by Louis Navellier
September 23, 2025
In this week of Fed hints, rumors and conflicting views, we’ll hear from no fewer than TEN Fed officials speaking this week, so we will likely get a better idea of future key interest rate cuts. In the meantime, Minneapolis Fed’s Neel Kashkari published an essay which said that the labor market “appears to be weakening” and “nominal wage growth continues to moderate.” Kashkari also said that inflation remains high, but inflation expectations haven’t risen, as expected. In conclusion, Kashkari said, “I do not believe we should be on a preset course for a series of rate cuts.” So clearly Kashkari is one of the Fed’s hawks.
The biggest economic case for rate cuts is the weak housing market, which is hamstrung by stubbornly high mortgage rates. The Commerce Department reported last Wednesday that new housing starts declined to a 1.307-million annual pace in August, down substantially from a revised 1.429-million annual pace in July. Economists were expecting housing starts to reflect a 1.37-million pace in August, so the drop was much bigger than expected. Also notable is that building permits declined to a 1.312-million annual pace in August, down from a revised 1.362-million annual pace in July. Clearly, the housing industry needs the Fed to cut interest rates substantially – just to help the housing market recover.
One reason the Fed only cut key interest rates by 0.25% last week is that the Commerce Department reported last Tuesday (as the Fed met) that retail sales rose 0.6% in August, substantially higher than the economists’ consensus estimate of a 0.3% increase. Excluding vehicle sales, retail sales rose by an even more impressive 0.7% in August. Online sales surged 2% in August. Back-to-school sales apparently boosted clothing & accessories 1% in August, as well as sporting goods, which rose 0.8%. Fully nine of the 13-categories surveyed increased in August, which is a good sign that consumer spending is healthy.
New jobless claims declined to 231,000, down from 264,000 in the previous week, which was the highest level in four-years. Economists were expecting 240,000 claims, so this report was better than expected. Existing jobless claims remain high at 1.92-million, roughly equal to 1.93-million in the previous week.
One big surprise last week is that President Trump called for companies to start announcing their sales and earnings every six-months, versus the current quarterly announcements cycle. Specifically, Trump said on Truth Social, “Subject to SEC Approval, Companies and Corporations should no longer be ‘Required’ to report on a quarterly basis … but rather on a Six (6) Month Basis.” I suspect this push to bi-annual versus quarterly accounting will get some push-back, since it was entirely unexpected.
Trump Talks with China’s President Xi to Expand Business Opportunities
President Trump talked with Chinese President Xi on Friday. On Truth Social, Trump said “The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly. A deal was also reached on a ‘certain’ company that young people in our Country very much wanted to save. They will be very happy!”
In other words, Trump and Xi are expected to announce a Tik Tok deal.
In the meantime, China announced that a preliminary investigation found Nvidia violated that country’s anti-monopoly law in connection with an acquisition of Mellanox Technologies, an Israeli company that it acquired in 2020. China’s antitrust regulator said the investigation was continuing, and it didn’t elaborate on the alleged violations, or say whether it would punish Nvidia. I suspect that China needs leverage and this Nvidia investigation is part of that leverage; in my opinion any pullback in Nvidia is a great buying opportunity!
Last Thursday, Nvidia announced a $5-billion investment in Intel, in which both companies will custom design and manufacture “multiple-generations” of custom chips for data-centers and personal computers. Nvidia and Intel are focused “on seamlessly connecting Nvidia and Intel architectures,” using NVLink, its interconnect technology that allows multiple graphics processing units to connect to each other or to central processing units for fast and efficient communication between chips in data-centers. The NVLink interconnect helps boost scaling to handle intense AI and high-performance computing workloads. Nvidia’s Jensen Huang said, “This historic collaboration tightly couples Nvidia’s AI and accelerated computing stack with Intel’s CPUs and the vast x86 ecosystem … a fusion of two world-class platforms.”
