Stock Market Today, Sept. 21: Tech Strength Powers Nasdaq to Record Close
In this news:
The Nasdaq Composite (^IXIC +2.26%) gained 2.26% to 27,122 to set a new record close, while the S&P 500 (^GSPC +1.49%) climbed 1.49% to 7,765 and the Dow Jones Industrial Average (^DJI +0.71%) rose 0.71% to 52,049. Falling crude oil costs supported tech-heavy indexes, despite pressure on energy-related Dow components.
Gold fell 0.9% to $4,340.51 as of U.S. market close, and the 10-year Treasury yield fell 0.04% to 4.96%. Communication and technology stocks led the sector gainers, while energy and basic materials lagged.
Today's biggest moves
Advanced Micro Devices jumped almost 10%, hitting an intraday $1 trillion market capitalization as semiconductor demand accelerated. Meta Platforms soared over 11% as its Muse AI agent took the top download spot on Apple's app store, and Wells Fargo raised its price target on the stock.
What this means for investors
A semiconductor rally led the market higher today, boosted by optimism about U.S.-China talks on artificial intelligence (AI) safety, heightened expectations for AI hardware demand, and easing oil prices. The potential that geopolitical tensions may ease also helped to stabilize sentiment.
Meanwhile, crypto stocks, including Coinbase Global and Robinhood Markets, advanced as Bitcoin traded above $87,000 for the first time since January. The leading cryptocurrency has gained this month despite several major setbacks -- including a hawkish tone from the Fed and the failure of key legislation in the Senate.
Today's optimistic mood is reassuring for investors; however, analysts at Morgan Stanley warn that further turbulence may lie ahead. It says the S&P 500 could drop by as much as 7% if energy prices increase further and the 10-year Treasury yield remains near 5%. Recent weeks have shown that AI jitters can quickly unsettle investors and that inflation remains a concern.
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