Nasdaq Hits Record 27,244 as Oil Slides 1% on Iran Talks; Dow Falls 185 Points

Mumbai, Sept 22: US equities closed mixed on Tuesday, with the Nasdaq Composite notching a second consecutive record close even as the Dow Jones Industrial Average slipped on financial sector weakness. The tech-heavy index gained 122.18 points, or 0.45%, to close at a record 27,244.28, while the S&P 500 finished essentially flat at 7,764.64, down just 0.06 points.  

The Dow Jones Industrial Average shed 185.14 points, or 0.36%, to end at 51,863.69. Oil prices declined for a fifth consecutive session after President Donald Trump said US officials held a “very good meeting” with Iran’s delegation at the United Nations General Assembly, with Brent crude settling 1.09% lower at $99.25 per barrel and US crude falling 1.24% to $94.59. 

Nasdaq Gains 122 Points as AI Trade Lifts Technology Shares Higher 

The Nasdaq Composite opened at 27,161.20 and closed at 27,244.28, gaining 122.18 points, or 0.45%. The index touched an intraday record high of 27,288.79, which also marked its 52-week high, while the day’s low matched its opening level of 27,161.20. The advance followed Monday’s 2.26% surge that delivered the index’s first record close since June. Trading volume reached 7,880,756,000 shares, below the average volume of 8,546,746,825. 

Technology and growth-oriented shares drove the session’s gains. Among Nasdaq 100 constituents, Monolithic Power Systems climbed 8.06%, Shopify advanced 7.12%, and Micron Technology gained 5.00%. Seagate Technology rose 4.85%, Amgen gained 4.34%, and Western Digital added 3.67%. Arm Holdings gained 3.19%, while Lam Research advanced 2.87% and Applied Materials rose 1.77%. 

On the downside, Cisco Systems declined 4.50%, Adobe fell 4.52%, and Intuit dropped 3.87%. Booking Holdings slipped 2.55%, T-Mobile US fell 1.73%, and Netflix declined 1.64%. Among Nasdaq constituents, the top gainers were Monolithic Power Systems at +8.06%, Shopify at +7.12%, Micron Technology at +5.00%, Seagate Technology at +4.85%, and Amgen at +4.34%. The top losers were Adobe at -4.52%, Cisco Systems at -4.50%, Intuit at -3.87%, Booking Holdings at -2.55%, and T-Mobile US at -1.73%. The index’s year-to-date gain stands at 17.22%, while its 52-week low is 20,690.25. 

S&P 500 Closes Flat as Financials Slide Offsetting Tech Gains 

The S&P 500 opened at 7,770.81 and ended at 7,764.64, a marginal decline of 0.06 points, or less than 0.01%. The benchmark traded between an intraday high of 7,782.19 and a low of 7,756.26. The index remains just 0.4% below its all-time high set in August. Trading volume reached 3,158,868,000 shares, below the average volume of 5,144,309,841. 

The session’s flat close masked sharp divergence beneath the surface. Financial stocks sold off heavily, with Charles Schwab plunging 6.11%, Wells Fargo losing 3.92%, JPMorgan Chase declining 3.42%, and Bank of America dropping 3.04%. Morgan Stanley fell 2.88% and American Express declined 2.72%. Technology shares provided partial offset, as Sandisk surged 6.82%, Micron Technology advanced 5.00%, and Seagate Technology gained 4.85%. Western Digital added 3.67%, Deere rose 2.69%, and Home Depot gained 2.74%. 

Among S&P 500 constituents, the top gainers were Sandisk at +6.82%, Micron Technology at +5.00%, Seagate Technology at +4.85%, Western Digital at +3.67%, and Monolithic Power Systems at +8.06%. The top losers were Charles Schwab at -6.11%, Royal Caribbean at -6.14%, Dell Technologies at -4.57%, Valero Energy at -4.10%, and Wells Fargo at -3.92%. The index’s year-to-date gain stands at 13.43%, while its 52-week high is 7,816.70 and 52-week low is 6,316.91. 

Dow Falls 185 Points as Financial Heavyweights Weigh on Blue Chips 

The Dow Jones Industrial Average opened at 52,301.92 and closed at 51,863.69, declining 185.14 points, or 0.36%. The index touched an intraday high of 52,319.01 and a low of 51,726.08. The blue-chip benchmark was pressured by its financial constituents, with JPMorgan Chase falling 3.42%, American Express declining 2.72%, Visa losing 2.14%, and Goldman Sachs dropping 1.03%. Travelers declined 2.46% and UnitedHealth fell 1.22%. 

Offsetting some losses, Amgen surged 4.34%, Home Depot gained 2.74%, and Walmart rose 2.49%. Coca-Cola advanced 1.71%, Procter & Gamble added 1.46%, and Merck gained 0.94%. Chevron slipped 0.62%, while Boeing declined 1.71% and Caterpillar fell 1.04%. 

