US stocks: Nasdaq notches record-high close, AI optimism reignites and Treasury yields retreat
All three major indices closed higher for the day
On Monday, September 21, the Nasdaq closed at a record-high, propelled by strong performances from Advanced Micro Devices and other AI-focused companies. Treasury yields retreated from recent peaks and crude oil prices plunged to an 11-day low due to speculation of progress in Middle East talks during a UN meeting this week. Semiconductor stocks, including Intel and Arm Holdings, witnessed significant gains, with Intel surging 12.2 percent and Arm Holdings up 17 percent.
The PHLX semiconductor index climbed 4.3 percent. Advanced Micro Devices reached a market capitalization of US$1 trillion for the first time, marking the Nasdaq's first record-high close since June 2. The S&P 500 ended about 0.4 percent below its August 13 record-high close. Investors attributed the optimism to sustained spending on AI despite recent safety concerns from AI industry leaders, which triggered a global tech selloff a week prior.
The US 10-year yield dipped below the psychologically important 5 percent level, while Brent crude futures fell below US$100 a barrel, settling at US$100.34 per barrel.
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