Sept. 17 Market Report: Dow Plunges 1.21% as Nvidia Holds Steady
Major U.S. stocks finished essentially flat amid the aftershocks of the Federal Reserve's rate hike.
According to major stock prices compiled on September 16, 2026, most large-cap stocks were confined to narrow moves of around ±0.03%. The Dow fell 1.21% after the Fed raised its benchmark rate by 0.25 percentage points for the first time in about three years and left the door open to further tightening, but individual large caps moved far less than the index. Mega-cap tech names such as Nvidia, Apple, and Alphabet played a defensive role.
Major Stock Prices at a Glance
| Stock | Price | Change | Market Cap | P/E |
|---|---|---|---|---|
| Nvidia | 212.17 | +0.01% | $5.12T | 26.8 |
| Apple | 331.34 | -0.01% | $4.84T | 38.0 |
| Alphabet (GOOGL) | 344.98 | -0.01% | $4.22T | 17.3 |
| Microsoft | 497.12 | -0.02% | $3.69T | 28.2 |
| Amazon | 248.42 | -0.02% | $2.68T | 20.0 |
| TSMC | 413.75 | -0.01% | $2.15T | 30.7 |
| Meta | 670.24 | +0.01% | $1.71T | 25.3 |
| Broadcom | 339.27 | -0.02% | $1.62T | 43.3 |
| Tesla | 356.58 | -0.01% | $1.41T | 333.3 |
| Chevron | 217.77 | +0.03% | $0.43T | 21.0 |
| Oracle | 140.35 | -0.03% | $0.42T | 22.0 |
| Palantir | 172.56 | -0.00% | $0.41T | 147.5 |
As the table shows, Oracle posted the day's steepest decline at just -0.03%. Among gainers, ExxonMobil and Chevron each rose +0.03%, reflecting relative strength in the energy sector. Energy stocks, which stand to benefit from rising oil prices during a rate-hike cycle, appear to have been rewarded for their earnings resilience.
Sector Trends and Valuation Gaps
Even within tech, a clear divergence in temperature is visible. Alphabet, at a P/E of 17.3, and Amazon, at 20.0, posted the lowest valuations among large-cap tech names. By contrast, Broadcom at 43.3 and Apple at 38.0 still carry thick growth premiums. Nvidia, with a P/E of 26.8 and EPS growth of 6,599.3%, is statistically in undervalued territory relative to its growth.
There are also extreme valuation warning signs. Tesla's P/E of 333.3 places it firmly in overvalued territory, while its EPS growth deteriorated to -4,709.0%. Palantir, too, trades at a P/E of 147.5. Since these stocks lack the earnings to support their valuations, they could face mounting correction pressure during a rising-rate environment.
By contrast, Intel's earnings base is so weak that its P/E cannot be computed, but its EPS growth of 9,865.5% points to a rapid recovery. AMD, despite a P/E of 128.3, boasts EPS growth of 16,435.6%, the biggest earnings improvement in the semiconductor sector. TSMC's EPS growth of 4,430.2% also corroborates a recovery in semiconductor demand.
Index Trackers and the Role of Defensive Stocks
The SPDR (SPY) and Vanguard S&P 500 ETFs were each at -0.00%, essentially flat. This shows that the index itself held steady as individual large-cap moves offset one another. Berkshire Hathaway, with a P/E of 13.0 and a market cap exceeding $1 trillion, continued to serve as a safe haven. Pharmaceutical stocks such as Johnson & Johnson (31.0) and Eli Lilly (38.2), along with payment names like Visa (31.9) and Mastercard (31.6), also held their ground.
Outlook and Investment Implications
The prospect of further Fed tightening is likely to remain the market's dominant variable for the time being. Volatility could still expand—as underscored by Wall Street's 1.21% Dow decline—but if large-cap tech earnings growth continues to offset valuation burdens, the index's downside resilience should hold as well. As Sam Altman put it, good companies tend to emerge before the end times—and today's AI beneficiaries are precisely the stocks of that "meantime."
Strategically, stocks that combine earnings resilience with low valuations—such as Alphabet, Amazon, and Berkshire, all trading under a P/E of 20—are expected to offer relative stability during the rate-hike cycle. High-valuation names above a P/E of 100, such as Tesla and Palantir, could see heightened volatility ahead of earnings releases, suggesting the need to trim positions.
