September 25 Market Report: Nvidia Flat as Rates Hit 22-Year High
Top U.S. stocks by market capitalization closed with moves of less than 1% even amid a surge in Treasury yields.
Data on major stocks compiled on the 24th (local time) showed Alphabet and Palantir essentially flat, at -0.04% and +0.04%, respectively. The New York market was weighed down as the U.S. 30-year Treasury yield hit its highest level since 2004, but hopes for U.S.-Iran negotiations on reopening the Strait of Hormuz helped limit losses. With markets pricing in as much as a 70% chance of an additional Fed rate hike, the indexes lost direction, and large-cap stocks moved more on rate variables than on company-specific news.
Moves Among the Top 10 Stocks by Market Cap
| Stock | Price | Change | Market Cap | P/E |
|---|---|---|---|---|
| Nvidia | 225.51 won | -0.01% | 5.45 trillion won | 28.5 |
| Apple | 337.02 won | -0.01% | 4.92 trillion won | 38.6 |
| Alphabet (GOOGL) | 337.83 won | -0.04% | 4.13 trillion won | 17.0 |
| Microsoft | 500.59 won | +0.01% | 3.72 trillion won | 27.9 |
| Amazon | 249.27 won | -0.02% | 2.69 trillion won | 20.0 |
| TSMC | 446.57 won | -0.01% | 2.32 trillion won | 33.2 |
| Meta | 744.10 won | +0.01% | 1.90 trillion won | 28.0 |
| Broadcom | 354.99 won | -0.03% | 1.69 trillion won | 45.3 |
| Tesla | 380.12 won | +0.00% | 1.50 trillion won | 345.6 |
| Micron | 1,071.88 won | -0.02% | 1.21 trillion won | 24.2 |
As the table shows, daily moves among the top-tier stocks mostly stayed within a range of 0.01% to 0.04%. Despite an environment that typically pressures growth-stock valuations through surging rates, the limited declines suggest expectations of an Iran deal offset selling pressure. Nvidia held on to the top spot with a market cap of 5.45 trillion won, roughly 0.5 trillion won ahead of second-place Apple (4.92 trillion won). Alphabet, on a combined GOOGL and GOOG basis, exceeds 8.2 trillion won in market cap — effectively larger than Nvidia as a single company.
What the Valuation Gaps Reveal
On the P/E front, the temperature gap between stocks is clear. Alphabet trades at 17.0x, the lowest among top-cap tech names, while Broadcom sits at 45.3x and Tesla has surged to 345.6x. Johnson & Johnson's P/E of 31.3x is somewhat high for a pharmaceutical stock, but relatively modest compared with sector peer AbbVie at 75.1x.
| Stock | P/E | EPS Growth |
|---|---|---|
| Palantir | 163.9 | +22,857.1% |
| AMD | 156.4 | +16,435.6% |
| Intel | - | +9,865.5% |
| Johnson & Johnson | 31.3 | +8,887.0% |
| Tesla | 345.6 | -4,709.0% |
| Meta | 28.0 | -256.0% |
Palantir's P/E of 163.9x looks daunting on paper, but as its EPS growth of 22,857% suggests, it can be interpreted as a distorted figure measured from a low base. Tesla, by contrast, faces a genuinely substantial valuation burden, with a 345.6x P/E and EPS growth of -4,709.0% pointing to clear earnings deterioration. Meta, too, posted EPS growth of -256.0%, leaving traces of a one-time earnings base effect wearing off. Nvidia's 6,599.3% growth rate directly reflects the strength of the semiconductor demand cycle.
The Tug-of-War Between Rate Risks and Energy Stability
The market's structure on the day was simple. Treasury yields hitting a 20-year high, pushing the odds of an additional Fed hike in October to 70%, acted as downward pressure, while news of Hormuz reopening negotiations served as an upward pillar. Indeed, Chevron (up 0.02% from the previous session) and ExxonMobil (up 0.02%) held near flat despite concerns over falling oil prices. As President Lee Jae-myung said at his summit with Australia — "Thanks to Australia, Korea's energy market is stable" — the restructuring of energy supply chains is expected to become a variable for Asian markets as a whole.
News that mortgage rates have broken through 7% could pose a latent burden for consumer-related stocks. That said, Walmart (up 0.00%) and Visa (down 0.00%) holding steady on the day suggests the real-economy indicators have not yet taken an immediate hit.
Investment Takeaways
In the short term, the direction of rates will be the top criterion for stock selection. Alphabet (17.0x), Amazon (20.0x), and JPMorgan (14.5x), all trading at or below 20x P/E, are relatively defensive in a rising-rate phase. Tesla and Palantir, above 100x, should brace for heightened volatility if rates rise again. Broadcom and TSMC, in the 30x–45x range, will likely diverge depending on whether AI demand persists. As long as the market moves sideways, focusing on individual stocks' valuation-earnings gaps will be more effective than tracking the indexes.
