditions like knee osteoarthritis and sleep apnea.
- Nonetheless, its U.S.-listed shares are still down ~30% year-to-date.
Top gainers in US stocks today include Apple Inc (AAPL) rising about 1.69%, Intel (INTC) up 1.25%, Chevron (CVX) gaining 0.95%, Amazon (AMZN) advancing 0.72%, and McDonald’s (MCD) up 0.43%.
On the flip side, major losers include UnitedHealth (UNH) down 1.94%, Travelers Companies (TRV) dropping 1.66%, Visa (V) declining 1.19%, 3M (MMM) falling 1.14%, and Nvidia (NVDA) down 0.82%.
Most active US stocks by dollar volume today
The most active US stocks today by dollar volume include:
- Oracle Corporation (ORCL) with a dollar volume of approximately $12.09 billion.
- Apple Inc. (AAPL) trading about $10.11 billion in dollar volume.
- Microsoft Corporation (MSFT) with around $8.84 billion in dollar volume.
- Meta Platforms Inc. (META) with roughly $8.06 billion in dollar volume.
- Bank of America Corporation (BAC) trading about $1.47 billion in dollar volume.
- ServiceNow, Inc. (NOW) with approximately $1.46 billion in dollar volume.
- Exxon Mobil Corporation (XOM) trading near $1.45 billion in dollar volume.
- Intuit Inc. (INTU) with around $1.42 billion in dollar volume.
- CrowdStrike Holdings, Inc. (CRWD) at about $1.28 billion in dollar volume.
- American Airlines Group, Inc. (AAL) near $1.26 billion in dollar volume.
These stocks saw the highest trading activity by dollar volume in today’s market session, indicating strong investor interest and liquidity.
Top stock gainers by percentage today:
- Turbo Energy, S.A. (TURB) — up 281.48%
- FGI Industries Ltd. (FGI) — up 140.55%
- Birks Group Inc. (BGI) — up 71.93%
- Conifer Holdings, Inc. (CNFR) — up 56.42%
- Brera Holdings PLC (BREA) — up 48.76%
- Aptevo Therapeutics Inc. (APVO) — up 42.36%
- Robo.ai Inc. (AIIO) — up 33.11%
- YSX Tech. Co., Ltd (YSXT) — up 30.04%
- WEBTOON Entertainment Inc. (WBTN) — up 27.61%
- Senmiao Technology Limited (AIHS) — up 27.44%
These stocks recorded the highest percentage gains in today’s US market trading session.
The Fed’s rate decision on Wednesday is the week’s main event, with traders betting on further cuts at each of the central bank’s three remaining 2025 meetings. Investors are also watching upcoming Trump–Xi trade talks on Friday, expected to finalize a TikTok framework and address looming tariff deadlines in November.