The Nasdaq reached its first intraday record since June on September 22, as enthusiasm for AI and resilient earnings lifted technology shares. Brent crude slipped below $100 as prospects for Middle Eastern oil supplies improved.
At the time of Reuters’ report, the Nasdaq was up 0.40% at 27,231.59. The S&P 500 was roughly unchanged, while the Dow fell 0.40%. These were intraday readings, not closing figures.
AI Keeps Buyers Interested
UBS investment chief Ulrike Hoffmann-Burchardi pointed to growing adoption, revenue opportunities and investment:
“We maintain our constructive outlook on the AI trade, supported by rising adoption and monetization, as well as growing capital spending.”
Related: Top AI Leaders Call for Slowing Down AI Development.
Oil Offers Some Relief
Brent traded at $99.92 a barrel, down 0.43%, while US crude fell 0.47% to $95.33.
An Iranian official said Hormuz could reopen within seven days if Washington eased military pressure and lifted its blockade. Sources also reported that Saudi Arabia had restarted its East-West Pipeline. Both developments supported hopes for improved supply.
Lower oil prices can ease costs for transport and industry. However, lasting inflation relief depends on whether those declines persist.
Related: Fed Raises Rates for the First Time Since 2023 as Inflation Persists.
AI enthusiasm helped technology shares reach a new milestone, but the mixed performance elsewhere showed that confidence was uneven. Cheaper energy would provide broader support if supply improvements prove durable.
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