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Oil Breaks $100 as Nasdaq Hits Another Record
Wall Street got another tech-friendly day Tuesday. Brent fell to $98.30. The 10-year Treasury yield held below 5%. Micron jumped 5%. SanDisk gained nearly 7%.
And the Nasdaq closed at another record. Lower oil. Lower yields. Higher chip stocks.
What Moved
Tuesday, September 22
The Nasdaq rose 0.45% to 27,244.28.
That marked its second straight record close.
The S&P 500 finished almost flat at 7,764.64.
The Dow fell 0.36% to 51,863.69.
Micron jumped 5%.
SanDisk gained nearly 7%.
Charles Schwab fell 6.1%.
Airbnb dropped 3%.
Uber and Lyft each lost more than 1%.
Financial stocks fell 1.68%.
Communication services lost 0.8%.
Six of the S&P 500’s 11 major sectors finished lower.
The 10-year Treasury yield eased to 4.953%.
Brent crude fell 2.03% to $98.30 a barrel.
WTI crude fell to $94.59.
Traders put the chance of another 25-basis-point Fed hike in October near 53%.
About 17.9 billion shares traded across U.S. exchanges.
The recent 20-day average was about 16.3 billion.
The S&P 500 ended less than 0.5% below its August record.
Why It Moved
Three numbers drove Tuesday. Brent fell to $98.30. The 10-year held at 4.953%. The Nasdaq rose to another record. Oil fell as more crude started moving through the Middle East.
Saudi Arabia restarted its East-West Pipeline. Ship traffic through the Strait of Hormuz also improved. That put more barrels back into the market. Lower oil also helped ease some fear over future fuel and transport costs. That matters to the Fed. And it matters to stocks.
Oil Falls Below $100
Brent fell 2.03% to $98.30. WTI dropped to $94.59. That marked another clear break from the oil spike seen earlier this month. Saudi crude flows improved. The East-West Pipeline restarted.
More ships also moved through Hormuz. Before the war, roughly 20% of global oil supply moved through the Strait. That route is still one of the most important in the world. Any rise in traffic can add supply fast. Tuesday showed that effect. More oil moved. Crude fell.
The 10-Year Stays Below 5%
Treasury yields also eased. The 10-year fell to 4.953%. The move was small. The level mattered more. Last week, a 5% Treasury yield helped push growth stocks lower.
Tuesday, the 10-year stayed below that line. That gave tech more room. Lower yields make bonds less competitive with stocks. They also reduce some pressure on mortgages and business loans. For high-priced growth stocks, every move below 5% helps.
Chips Keep Running
Micron jumped 5%. SanDisk gained nearly 7%. Chip stocks kept rising after Monday’s surge. That helped push the Nasdaq to 27,244.28. The index closed at a record for the second straight day.
Demand for AI hardware remains strong. Chip exports are firm. Large tech firms are still spending heavily on data centers and computing power. That gave investors another reason to stay in semiconductors. The sector had sold off hard only days earlier. Now buyers are back.
AI Creates a Wider Split
The AI rally is also creating winners and losers. Companies tied to chips and computing power kept rising.
Some consumer-facing firms moved the other way. Airbnb fell 3%. Uber and Lyft each lost more than 1%. Charles Schwab dropped 6.1%.
Investors are starting to ask which businesses could face more competition as AI tools take on more tasks. That does not mean AI has replaced those firms. It means investors are now pricing that risk more closely. That split is becoming more visible.
The S&P Stalls Near Its Record
The Nasdaq hit another record. The S&P 500 did not. It finished almost flat at 7,764.64. The Dow fell 0.36%.
Six of the S&P 500’s 11 major sectors closed lower. Financials fell 1.68%. Communication services lost 0.8%. That matters.
Tuesday was not a broad rally. Tech rose. Much of the rest of the market did not. The S&P 500 still ended less than 0.5% below its August record.
Another Fed Hike Stays Near 50%
The Fed raised rates last week. Markets still see another move as possible. Traders put the chance of another 25-basis-point hike in October near 53%. That is still close.
Lower oil helps the case for waiting. Firm growth and inflation keep another hike in play. The Fed now has both signals in front of it. That makes crude wages and inflation data even more important. If oil keeps falling, hike odds can drop. If inflation stays hot, those odds can rise again.
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Why It Matters Now
Tuesday left markets with a short list of hard numbers:
The Nasdaq rose 0.45% to another record.
The index closed at 27,244.28.
The S&P 500 ended almost flat.
The Dow fell 0.36%.
Micron jumped 5%.
SanDisk gained nearly 7%.
Brent fell 2.03% to $98.30.
WTI fell to $94.59.
The 10-year stayed below 5% at 4.953%.
October Fed hike odds stayed near 53%.
Financial stocks fell 1.68%.
The S&P 500 remains less than 0.5% below its record.
Tuesday gave tech exactly what it wanted. Oil fell below $100. The 10-year stayed below 5%. Chip stocks climbed. The Nasdaq hit another record. The rally was not broad. Banks fell. Consumer-facing names fell. The Dow fell.
But tech kept moving higher. Brent fell to $98.30. The 10-year stayed below 5%. Micron jumped 5%. SanDisk gained nearly 7%. The Nasdaq hit another record. Oil fell. Yields stayed below 5%. Tech kept running.