Among Dow constituents, the top gainers were Amgen at +4.34%, Home Depot at +2.74%, Walmart at +2.49%, Coca-Cola at +1.71%, and Procter & Gamble at +1.46%. The top losers were Cisco Systems at -4.50%, JPMorgan Chase at -3.42%, American Express at -2.72%, Travelers at -2.46%, and Visa at -2.14%. The index’s monthly performance stands at -2.65%, though it remains up 7.91% year-to-date. Trading volume reached 443,231,302 shares, below the average volume of 488,110,317. The Dow’s 52-week high stands at 54,744.33, while its 52-week low is 45,057.28. 

Also Read: What Is the New York Stock Exchange (NYSE)?

Russell 2000 Rises 15 Points as Smaller Stocks Gain on Oil Decline 

The Russell 2000 opened at 2,886.65 and closed at 2,889.92, gaining 14.56 points, or 0.51%. The small-cap benchmark recorded an intraday high of 2,905.87 and a low of 2,882.13. The index’s gains came as declining oil prices eased input cost concerns for smaller companies. 

Notable movers among Russell 2000 constituents included Vicor Corporation, which surged 19.85%, and ImmunityBio, which gained 9.94%. ServiceTitan rose 8.90%, Rambus gained 8.54%, and Krystal Biotech added 5.10%. Novanta advanced 7.34% and CorVel gained 6.49%. On the losing side, Celldex Therapeutics declined 11.56%, Planet Fitness fell 9.46%, and Nektar Therapeutics dropped 8.78%. Avis Budget Group slipped 8.13% and LPL Financial fell 7.45%. The Russell 2000 remains up 16.44% year-to-date, with its 52-week high at 3,069.71 and 52-week low at 2,303.46. 

S&P 100 Holds Near 3,876 as Mega-Cap Technology Offsets Financial Drag 

The S&P 100 opened at 3,881.35 and finished at 3,875.66, recording a marginal decline of 2.44 points, or 0.063%. The index traded between a high of 3,888.97 and a low of 3,870.89. The large-cap benchmark’s intraday high of 3,888.97 also represented its 52-week high. 

Movements in major large-cap constituents reflected the session’s sector divergence. Technology names including Micron Technology, up 5.00%, and Amgen, up 4.34%, contributed positively. Financial heavyweights including JPMorgan Chase, down 3.42%, and Visa, down 2.14%, weighed on the index. The S&P 100’s performance reflected the broader market’s rotation away from financials and towards technology and defensive sectors. 

Dow Composite Slips 58 Points as Transports and Utilities Track Broad Market 

The Dow Jones Composite Average opened at 16,285.88 and closed at 16,160.26, declining 58.04 points, or 0.36%. The index moved between an intraday high of 16,299.54 and a low of 16,136.56. 

The Dow Jones Transportation Average opened at 20,052.90 and closed at 19,887.79, falling 83.11 points, or 0.42%. The transportation index traded between a high of 20,157.66 and a low of 19,860.45. The Dow Jones Utility Average opened at 1,035.78 and closed at 1,033.47, declining 2.46 points, or 0.24%, after moving between 1,040.27 and 1,031.31. The utility index’s intraday low of 1,031.31 matched its 52-week low. Movements in transportation constituents reflected concerns over fuel costs, while utility shares traded in a narrow range amid stable bond yields. 

Philadelphia Semiconductor Index Surges 2.06% as Memory Stocks Extend AI Rally 

The Philadelphia Semiconductor Index (SOX) opened at 12,338.88 and closed at 12,689.82, gaining 256.65 points, or 2.06%. The index recorded an intraday high of 12,708.34 and a low of 12,338.52. 

Semiconductor-related constituents delivered strong gains, with Monolithic Power Systems surging 8.06%, Rambus advancing 8.54%, and SanDisk climbing 6.82%. Micron Technology gained 5.00%, Seagate Technology rose 4.85%, and Western Digital added 3.67%. Arm Holdings gained 3.19%, while Lam Research advanced 2.87%. The sector benchmark’s advance followed Monday’s 4.3% surge and reflected continued optimism around AI-driven demand for memory and semiconductor components. 

NYSE Composite Declines 58 Points as Financial Sector Weakness Dominates Trading 

The NYSE Composite Index opened at 24,086.66 and closed at 24,029.06, recording a decline of 57.60 points, or 0.24%. The index traded between a high of 24,109.15 and a low of 23,982.72. Movements across financial and industrial segments contributed to the benchmark’s decline, as bank stocks faced selling pressure while energy and materials shares provided limited support. The NYSE Composite’s 52-week high stands at 24,866.75, while its 52-week low is 20,906.44. 

