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Nasdaq hits intraday record high on tech boost, Mideast negotiation hopes
Reuters • • general
Key Points:
- The Nasdaq reached an intraday record high driven by gains in major technology stocks and optimism over potential negotiations to resolve the Iran conflict, despite declines in big bank stocks limiting overall market gains.
- Investor sentiment was buoyed by signs of renewed talks between Iran and the U.S., alongside Saudi Arabia resuming operations at its East-West Pipeline, which eased oil supply concerns.
- President Donald Trump’s UN speech warning of possible severe action against Iran injected uncertainty, while oil prices remained volatile near $100 per barrel and the 10-year Treasury yield stayed around 4.9%.
- Market attention is also focused on an upcoming U.S.-China summit, with hopes for extending the trade truce and initiating discussions on AI regulation to reduce global tensions.
- Banking sector stocks fell due to concerns over softer earnings and revenues, while Federal Reserve officials indicated support for recent interest rate hikes, with markets pricing in a likely additional rate increase in October.