The Financial Times reported that the Cyberspace Administration of China told companies, including ByteDance and Alibaba, to end their testing and orders of the RTX Pro 6000D, Nvidia’s tailor-made product for China. This is expected to provide the leverage that President Xi can utilize to negotiate a better trade deal with the U.S. It will be interesting to see exactly what President Trump announces.
The lidar company I recommend, Hesai (HSAI), recently received a $40-million order for its sensors from a leading U.S. robo-taxi company, which is what I assume is Waymo. Interestingly, Hesai’s co-founder, David Li, said he remained “conservative” about scaling up fully to autonomous vehicles. Recently, there was a fatal crash in a Xiaomi SU7 sedan in China, which caused Chinese regulators to tighten their regulations for self-driving vehicles. Interestingly, Hesai just raised $535-million in a secondary stock offering. The company now dominates LIDAR sensors and is effectively now a monopoly.
In other overseas news, France continues to implode. Sebastien Lecornu, the new French Prime Minister, is not doing very well in his negotiations with Parliament on a new budget. French unions have launched widespread anti-austerity protests. Lecornu has so far given few indications of any concessions he is willing to make. As Prime Minister, he will need to strike deals with some opposition lawmakers to avoid being ousted, but his consultations with rival groups have, so far, made little progress. In the meantime, Marine Le Pen’s National Rally party retains control over Parliament and is pushing for strategic cuts.
Navellier & Associates; own Nvidia Corp (NVDA), Alphabet Inc. Class A & C (GOOGL), Hesai Group Sponsored ADR (HSAI), and Intel (INTC), in managed accounts. Louis Navellier and his family own Nvidia Corp (NVDA), and Hesai Group Sponsored ADR (HSAI), via a Navellier managed account and Nvidia Corp (NVDA), in a personal account. They do not own Intel (INTC) or Alphabet Inc. Class A & C (GOOGL), personally.
All content above represents the opinion of Louis Navellier of Navellier & Associates, Inc.
Also In This Issue
A Look Ahead by Louis Navellier
The Case for More Interest Rate Cuts in 2025
Income Mail by Bryan Perry
Russell 2000 Delivers Broad-Based Rally Confirmation
Growth Mail by Gary Alexander
In Market Lingo, a “Fall” (Season) Means a Rise (in Stocks)
Global Mail by Ivan Martchev
We’re In “Thin-Air” Territory in the U.S. Stock Market
Sector Spotlight by Jason Bodner
Welcome to the “Bamboo” Market
View Full Archive
Read Past Issues Here
Louis Navellier
CHIEF INVESTMENT OFFICER
Louis Navellier is Founder, Chairman of the Board, Chief Investment Officer and Chief Compliance Officer of Navellier & Associates, Inc., located in Reno, Nevada. With decades of experience translating what had been purely academic techniques into real market applications, he believes that disciplined, quantitative analysis can select stocks that will significantly outperform the overall market. All content in this “A Look Ahead” section of Market Mail represents the opinion of Louis Navellier of Navellier & Associates, Inc.
Important Disclosures:
Although information in these reports has been obtained from and is based upon sources that Navellier believes to be reliable, Navellier does not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute Navellier’s judgment as of the date the report was created and are subject to change without notice. These reports are for informational purposes only and are not a solicitation for the purchase or sale of a security. Any decision to purchase securities mentioned in these reports must take into account existing public information on such securities or any registered prospectus.To the extent permitted by law, neither Navellier & Associates, Inc., nor any of its affiliates, agents, or service providers assumes any liability or responsibility nor owes any duty of care for any consequences of any person acting or refraining to act in reliance on the information contained in this communication or for any decision based on it.
Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any securities recommendations made by Navellier. in the future will be profitable or equal the performance of securities made in this report. Dividend payments are not guaranteed. The amount of a dividend payment, if any, can vary over time and issuers may reduce dividends paid on securities in the event of a recession or adverse event affecting a specific industry or issuer.