S&P MidCap 400 and SmallCap 600 Both Gain 0.3% as Broader Market Advances 

The S&P MidCap 400 opened at 3,664.45 and closed at 3,675.10, gaining 10.65 points, or 0.29%. The index traded between an intraday high of 3,688.61 and a low of 3,663.78. The S&P SmallCap 600 opened at 1,701.17 and ended at 1,700.33, gaining 5.07 points, or 0.30%, after moving between 1,713.30 and 1,697.04. 

Both benchmarks reflected positive movements among mid- and small-cap shares, supported by declining oil prices and expectations that energy cost relief could benefit smaller companies with limited pricing power. The S&P MidCap 400 remains up 3,675.10 points from its 52-week low of 3,107.41, while the S&P SmallCap 600 has advanced from its 52-week low of 1,364.16. 

Also Read: How to invest in US stocks

Oil Slides Below $100 as Trump Signals Iran Deal After Midterms 

Oil prices declined for a fifth consecutive session after President Donald Trump told the United Nations General Assembly that US officials held a three-hour meeting with Iran’s delegation. Brent crude futures settled 1.09% lower at $99.25 per barrel, while US West Texas Intermediate crude fell 1.24% to $94.59 per barrel. Earlier in the session, Brent briefly dipped below $98 per barrel before paring losses. 

The oil market also responded to reports that Iran had offered to reopen the Strait of Hormuz within seven days if the US takes steps to ease military pressure. Saudi Arabia was reportedly planning to restart its East-West pipeline as early as this week. Trump stated he has a “big decision” to make on whether to pursue a deal with Iran or “annihilate” the country, adding that he believes a deal will be reached “right after the election.” 

Treasury yields held relatively steady, with the 10-year yield trading at 4.959% in late-afternoon trading. The 2-year yield stood at 4.749%, while the 30-year yield was at 5.302%. The yield curve remained relatively stable as markets assessed the Federal Reserve’s rate path following last week’s quarter-point hike. 

VIX Falls 4.44% to 14.21 as Market Volatility Eases on Oil Decline 

The CBOE Volatility Index (VIX) declined 4.44% to 14.21, compared with its previous close of 14.87. The index, which measures expected volatility in the S&P 500 over the coming 30 days, touched an intraday low of 14.19 and a high of 14.95. The VIX’s decline coincided with the Nasdaq’s record close and easing oil prices, which reduced uncertainty around energy costs and inflation. The CBOE Nasdaq Volatility Index (VXN) moved to 20.39, while the VIX remains well below its 52-week high of 35.30 and near its 52-week low of 13.38. 

Eight of Eleven S&P 500 Sectors Advance; Consumer Staples and Materials Lead Gains 

Performance across the 11 S&P 500 sectors was broadly higher, with eight sectors advancing. Consumer Staples recorded the strongest move, gaining approximately 1.0%, followed by Materials at 1.0% and Health Care at 0.7%. Information Technology advanced 0.2%, while Communication Services declined following Monday’s 3.6% surge as Meta Platforms slipped 0.63%. Financials was the worst-performing sector, declining approximately 1.9%, pressured by bank stocks. Energy declined 0.5% as oil prices fell. The remaining sectors recorded the following moves: Consumer Discretionary -0.1%, Industrials -0.3%, Utilities -0.1%, and Real Estate -0.2%. The sector movements reflected a rotation away from financials and energy towards defensive and materials-related shares. 

Magnificent Seven Mixed as Meta Slips 0.63% After Monday’s 11% Surge 

Among the Magnificent Seven, Meta Platforms moved -0.63%, Apple changed +0.23%, Microsoft recorded -0.72%, Alphabet declined -1.07%, Amazon fell -1.34%, Tesla gained +0.98%, and Nvidia advanced +0.66%. The Roundhill Magnificent Seven ETF finished 0.5% lower after rising 3.5% on Monday. Meta’s decline followed an 11.3% surge in the prior session that added $192 billion to its market capitalisation on optimism around its Muse AI agent. The mixed performance of the group reflected profit-taking in some names after Monday’s strong rally, while Tesla and Nvidia extended gains on continued AI-related demand. 

Memory Stocks Surge, Financials Tumble as Sector Rotation Accelerates 

Semiconductor stocks were higher, with the Philadelphia Semiconductor Index moving 2.06%. Memory stocks ranked among the top S&P 500 gainers, with Sandisk surging 6.82%, Micron Technology gaining 5.00%, Seagate Technology rising 4.85%, and Western Digital adding 3.67%.  

