Oil Prices Slide, AI Stock Buzz Fades
- On Tuesday, the Nasdaq Composite reached an intraday record for the first time since early June as technology stocks surged and oil's retreat lifted investor appetite for risk.
- Falling oil prices to a two-week low eased global supply concerns after Iran signaled it could reopen the Strait of Hormuz soon, boosting market sentiment worldwide.
- Meta edged up 0.5% as investors bet on its new AI agent Muse, while Chipmaker AMD topped $1 trillion in market valuation on Monday, with advancing issues outnumbering decliners 1.78-to-1 on the Nasdaq.
- US-Iran talks are scheduled at the United Nations General Assembly with a US-China summit to follow on Thursday, while traders price a 53.1% probability the Federal Reserve raises rates by 25 basis points in October.
- Global market strategist Lale Akoner said "markets are really seeing oil as the key macro variable here," while Boston Fed President Susan Collins backs rate hikes to manage inflation risks above the 2% target.
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119 Articles
In vain, Wall Street hopes for an early end to the Iran war. Following the tough announcement by the Iranian President before the United Nations, US investors are now expecting a second Fed interest rate step in October.
The New York Stock Exchange closed lower on Wall Street today. Oil prices rose by almost 4% after the Iranian president's speech at the UN General Assembly. The Dow Jones Industrial Average closed down 352.10 points (-0.68%), at 51,511.59 points. The Nasdaq, dominated by technology stocks, closed down 308.24 points (-1.13%), at 26,936.03 points. The broader S&P 500 index, indicative of the general trend, closed down 58.61 points (-0.75%), at 7,…
The New York Stock Exchange closed down on Wednesday, after cashing a new bond rate jump, against the backdrop of uncertainty related to the Middle East and still high inflationary risks.
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