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-heavy Nasdaq reached a record intraday high on Tuesday, driven by Alphabet's strong performance and hopes for US-Iranian talks. A senior Iranian official suggested Tehran might reopen the Strait of Hormuz within seven days if the US lessens pressure. Saudi Arabia also resumed East-West Pipeline operations. Brent crude prices dipped 1.2%, nearing the $100 mark, while the 10-year Treasury yield hovered near 4.9%.
Analyst Lale Akoner noted that oil is a critical macro factor in the current market dynamics. The US-Iran talks are expected during the UN General Assembly meeting, followed by a US-China summit. President Trump is set to meet several world leaders later. The Dow Jones fell slightly, while the S&P 500 and Nasdaq Composite both gained.
Meta's AI agent, Muse, showed promise, and other Magnificent Seven stocks, like Apple and Tesla, also saw a marginal increase. However, chip stocks lagged as AI-driven demand weighed on them. Inflation concerns from AI and oil uncertainties pushed Federal Reserve policymakers toward a higher interest rate hike in October.
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.
