Stock Market Flat While Gold Retreats From Highs/ Newslooks/ WASHINGTON/ J. Mansour/ Morning Edition/ U.S. stocks hovered near record highs Wednesday while gold prices continued to decline after hitting historic peaks. Mixed earnings results created turbulence, with some companies like Intuitive Surgical soaring and others, including Netflix, falling sharply. Gold fell 0.8% after a 5.3% plunge Tuesday, but remains up over 50% in 2025.
Stock Market & Gold Price Movement + Quick Looks
- S&P 500, Dow, and Nasdaq all drifted slightly lower.
- Gold slid 0.8%, following a sharp 5.3% drop Tuesday.
- Capital One and Western Alliance beat earnings expectations.
- Netflix tumbled 8.3% on weaker-than-expected quarterly results.
- Beyond Meat surged nearly 49%, continuing meme-stock momentum.
- GE Vernova and Intuitive Surgical reported strong quarterly earnings.
- Gold still up 50% year-to-date despite recent declines.
- European and Asian markets showed mixed performance.
- 10-year Treasury yield dipped to 3.96%.
Deep Look: US Stocks Remain Steady as Gold Retreats From Highs
NEW YORK, Oct. 22, 2025 – U.S. stocks held close to their all-time highs on Wednesday morning, even as gold prices continued to tumble from recent record levels. Wall Street markets remained mostly flat amid mixed earnings reports and ongoing investor speculation about interest rates and inflation.
The S&P 500 slipped 0.1% in early trading, positioning just beneath its record high set earlier this month. The Dow Jones Industrial Average dipped by 65 points, or 0.1%, while the Nasdaq composite fell 0.3% as of 9:35 a.m. Eastern.
Despite the minor declines, major indexes remain near historic highs, supported by a strong corporate earnings season and hopes that the Federal Reserve will ease interest rates in 2026.
Financials Steady Amid Earnings Wave
Bank stocks remained relatively stable on Wednesday after several financial institutions beat Wall Street expectations. Capital One Financial and Western Alliance Bancorp were among the notable outperformers. Western Alliance’s report was especially welcome after recent investor jitters stemming from concerns about potential loan losses, including those tied to fraud.
GE Vernova ticked up 0.5%, and Intuitive Surgical soared 16.5% following stronger-than-expected earnings. These positive surprises were part of a broader earnings season where, as is often the case, a majority of companies have surpassed analyst forecasts.
However, not all companies managed to deliver. Netflix, which has already surged nearly 40% this year, dropped 8.3% after missing earnings expectations. Similarly, AT&T fell 4.5% and Texas Instruments lost 7.7% on weaker-than-expected profits.
The market has seen rapid gains in 2025, with the S&P 500 rallying more than 35% since April. That upswing has raised expectations—and pressure—for companies to justify their high valuations with strong financial performance.
Beyond Meat Surges Again
Meme stock Beyond Meat continued its wild ride, skyrocketing another 48.9%, bringing its gain for the week to a staggering 735%. A recent announcement that Walmart will increase distribution of Beyond Meat products to over 2,000 U.S. stores is partly fueling the rally.
Beyond Meat is currently the largest holding in the Roundhill Meme Stock ETF, a fund that invests in companies popular with retail traders regardless of financial fundamentals.
Gold Pullback Continues
The price of gold slipped 0.8% Wednesday to $4,075 per ounce, extending its losses after Tuesday’s steep 5.3% decline, which knocked it off its all-time high.
Still, gold remains one of the strongest-performing assets in 2025, with a year-to-date gain of more than 50%.
Investors have flocked to the precious metal amid concerns over inflation, rising global debt levels, and expectations that the Federal Reserve will begin cutting interest rates next year. However, some analysts have warned that gold’s sharp rally may have gone too far, too quickly—prompting the current correction.
Despite the pullback, the underlying reasons for gold’s rise—such as inflation fears and fiscal instability—remain unchanged.
Global Markets Mixed
International markets posted varied results Wednesday. In Europe, the FTSE 100 in London rose 1% after inflation data spurred hopes for a Bank of England rate cut next month. In Asia, South Korea’s Kospi jumped 1.6%, while Hong Kong’s Hang Seng slid 0.9% and France’s CAC 40 dipped 0.2%.
The 10-year U.S. Treasury yield edged slightly lower to 3.96% from 3.98% the previous day, reflecting continued investor confidence in the Fed’s expected dovish stance heading into 2026.
What to Watch Next
Markets are watching closely for further earnings reports and economic data, particularly around inflation and labor markets. The Federal Reserve’s next policy moves remain the key driver of both equity and commodity prices, especially as speculation builds around potential rate cuts in the coming quarters.
Volatility in the gold market could persist as traders gauge whether the recent price decline is a short-term correction or the beginning of a broader retracement. Meanwhile, U.S. equities continue to test record levels, supported by strong corporate results but vulnerable to any disappointment.
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