Indexes Hit Record Highs; Nasdaq Jumps 245 Points

Investors are turning back toward tech stocks after yesterday's highly-anticipated 25-basis point rate cut, with two more rate cuts expected this calendar year. The tech-heavy Nasdaq Composite (IXIC) is up 245 points after Nvidia (NVDA) announced a $5 billion stake in Intel (INTC) as well as a data center partnership, sending shares of the latter soaring. The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are modestly higher as well, with all three major benchmarks notching record highs in today's session.

Continue reading for more on today's market, including:

• GDP data will feature next week on Wall Street.
• Steel stock slides on Q3 outlook trim.
• Plus, social media stock options pop; healthcare tech name surging; and metals stock slashing its quarterly forecast.

Social media platform Snap Inc (NYSE:SNAP), is seeing an influx of activity in the options pits today. So far, 267,000 calls and 73,000 puts have crossed the tape, 4 times the average daily pace. Most popular are the September 8.50 call and the weekly 9/26 8.50-strike call, the former of which will expire after the close today. Lawsuit buzz continues to encase the equity, with a class action case filed for securities fraud. SNAP is off 23% in 2025 and was last seen up 3.2% to trade at $8.24.

One of the best stocks on the New York Stock Exchange (NYSE) today is Owlet Inc (NYSE:OWLT), last seen up 10.8% at $8.28, eyeing its highest close since Aug. 18, though the reason behind the jump is unclear. OWLT is pushing above resistance at the $8 ceiling, looking to shave more off its 3.3% quarter-to-date deficit. 

Iron and steel giant Nucor Corp (NYSE:NUE) is down 4.5% at $136.47 at last check, one of the worst performing stocks on the NYSE today, after cutting its third-quarter forecast. Low profitability across segments was cited as the reason behind the slash, pressuring the shares toward their worst daily drop since June 11. However, in 2025 NUE remains up 16%.