WASHINGTON, 22 September 2025 22 – Wall Street looked set for a weaker open on Monday after hitting record highs last week, as investor sentiment cooled on the back of President Donald Trump’s visa policies and profit-taking in technology stocks.
The pullback follows a tech-driven rally on Fridaay that pushed all three major indexes to record closes for a second straight session, with the S&P 500 and Nasdaq notching a third consecutive week of gains.
Trump’s Visa Crackdown Hits Tech
U.S. technology firms slipped in premarket trading after the Trump administration said on Friday it would require companies to pay $100,000 annually for H-1B working visas. The announcement prompted some large tech groups and banks to advise employees to stay in the U.S. or return quickly.
Mega-cap stocks such as Microsoft (MSFT.O) and Amazon.com (AMZN.O) edged lower, reflecting concerns over reliance on skilled workers from India and China.
Shares of Cognizant Technology Solutions (CTSH.O), JPMorgan (JPM.N), and Intel (INTC.O) — among the biggest sponsors of H-1B visas — were down between 0.5% and 1.6%.
“The fees and the recent visa-related news flow point to an environment that’s getting incrementally stringent and could hurt the sentiment,” said Tien-tsin Huang, equity analyst at J.P. Morgan. “Companies and clients will take actions to minimize the financial impact.”
At 8:19 a.m. ET, Dow E-minis were down 174 points (0.37%), S&P 500 E-minis slipped 23 points (0.34%), and Nasdaq 100 E-minis fell 96.25 points (0.39%). Futures tied to the Russell 2000 eased 0.2% after the index hit an intraday record high on Friday.
Fed Policy and Market Momentum
Last week, the Federal Reserve cut rates by a quarter point and signaled more reductions ahead, fueling optimism around equity markets. Enthusiasm for AI-linked trading stocks also contributed to the recent rally.
Despite September’s reputation as a historically weak month for U.S. equities — the S&P 500 has averaged a 1.4% decline since 2000, according to LSEG data — all three indexes remain in positive territory so far this month.
Stock Movers
- Kenvue (KVUE.N) fell 4.6% amid expectations of a Trump administration announcement linking its Tylenol product to autism risk during pregnancy.
- Pfizer (PFE.N) rose 1.7% after agreeing to acquire weight-loss drug developer Metsera (MTSR.O) in a deal worth up to $7.3 billion. Metsera shares soared 60%.
- Compass (COMP.N) plunged 11.2% after agreeing to acquire rival Anywhere Real Estate (HOUS.N) in a $4.2 billion all-stock deal. Anywhere’s shares surged over 52%.
- Fox Corp (FOXA.O) gained 5% after a report suggested its top executive is eyeing a stake in TikTok.
Investors are awaiting key U.S. economic data this week, including personal consumption expenditure (the Fed’s preferred inflation gauge) and gross domestic product, along with comments from newly appointed Fed Governor Stephen Miran.
Source: Reuters
