S&P 500 ends higher after Trump attacks Fed; Nvidia climbs
Tue August 26, 2025 5:17 PM
The three indexes ran more or less flat until about 2 pm, dampened by Trump’s interference in the Fed’s independence which is deeply concerning to the markets. But after 2 pm, focus was redirected to the likelihood of the September rate cut which triggered more buying and left all three closing respectably in the black. The sentiment seems to be that the moves to replace Fed governors in order to force more cuts is not only illegal but unnecessary since the trajectory of rate cuts has already been established.
Thus, there is the full expectation that more will be coming in the next 6 to 12 months. Still, in the long run, the loss of independence would be very serious. Meanwhile, it’s still pins and needles waiting for Wednesday’s Nvidia report, which so many portfolios depend upon, and which could cause either a rally or a sell off. This is especially concerning given that the S&P is now trading at a multiple of 23, which is a 4-year high. If Nvidia disappoints, that could come crashing down. At 15.7 billion, volume remains below average but getting much closer to the 4-week of 16.9 billion.
DJ: 45,282.47 -349.27 NAS: 21,449.29
-47.24 S&P: 6,439.32
-27.59 8/25
DJ: 45,418.07 +135.60 NAS: 21,544.27
+94.98 S&P: 6,465.94
+26.62 8/26
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