Nasdaq 100 Hits Record as Chip Rally Meets Iran Diplomacy Hopes
A renewed rally in chipmakers pushed the Nasdaq 100 to its first record since June, while oil slipped below $100 a barrel on hopes of fresh US-Iran talks.
Chipmakers lead the charge
The Nasdaq 100 climbed to its first record since June on 22 September, gaining 2.8 percent as a renewed rally in chipmakers lifted sentiment. The broader Nasdaq Composite notched a fourth straight positive session and closed at a fresh all-time high, while the S&P 500 finished roughly flat.
AI enthusiasm spreads to hardware
Early signs of traction for Meta Platforms' AI agent fuelled the move, with Meta shares jumping 11 percent. Chipmaker AMD rose to an all-time high above $610 a share, pushing its market capitalisation past $1 trillion during the session, while Arm Holdings and Intel each gained around 10 percent.
Oil slips on diplomacy hopes
Crude extended its retreat, with Brent slipping below the psychologically important $100-a-barrel mark to trade near $99.75, as traders weighed the prospect of renewed US-Iran talks. President Trump described a three-hour meeting between US officials and Iranian envoys on the sidelines of the UN General Assembly as 'very productive,' with another session reportedly being planned.
Reporting: this piece draws on and credits original reporting by CNBC.