None of the stock information, data, and company information presented herein constitutes a recommendation by Navellier or a solicitation to buy or sell any securities. Any specific securities identified and described do not represent all of the securities purchased, sold, or recommended for advisory clients. The holdings identified do not represent all of the securities purchased, sold, or recommended for advisory clients and the reader should not assume that investments in the securities identified and discussed were or will be profitable.
Information presented is general information that does not take into account your individual circumstances, financial situation, or needs, nor does it present a personalized recommendation to you. Individual stocks presented may not be suitable for every investor. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. Investment in fixed income securities has the potential for the investment return and principal value of an investment to fluctuate so that an investor’s holdings, when redeemed, may be worth less than their original cost.
One cannot invest directly in an index. Index is unmanaged and index performance does not reflect deduction of fees, expenses, or taxes. Presentation of Index data does not reflect a belief by Navellier that any stock index constitutes an investment alternative to any Navellier equity strategy or is necessarily comparable to such strategies. Among the most important differences between the Indices and Navellier strategies are that the Navellier equity strategies may (1) incur material management fees, (2) concentrate its investments in relatively few stocks, industries, or sectors, (3) have significantly greater trading activity and related costs, and (4) be significantly more or less volatile than the Indices.
ETF Risk: We may invest in exchange traded funds (“ETFs”) and some of our investment strategies are generally fully invested in ETFs. Like traditional mutual funds, ETFs charge asset-based fees, but they generally do not charge initial sales charges or redemption fees and investors typically pay only customary brokerage fees to buy and sell ETF shares. The fees and costs charged by ETFs held in client accounts will not be deducted from the compensation the client pays Navellier. ETF prices can fluctuate up or down, and a client account could lose money investing in an ETF if the prices of the securities owned by the ETF go down. ETFs are subject to additional risks:
- ETF shares may trade above or below their net asset value;
- An active trading market for an ETF’s shares may not develop or be maintained;
- The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track;
- The cost of owning shares of the ETF may exceed those a client would incur by directly investing in the underlying securities; and
- Trading of an ETF’s shares may be halted if the listing exchange’s officials deem it appropriate, the shares are delisted from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.
Grader Disclosures: Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. The sample portfolio and any accompanying charts are for informational purposes only and are not to be construed as a solicitation to buy or sell any financial instrument and should not be relied upon as the sole factor in an investment making decision. As a matter of normal and important disclosures to you, as a potential investor, please consider the following: The performance presented is not based on any actual securities trading, portfolio, or accounts, and the reported performance of the A, B, C, D, and F portfolios (collectively the “model portfolios”) should be considered mere “paper” or pro forma performance results based on Navellier’s research.
Investors evaluating any of Navellier & Associates, Inc.’s, (or its affiliates’) Investment Products must not use any information presented here, including the performance figures of the model portfolios, in their evaluation of any Navellier Investment Products. Navellier Investment Products include the firm’s mutual funds and managed accounts. The model portfolios, charts, and other information presented do not represent actual funded trades and are not actual funded portfolios. There are material differences between Navellier Investment Products’ portfolios and the model portfolios, research, and performance figures presented here. The model portfolios and the research results (1) may contain stocks or ETFs that are illiquid and difficult to trade; (2) may contain stock or ETF holdings materially different from actual funded Navellier Investment Product portfolios; (3) include the reinvestment of all dividends and other earnings, estimated trading costs, commissions, or management fees; and, (4) may not reflect prices obtained in an actual funded Navellier Investment Product portfolio. For these and other reasons, the reported performances of model portfolios do not reflect the performance results of Navellier’s actually funded and traded Investment Products. In most cases, Navellier’s Investment Products have materially lower performance results than the performances of the model portfolios presented.
