Nasdaq Hits a Record as Chips Lead
A combined quick take on Tuesday's session: the Nasdaq closed at a record on AI and Muse momentum, financials and energy lagged for a second day, and markets stayed focused on Thursday's Trump-Xi summit
Tuesday was mixed and selective: the Nasdaq closed at a record 27,244 (+0.45%) on continued chip and AI strength, the S&P 500 was flat, and the Dow slipped 0.36% as banks and energy lagged. The 10-year yield sat at 4.98%.
Leadership: Semiconductors (SOXX +2.40%, SMH +1.92%) led again as the VIX dropped to a multi-week low of 14.21. Financials (XLF -1.97%) and energy (XLE -1.09%) lagged for a second straight day, with JPMorgan down 3.4%.
AI/Muse: Meta's Muse remained the market's biggest storyline — Reuters says Meta has gained 20%+ since Muse launched Sept. 8 — with fresh reports on which sectors it threatens (banks, insurance, travel, telecom, gyms) and a possible, unconfirmed Innodata link.
Oil & geopolitics: Brent dipped below $98 before recovering toward $100 as Saudi pipeline repairs progress and U.S.-Iran talks continued at the UN — Witkoff and Kushner met Iran's FM for three hours Tuesday. Thursday's Trump-Xi summit remains the week's biggest catalyst.
Notable movers
| Stock | Move | Why |
|---|---|---|
| On Holding | +10.6% | New financial targets and a $1B buyback. |
| AutoZone | +6% | Earnings beat. |
| Thor Industries | +4.7% | Consumer-discretionary strength. |
| JPMorgan | -3.4% | Banks pressured by the yield curve. |
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