Trade Secrets

WTF Dailies September 23, 2025

US stock futures wavered after another record-setting day on Wall Street. On Tuesday, Fed Chair Jerome Powell is scheduled to deliver a speech on monetary policy, and Micron Technology (MU) is set to report earnings.

Sage Kakkat

22 Sep 2025 — 5 min read

US stock futures wavered after another record-setting day on Wall Street.
On Tuesday, Fed Chair Jerome Powell is scheduled to deliver a speech on monetary policy, and Micron Technology (MU) is set to report earnings.
The main event for Wall Street this week lands Friday with the release of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures index. Wall Street will be looking for signs that inflation isn't rising too quickly, which could threaten expectations of two more rate cuts this year.
Most Asian stocks were rangebound on Tuesday, cooling after recent gains as mixed signals on U.S. interest rates and regulatory moves from President Donald Trump spurred heightened caution.
Regional pharmaceutical stocks were also rattled by Trump’s warning on links between autism and vaccines and popular painkiller Tylenol.
Chinese stocks slid more than 1% as local technology stocks retreated from a stellar rally over the past month. Hong Kong shares were especially hit by this trade.
Regional trading volumes were subdued on account of a Japanese holiday, while investors kept to the sidelines in anticipation of several key U.S. economic prints this week.
Japan’s Nikkei 225 Futures rose 0.1% after the index surged back to near record highs on Monday.
Risk aversion also remained squarely in play, with gold prices hitting fresh record highs in Asian trade.
South Korea’s KOSPI rose 0.6%, taking some support from tech shares, while Singapore’s Straits Times index added 0.4% after data showed consumer inflation grew less than expected in August.
Australia’s ASX 200 rose 0.5% as local miners were boosted by stronger metal prices. This helped markets look past weak purchasing managers index data for September, which showed growth in both manufacturing and services slowed.
Investors turned cautious after several Federal Reserve officials signaled on Monday that the central bank may not need to cut interest rates further after a cut last week. Their comments came just before an address by Fed Chair Jerome Powell later on Tuesday.
Beyond Powell, several key economic prints from the U.S. are also on tap this week, including PCE price index data, the Fed’s preferred inflation gauge.
India’s Nifty 50 index fell 0.3% at the open, extending losses after Trump unveiled a steep fee for new H-1B work visas.
Trump’s H-1B fine also sparked fears that he could introduce measures to quash the nearly $300 billion Indian outsourcing industry, which bodes poorly for local tech names.
Trump’s policies presented more headwinds to Asian markets on Tuesday, with regional pharmaceutical stocks falling after the U.S. president claimed that vaccines and pain medication Tylenol were linked to causing autism in children.
Chinese makers of acetaminophen– a key active ingredient in Tylenol– were among the worst hit.
China’s mainland Shanghai Shenzhen CSI 300 fell 1%, while the Shanghai Composite index shed 1.2%. Hong Kong’s Hang Seng index fell 1%.
Gains in tech, amid optimism over China’s domestic AI efforts, had pushed Chinese stock bourses to multi-year highs through August and early-September. But this rally was seen pausing for breath in recent sessions, with major tech names also facing a heavy dose of profit-taking.

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