Financial stocks recorded sharp declines, with Charles Schwab dropping 6.11%, Wells Fargo losing 3.92%, and JPMorgan Chase falling 3.42%. Energy stocks moved lower alongside crude oil prices, with Valero Energy declining 4.10%, Marathon Petroleum falling 3.16%, and ConocoPhillips slipping 1.77%. AI and growth stocks were mixed, with Monolithic Power Systems surging 8.06% and Rambus gaining 8.54%, while Cisco Systems declined 4.50% and Adobe fell 4.52%. 

Also Read: US Stock Market Timings 

Richmond Fed Manufacturing Index Falls to -2.0 as Economic Data Disappoints 

The latest economic data showed the Richmond Fed Manufacturing Index at -2.0 for September, compared with expectations of +2 and a previous reading of 4. The Philadelphia Fed Non-Manufacturing Index recorded -10.6, while the Richmond Fed Business Conditions Index stood at -12.  

The ADP weekly employment change report showed a gain of 16,250 for the week ended 5 September. The releases provided the latest information on manufacturing activity and employment conditions during the session. The weaker-than-expected manufacturing reading reflected softer business conditions in the Richmond Federal Reserve district. 

Fed Officials Signal Further Rate Hikes as 10-Year Yield Holds Near 4.96% 

The Federal Reserve remained a key focus as markets assessed last week’s quarter-point rate increase, which lifted the federal funds rate target range to 3.75%–4.00%. Richmond Fed President Thomas Barkin said Tuesday that stubborn inflation, recently fuelled by higher oil prices and tariffs, drove the central bank’s decision and left the door open to further hikes.  

Boston Fed President Susan Collins wrote that she supported the rate increase amid risks that inflation will remain notably above the 2% target. St. Louis Fed President Alberto Musalem also indicated that additional rate increases may be needed. 

The 2-year US Treasury yield stood at 4.749%, while the 5-year yield was 4.827%. The 10-year Treasury yield stood at 4.959%, and the 30-year yield was 5.302%. The yield curve remained relatively stable as the Treasury auctioned $69 billion in two-year notes at a yield of 4.787%, the highest since May 2024. Demand indicators were robust, with a bid-to-cover ratio of 2.63. 

Brent Crude Falls to $99.25 as Gold Slips 0.4% on Rate Expectations 

Brent crude traded at $99.25, changing -1.09%, while WTI crude stood at $94.59, moving -1.24%. Gold traded at $4,325.03, changing -0.4%, while silver moved -0.34% to $66.02. Copper changed +0.5% to $4.85 per pound, and natural gas moved +4.5% to $2.965 per million British thermal units. The commodity moves followed reports that Iran may reopen the Strait of Hormuz within seven days and Saudi Arabia’s plans to restart its East-West pipeline, easing supply concerns that had driven energy prices higher in recent weeks. 

Also Read: What Are Fractional Shares?

Dollar Index Holds at 100.48 as Euro Slips and Yen Edges Lower 

The US Dollar Index (DXY) moved +0.06% to 100.48. EUR/USD stood at 1.1453, USD/JPY traded at 157.15, and GBP/USD was at 1.3356. The dollar index had risen as much as 0.25% to 100.66 earlier in the session, its highest since 30 July, before paring gains. Currency movements followed declining oil prices and expectations of further Federal Reserve rate hikes, which supported the dollar against major peers. 

The closing session was shaped by declining oil prices following US-Iran diplomatic signals, alongside hawkish Federal Reserve commentary on inflation risks. The Nasdaq Composite closed at a record 27,244.28, while the Dow Jones Industrial Average declined 0.36% and the S&P 500 finished flat. Treasury yields held near 4.96%, the VIX fell 4.44% to 14.21, and eight of eleven S&P 500 sectors advanced. These figures provide a factual summary of the session and its key market developments. 

Source 

• https://www.nasdaq.com/ 

• spglobal.com/spdji/en/indices/equity/sp-500/ 

• https://www.dowjones.com/ 

• https://www.spglobal.com/spdji/en/indices/equity/dow-jones-industrial-average/ 

• https://www.spglobal.com/spdji/en/indices/equity/sp-500/ 

• https://www.nasdaq.com/market-activity/index/comp 

• https://www.nasdaq.com/market-activity/quotes/nasdaq-ndx-index 

• https://www.spglobal.com/spdji/en/indices/equity/sp-100/ 

• https://www.lseg.com/en/ftse-russell/indices/russell-us 

• https://www.nyse.com/index 

• https://www.nyse.com/index 

• https://www.spglobal.com/spdji/en/indices/equity/dow-jones-transportation-average/ 

• https://www.spglobal.com/spdji/en/indices/equity/dow-jones-utility-average/ 

• https://www.spglobal.com/spdji/en/indices/equity/dow-jones-composite-average/ 

• https://www.nasdaq.com/market-activity/index/sox 

• https://www.cboe.com/tradable_products/vix/