The S&P 500 continued its march higher through September, with back-to-back weekly gains that underscored both investor optimism and lingering caution. From September 8 to 12, the index climbed from 6,481.50 to 6,584.29, a 1.59% increase. The following week, September 15 to 19, saw the benchmark push further to 6,664.36, adding another 1.22%. In total, the two-week stretch delivered a robust 2.8% gain, placing the market firmly at fresh record highs.
Fueling this rally was the Federal Reserve’s long-anticipated rate cut. On September 17, policymakers trimmed interest rates by 25 basis points, the first cut of the year, aimed at shoring up the labor market as unemployment ticked higher and inflation pressures lingered. Investors welcomed the move.
In a historic move for the US markets, President Donald Trump floated the idea Monday of companies no longer providing earnings reports on a quarterly basis and switching to semiannual instead. “At President Trump’s request, Chairman [Paul] Atkins and the SEC is prioritizing this proposal to further eliminate unnecessary regulatory burdens on companies,” an agency spokesperson said.
Geopolitical risks also loomed. Trump and Chinese President Xi had a call on Friday to finalize a framework for transferring TikTok’s U.S. operations to American investors. Trump wrote on Truth Social that the call was “productive” and he “appreciated” Xi's approval of deal, which would reportedly see TikTok's US business sold to a group of US investors that would enable TikTok to continue operating in the US, using algorithm technology licensed from ByteDance.
On the investment side, money-market funds reached an unprecedented $7.7 trillion, underscoring the significant amount of cash remaining parked on the sidelines despite falling interest rates. Trump also floated a $100,000 fee on H-1B visas, raising concerns for tech and multinational firms that depend on skilled foreign talent.
Weekly Earnings Roundup: Surprises & Misses
Several major companies released their earnings in the last 2 weeks, including Oracle (NYSE: ORCL), Synopsys (NASDAQ: SNPS), Adobe (NASDAQ: ADBE), Kroger (NYSE: KR), and GameStop (NYSE: GME). Below is a quick look at some of the most notable names.
Kroger: The grocer posted flat revenue but a 29% YoY rise in EPS. Comparable sales grew 3.4% compared with 1.2% in the prior year’s quarter. Management lifted full-year guidance to 3.4% comp growth, highlighting that value-seeking consumers are increasingly choosing to eat at home.
Oracle: Results came in slightly below expectations: EPS of $1.47 vs $1.48 expected, and revenue of $14.93 billion vs $15.04 billion expected. But the real story was forward-looking: remaining performance obligations soared to $455 billion, up 359% YoY. Oracle also unveiled a massive data center deal with OpenAI and forecast $18 billion in fiscal 2026 cloud revenue, potentially scaling to $144 billion by 2030. Shares have surged more than 30% in the past month on this narrative.
FedEx: Delivered a solid beat with EPS of $3.83 adjusted versus $3.59 expected and revenue of $22.24 billion versus $21.66 billion expected. Average daily volumes rose 6% in the U.S., and management guided 2026 revenue growth of 4%-6. The stock, however, showed little movement.
Darden Restaurants: Posted mixed results. Olive Garden and LongHorn Steakhouse outperformed, but weakness in fine dining weighed. Net sales rose 10.4%, boosted by last year’s acquisition of Chuy’s Tex-Mex restaurants. Same-store sales increased 4.7%. Share price has declined by 13% in the past week.
Top Gainers
Intel (NASDAQ: INTC) shares spiked more than 20% after NVIDIA announced a $5 billion investment, positioning Intel as a key partner in next-generation chip capacity.
Warner Bros. Discovery (NASDAQ: WBD) soared more than 50% on reports that Paramount-Skydance (NASDAQ: PSKY), backed by the Ellison family, is exploring a takeover. Paramount Skydance itself was formed as a result of the recent merger of Skydance Media and Paramount Global. The deal, if it goes through, would mark further consolidation in the US media industry.
CrowdStrike (NASDAQ: CRWD) gained 13% after its investor day, where management delivered upbeat long-term guidance that reassured markets about growth durability.
Top Losers
FactSet Research Systems (NYSE: FDS) fell 13% as its latest EPS came in below analyst forecasts, raising questions about demand for its financial data services.
Humana (NYSE: HUM) slid more than 10% amid a broad sell-off across healthcare stocks, with investors concerned about policy headwinds and rising costs.
Upcoming Earnings: Key Stocks to Monitor
This week, the spotlight will turn to several high-profile names, including Micron Technology (NASDAQ: MU), Costco (NASDAQ: COST), Accenture (NYSE: ACN), and Jabil (NYSE: JBL).
The following week will see Jefferies (NYSE: JEF) and Nike (NYSE: NKE) take the stage. Investors will also be watching Adobe (NASDAQ: ADBE) closely. Trading at a P/E of 23, the stock is gaining traction on social media as a potential “next Google” play, keeping sentiment running high into its results.