Weekly Market Recap – Week Ending September 19, 2025
Markets continued their positive momentum last week with leadership once again coming from technology and growth-oriented ETFs, alongside select strength in emerging markets and AI-linked equities.
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In the below table we use major ETF’s as a proxy for some major indexes as well as each of the sector groups that we divide the market into. Tracking these over time provides a more defined picture of the US markets than simply tracking major indexes.
ETF Performance
Ticker |
Name |
VE Rating |
Last Close Date |
Last Close Price |
Last Week Price |
change |
QQQM |
Invesco NASDAQ 100 ETF |
4 |
9/19/2025 |
246.79 |
243.6 |
1.31% |
SCHD |
Schwab US Dividend Equity ETF |
1 |
9/19/2025 |
27.33 |
27.34 |
-0.04% |
SPLG |
SPDR Portfolio S&P 500 ETF |
3 |
9/19/2025 |
78.3 |
77.75 |
0.71% |
VB |
Vanguard Small-Cap Index Fund ETF |
3 |
9/19/2025 |
257.69 |
255.83 |
0.73% |
XLB |
Materials Select Sector SPDR Fund |
1 |
9/19/2025 |
90.83 |
90.94 |
-0.12% |
XLC |
Communication Services Select Sector SPDR Fund |
5 |
9/19/2025 |
119.41 |
119 |
0.34% |
XLE |
Energy Select Sector SPDR Fund |
1 |
9/19/2025 |
88.52 |
88.3 |
0.25% |
XLF |
Financial Select Sector SPDR Fund |
5 |
9/19/2025 |
54.25 |
53.68 |
1.06% |
XLI |
Industrial Select Sector SPDR Fund |
3 |
9/19/2025 |
153.12 |
152.28 |
0.55% |
XLK |
Technology Select Sector SPDR Fund |
2 |
9/19/2025 |
278.92 |
273.32 |
2.05% |
XLP |
Consumer Staples Select Sector SPDR Fund |
1 |
9/19/2025 |
79.38 |
79.4 |
-0.03% |
XLRE |
Real Estate Select Sector SPDR Fund |
1 |
9/19/2025 |
41.85 |
42.3 |
-1.06% |
XLU |
Utilities Select Sector SPDR Fund |
2 |
9/19/2025 |
84.95 |
85.7 |
-0.88% |
XLV |
Health Care Select Sector SPDR Fund |
1 |
9/19/2025 |
137.29 |
136.93 |
0.26% |
XLY |
Consumer Discretionary Select Sector SPDR Fund |
5 |
9/19/2025 |
241.39 |
240.7 |
0.29% |
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Ticker |
Name | VE Rating | Last Close Date | Last Close Price | Price 30 Days Ago | Difference |
| BIDU | Baidu Inc | 4 | 9/19/2025 | 135.35 | 91.93 | 47.23% |
| NBIS | Nebius Group NV | 5 | 9/19/2025 | 99.31 | 70.02 | 41.83% |
| STX | Seagate Technology Holdings PLC | 4 | 9/19/2025 | 221.23 | 164 | 34.90% |
Top 3 Stock Performers (US)
Ticker |
Name |
VE Rating |
Last Close Date |
Last Close Price |
Price 30 Days Ago |
Difference |
SATS |
EchoStar Corp |
4 |
9/19/2025 |
72.47 |
29.88 |
142.54% |
WBD |
Warner Bros Discovery Inc |
4 |
9/19/2025 |
19.33 |
12.04 |
60.55% |
PSTG |
Pure Storage Inc |
4 |
9/19/2025 |
87.87 |
59.05 |
48.81% |
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Strategy Note
Every index followed regularly in this note performed well last week. The leader, as it has been most weeks in 2025, is QQQM, the Invesco Nasdaq 100 ETF. Its nearly 2% gain was closely followed by the 1.8% posted by US small cap as represented by iShares Russell 2000 ETF IWM. Closely correlated with QQQM, the Vanguard US Growth ETF (VUG) at 1.7% beat the 1.3% posted by SPDR S&P 500 ETF (SPLG) and blasted the Vanguard Value ETF (VTV). US Midcap stocks as measured by MDY, the SPDR S&P 400 Index Midcap ETF Trust, kept pace with SPLG at 1.3%.
Foreign Developed Markets benchmark ETF, iShares MSCI EAFE ETF barely broke neutral, gaining 0.1%. Emerging markets were far more resilient. The EM benchmark, iShares MSCI Emerging Markets Index ETFs gained a robust 1.7%. Featured in our longer analytic blog last week, GLDM, the SPDR Gold Mini Shares Trust, gained 1.5%.
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This week in the markets, you can expect ongoing focus on the tech sector, especially artificial intelligence announcements, and key economic data releases such as the Consumer Price Index (CPI) for inflation insights. Major company earnings reports from tech firms like Palo Alto Networks and Snowflake, along with consumer-facing businesses like TJX, Ross Stores and Ralph Lauren, will provide updates on corporate performance and consumer demand.
From a ValuEngine perspective, three of these five stocks, Palo Alto Networks (PANW), Ralph Lauren (RL) and Snowflake (SNOW) are rated 4 (Buy) while Ross Stores (ROSS) and TJX (TJX) are rated 3 (Hold). At 10%, SNOW is projected to gain the most in the next 12 months. However, it is the most overvalued (40+%) by far of this group. The other four are also overvalued, but only by between 10% and 12%. With nearly 2/3 of the companies in the S&P 500 Index calculated by ValuEngine as overvalued, that has become the rule, not the exception.
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