Wall Street's three major indexes close mixed

Crude oil falls for 5th consecutive session

SanDisk up, Uber down as Meta's AI assistant reshapes outlook

Traders work on the floor of the New York Stock Exchange. [Reuters]
Traders work on the floor of the New York Stock Exchange. [Reuters]

Wall Street's three major indexes closed mixed Tuesday as markets tracked developments between the United States and Iran at the UN General Assembly in New York. A rally in technology stocks pushed the Nasdaq to an all-time closing high for the second straight session.

The Nasdaq Composite rose 122.18 points, or 0.45 percent, to close at 27,244.28 Tuesday, setting a new all-time closing high.

The S&P 500 was nearly flat, slipping just 0.06 points, or less than 0.01 percent, to 7,764.64, while the Dow Jones Industrial Average fell 185.14 points, or 0.36 percent, to 51,863.69.

Remarks at the UN General Assembly drew close market attention. President Donald Trump told reporters on the sidelines that talks with Iran had been "a very good meeting," adding that the two sides had held "a very productive meeting" and that further talks were scheduled "in the very near future."

Earlier in his keynote address, Trump said "major decisions" had to be made, raising the possibility of both a deal with Iran and a military strike. Reports also emerged that Iran had proposed reopening the Strait of Hormuz within seven days in exchange for a reduction in US military pressure.

Oil investors, focused on signs of a tangible supply recovery, extended the tone set Tuesday.

Brent crude for November delivery and West Texas Intermediate for October delivery fell 1.1 percent and 1.2 percent, respectively, trading below $100 a barrel — a development that provided support for equity markets.

AI-related stocks continued their advance.

Chipmakers surged for a second straight session Tuesday after Meta's AI assistant "Muse" drew a strong consumer response. SanDisk jumped 6.8 percent and Micron rose 5 percent. Muse is an AI service that acts as a personal assistant — drafting emails, making reservations and managing schedules.

Consumer-facing technology stocks pulled back on concerns that Muse could displace existing services. Uber, Lyft and Expedia were among those that retreated.

Uber, which is included in the S&P 500, fell 1.3 percent, while Lyft dropped 2.4 percent.


yuni@heraldcorp.com