An uptick in oil prices provided a boost to stocks in the energy sector on Tuesday, September 16, 2025, while optimism around a potential media merger dwindled. Shares of APA Corp. and other oil producers experienced notable gains as crude oil futures prices rose. This shift in the energy market occurred alongside declines in the shares of Warner Bros. Discovery and Paramount Skydance, which faced scrutiny from Sen. Elizabeth Warren (D-MA) regarding merger discussions, compounded by a downgrade from an analyst impacting Warner Bros. Discovery’s stock.
The S&P 500 saw a slight decrease of 0.1%, pulling back from record levels as market participants awaited the Federal Reserve’s decision on interest rates scheduled for the following day. The Nasdaq also dipped 0.1%, putting an end to its six-session streak of record closures. Meanwhile, the Dow Jones Industrial Average fell by 0.3%.
The rise in crude oil prices was fueled by reports of drone strikes on critical Russian production facilities, raising concerns over global supply. Traders positioned themselves ahead of expected interest-rate adjustments later in the week. Notably, APA Corp. shares surged by 7%, marking the highest performance in the S&P 500 for the day. Occidental Petroleum saw an increase of 5%, with other energy stocks following suit.
In the steel sector, Steel Dynamics (STLD) reported a stronger-than-anticipated outlook for its upcoming third quarter, leading to a 6.1% increase in its stock price. The steelmaker cited robust demand across residential construction, automotive, energy, and industrial sectors, along with improved profitability prospects due to favorable metal spreads, as raw material costs for scrap were declining faster than average steel prices.
Hershey’s stock also rose by 4.3% following a significant upgrade from Goldman Sachs, which shifted its rating from “sell” to “buy.” Analysts expressed confidence that Hershey could navigate pressures from elevated cocoa costs and tariffs through strong pricing strategies and improved market share.
Biotechnology company Moderna saw its shares climb by 4% after it released promising preliminary data regarding its latest COVID-19 vaccine version. The firm reported a strong immune response in high-risk groups and individuals over the age of 65, indicating that the safety profile aligned with prior studies.
Conversely, Warner Bros. Discovery’s shares plummeted by 6.2%, marking the steepest decline among S&P 500 stocks. This drop followed significant gains from the previous week, where speculation surrounding a potential acquisition by Paramount Skydance had driven the stock up. Senator Warren’s criticism of the prospective merger, along with a downgrade from TD Cowen analysts—who revised their rating from “buy” to “hold”—fueled concerns about the sustainability of Warner Bros. Discovery’s stock increase if the merger fails to materialize. Paramount Skydance shares also experienced a decline, falling by 5.7%.
Additionally, Emerson Electric’s stock dipped by 4.9% after the industrial automation firm adjusted its expectations for full-year sales, indicating they would likely fall at the lower end of its original forecast. The company cited economic challenges in China and Europe as contributing factors to its revised outlook.
