Nasdaq hits intraday record high on Alphabet boost, Middle East hopes
Traders hope upcoming US-Iran and US-China talks will ease Middle East tensions and extend the trade truce with Beijing.
The tech-driven Nasdaq reached a new intraday peak for the first time since early June on Tuesday, driven by a rally in parent company Alphabet. Positive expectations surrounding potential US-Iran negotiations also contributed to a broader market uptick. A senior Iranian official reportedly indicated Tehran could reopen the Strait of Hormuz within a week if the US eases tensions.
Saudi Arabia restarted operations at its East-West Pipeline. Brent crude prices fell 1.2% following the developments, yet remained near the $100 per barrel mark. The yield on the 10-year Treasury note stood at 4.9%. Market analysts emphasize oil as the primary macro factor influencing interest rates and broader market sentiment.
US-Iran talks are anticipated during this week's UN General Assembly, followed by a US-China summit. President Trump is set to meet with various world leaders later in the day. Dow Jones Industrial Average dropped 57.87 points, S&P 500 increased by 5.59 points, and Nasdaq Composite climbed 109.38 points. Alphabet led the Magnificent Seven stocks higher, while Meta saw a 0.5% gain, driven by investor optimism over its AI initiative.
Chip stocks experienced a decline, with Texas Instruments falling 1%, Broadcom down 0.6%, and Nvidia remaining flat. Federal Reserve officials are considering a 25 basis point interest rate hike in October, with a 53.1% probability according to the CME Group's FedWatch Tool.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