This report contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are “forward-looking statements” within the meaning of The U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by such forward-looking terminology as “expect,” “estimate,” “plan,” “intend,” “believe,” “anticipate,” “may,” “will,” “should,” “could,” “continue,” “project,” or similar statements or variations of such terms. Our forward-looking statements are based on a series of expectations, assumptions, and projections, are not guarantees of future results or performance, and involve substantial risks and uncertainty as described in Form ADV Part 2A of our filing with the Securities and Exchange Commission (SEC), which is available at www.adviserinfo.sec.gov or by requesting a copy by emailing info@navellier.com. All of our forward-looking statements are as of the date of this report only. We can give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially. You are urged to carefully consider all such factors.
FEDERAL TAX ADVICE DISCLAIMER: As required by U.S. Treasury Regulations, you are informed that, to the extent this presentation includes any federal tax advice, the presentation is not written by Navellier to be used, and cannot be used, for the purpose of avoiding federal tax penalties. Navellier does not advise on any income tax requirements or issues. Use of any information presented by Navellier is for general information only and does not represent tax advice either express or implied. You are encouraged to seek professional tax advice for income tax questions and assistance.
IMPORTANT NEWSLETTER DISCLOSURE:The hypothetical performance results for investment newsletters that are authored or edited by Louis Navellier, including Louis Navellier’s Growth Investor, Louis Navellier’s Breakthrough Stocks, Louis Navellier’s Accelerated Profits, and Louis Navellier’s Platinum Club, are not based on any actual securities trading, portfolio, or accounts, and the newsletters’ reported hypothetical performances should be considered mere “paper” or proforma hypothetical performance results and are not actual performance of real world trades. Navellier & Associates, Inc. does not have any relation to or affiliation with the owner of these newsletters. There are material differences between Navellier Investment Products’ portfolios and the InvestorPlace Media, LLC newsletter portfolios authored by Louis Navellier. The InvestorPlace Media, LLC newsletters contain hypothetical performance that do not include transaction costs, advisory fees, or other fees a client might incur if actual investments and trades were being made by an investor. As a result, newsletter performance should not be used to evaluate Navellier Investment services which are separate and different from the newsletters. The owner of the newsletters is InvestorPlace Media, LLC and any questions concerning the newsletters, including any newsletter advertising or hypothetical Newsletter performance claims, (which are calculated solely by Investor Place Media and not Navellier) should be referred to InvestorPlace Media, LLC at (800) 718-8289.
Please note that Navellier & Associates and the Navellier Private Client Group are managed completely independent of the newsletters owned and published by InvestorPlace Media, LLC and written and edited by Louis Navellier, and investment performance of the newsletters should in no way be considered indicative of potential future investment performance for any Navellier & Associates separately managed account portfolio. Potential investors should consult with their financial advisor before investing in any Navellier Investment Product.
Navellier claims compliance with Global Investment Performance Standards (GIPS). To receive a complete list and descriptions of Navellier’s composites and/or a presentation that adheres to the GIPS standards, please contact Navellier or click here. It should not be assumed that any securities recommendations made by Navellier & Associates, Inc. in the future will be profitable or equal the performance of securities made in this report.
FactSet Disclosure: Navellier does not independently calculate the statistical information included in the attached report. The calculation and the information are provided by FactSet, a company not related to Navellier. Although information contained in the report has been obtained from FactSet and is based on sources Navellier believes to be reliable, Navellier does not guarantee its accuracy, and it may be incomplete or condensed. The report and the related FactSet sourced information are provided on an “as is” basis. The user assumes the entire risk of any use made of this information. Investors should consider the report as only a single factor in making their investment decision. The report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security. FactSet sourced information is the exclusive property of FactSet. Without prior written permission of FactSet, this information may not be reproduced, disseminated or used to create any financial products. All indices are unmanaged and performance of the indices include reinvestment of dividends and interest income, unless otherwise noted, are not illustrative of any particular investment and an investment cannot be made in any index. Past performance is no guarantee of future results.