The Nasdaq Composite touched a fresh all-time intraday high on Tuesday while the S&P 500 stayed near the flatline, as traders weighed President Trump's remarks on Iran at the United Nations and reports of a possible Strait of Hormuz reopening. The Dow Jones Industrial Average lagged, down 213 points, while Treasury yields ticked higher.
The Nasdaq Composite rose to a fresh all-time intraday high on Tuesday, last up 0.4% and lifted by a 4% gain in Sandisk shares after a bullish call from Rosenblatt. The S&P 500 traded around the flatline, but the Dow Jones Industrial Average shed 213 points, or 0.4%.
Addressing the United Nations General Assembly, President Donald Trump said he has a big decision to make on whether to pursue a deal with Iran or "annihilate" the country. He added that he believes a deal with Iran will come after the U.S. midterm election.
Oil prices were little changed after his remarks, with Brent crude last down less than 1% at roughly $100 a barrel and U.S. crude trading near $95, pacing for a fifth straight day of losses. Crude had moved lower earlier Tuesday after Iran reportedly offered to reopen the Strait of Hormuz within seven days, a report CNBC said it had not independently verified.
Tuesday's moves followed a strong session on Wall Street, where the S&P 500 posted its best day since Aug. 4 and the Nasdaq notched its first closing record since June. A decline in oil prices fueled those gains, even as Treasury yields have trended higher since the Federal Reserve's rate hike of a quarter point last week, amid rising debt, elevated oil prices and stubborn inflation.
The yield on the 10-year Treasury last traded at 4.974% on Tuesday. According to Tom Garretson, senior portfolio strategist at RBC Wealth Management: "there's probably a pretty persistent risk that the Fed could certainly keep raising rates", potentially pushing the 10-year yield back toward 5% into early 2027.
Source: CNBC
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