Chip Rally Drives Nasdaq 100 to Record as Oil Falls — US Market Wrap
A renewed rally in chipmakers pushed the Nasdaq 100 to its first record since June, while sentiment was also supported by falling oil prices amid hopes for diplomatic efforts to end the Iran war. The tech-heavy index rose 0.8%. A closely watched gauge of semiconductor giants including Micron Technology and Nvidia advanced for a sixth consecutive session. Gains in chipmakers offset a selloff in bank shares. Brent crude settled around $99 after President Donald Trump said US officials held a “very good” meeting with Iranian envoys in New York. Bonds stabilized. Trump said the three-hour meeting, held on the sidelines of the UN General Assembly, was “very productive” and that another meeting was being planned for the near future. He added there was “a lot of momentum” toward a deal with Iran as White House advisers Steve Witkoff and Jared Kushner met with mediators. The US administration has signaled a renewed push to bring the war in the Middle East to an end, with Trump claiming in his speech that the conflict will conclude shortly after the November midterm elections. Wall Street is also preparing for this week’s summit between Trump and Chinese President Xi Jinping, giving the lea
A renewed rally in chipmakers pushed the Nasdaq 100 to its first record since June, while sentiment was also supported by falling oil prices amid hopes for diplomatic efforts to end the Iran war. 8%. A closely watched gauge of semiconductor giants including Micron Technology and Nvidia advanced for a sixth consecutive session. Gains in chipmakers offset a selloff in bank shares.
Brent crude settled around $99 after President Donald Trump said US officials held a “very good” meeting with Iranian envoys in New York. Bonds stabilized. Trump said the three-hour meeting, held on the sidelines of the UN General Assembly, was “very productive” and that another meeting was being planned for the near future. He added there was “a lot of momentum” toward a deal with Iran as White House advisers Steve Witkoff and Jared Kushner met with mediators.
The US administration has signaled a renewed push to bring the war in the Middle East to an end, with Trump claiming in his speech that the conflict will conclude shortly after the November midterm elections. Wall Street is also preparing for this week’s summit between Trump and Chinese President Xi Jinping, giving the leaders of the world’s two largest economies an opportunity to strengthen personal ties and seek common ground on contentious issues.