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Happy Wednesday! Welcome to TheStreet’s Stock Market Today for September 24, 2025. Stay tuned as we bring you the latest updates in our live blog throughout the day.
Despite two consecutive days of market declines, discussions are heating up over whether the bull run has reached its end. With stocks hovering just 2% below their all-time highs, now might be a good time to reach out to a financial planner for some guidance.
In a thought-provoking afternoon segment, Daniel Skelly, head of Wealth Management Market Research & Strategy Team at Morgan Stanley, shared his perspective. With ‘bubble’ discussions gaining traction, he stated:
The current market’s aggressive movement, particularly during a season typically marked by weakness, has sparked concerns of a ‘bubble’, especially concerning technology stocks. It’s crucial to recognize that no robust rally is immune to pullbacks, and while numerous uncertainties persist regarding policy and the economy, the surging market sentiment may be miscalibrated. Historically, over the last five decades, we have seen five bull markets exceeding a two-year duration, averaging eight years each. We are just shy of three years into the current bull market, which began in October 2022. Additionally, the tech sector’s current valuation isn’t necessarily inflated when viewed through a historical lens; the Nasdaq 100 once surged 56% above its 200-day moving average at its peak in March 2000, while today it sits around 13%. This highlights that foundational principles such as diversification and risk management remain vital, yet the long-term growth prospects remain encouraging.
Indeed, the Shiller P/E Ratio has climbed above 40 for the first time since the Dot Com Era, but the situation is multifaceted.
Concerns of irrational exuberance seem to overshadow the market. While some might argue that voices claiming “AI will resolve all issues in the next five years” are out of touch, there is an underlying reasonable anticipation for growth:
These are the analysts’ predictions for earnings growth compiled by FactSet, illustrated by Ryan Detrick from Carson Investment Research.
It’s clear investors are keen on tapping into this growth. Despite some hefty premiums, the demand for a slice of that growth isn’t unfounded. The prevailing trend seems to be a shift from individual stocks to diversified ETF products:
KB Home (KBH) (-0.05%) recently announced its earnings, showing a downturn in home deliveries and a decrease in home sale prices. The company has also revised its revenue forecast down from $6.3 billion to $6.5 billion, now estimating between $6.1 billion and $6.2 billion.
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