Issues facing the market are well-known: weak seasonals through October, concerns about a slowing jobs market and valuations that are still on the high side.
Pity the poor active trader. September is living up to its reputation as a difficult month. " Squirrelly " is how one trader described the market Tuesday. In other words, a tough, choppy market for investors. The markets opened positive, with a nice lift from Oracle , which is keeping the expanding artificial intelligence story going. The company's positive comments on AI helped lift the hyperscalers as well. Nvidia rose as much 2.8% early, only to fall as much as 1.4% later.
Elsewhere, banks, a former leadership group, have been trending down for the past week, and at midmorning we got word of third quarter guidance from JPMorgan Chase at a Barclays conference, where it said net interest income expectations for 2025 were "too high." Stock in the country's largest bank immediately sold off, and was recently down 7%. That alone is chopping about 100 points off the Dow Industrials.
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