loading
loading
Oil prices rose almost 4% and the S&P 500 energy sector index rallied after Iranian President Masoud Pezeshkian's speech at the UN, a day after US President Donald Trump warned he could "annihilate" Iran. A survey showed US business activity raced to a more than five-year high in September, pushing government bond yields higher and raising expectations the Federal Reserve will increase interest rates at its October meeting. Yields on two-year Treasuries touched their highest since 2024, while 10-year Treasury yields hit their highest since 2007. "The stock market wants a resolution to the (Middle East) conflict, and if we don't get that, we will have higher rates for longer, and that's going to continue to weigh on the equity market," said Lauren Cassidy, chief investment officer at Founders 100 ETF in Dallas. Meta Platforms added to big gains this week following a strong reception of its "Muse" AI assistant, which analysts say could benefit tech infrastructure stocks, while challenging banks, online shopping platforms and other consumer businesses. Google parent Alphabet dropped, as did Amazon , which has blocked Muse from its shopping platform. The PHLX chip index slid, with Nvidia losing ground. Expedia and Airbnb also declined. The Nasdaq recorded record-high closes in the previous two sessions as Wall Street remained optimistic about AI-related companies. The S&P 500 is less than 2% below its record high close on August 13. US President Donald Trump welcomes Chinese President Xi Jinping to Washington on Wednesday for a three-day visit. The agenda includes extending the trade truce reached last year between the two superpowers, AI regulation and US arms sales to Taiwan. According to preliminary data, the S&P 500 lost 57.74 points, or 0.74%, to end at 7,706.39 points, while the Nasdaq Composite lost 308.24 points, or 1.10%, to 26,943.61. The Dow Jones Industrial Average fell 340.39 points, or 0.66%, to 51,523.30. The S&P 500 is trading just under 19 times expected earnings, its lowest valuation since 2023, according to LSEG data. AI-related heavyweights are responsible for much of the recent increase in earnings expectations. Markets also parsed comments from Federal Reserve Governor Michael Barr, who said the central bank will likely need to deliver further interest rate hikes as inflation remains north of the Fed's 2% target. Traders are now pricing in a 71% chance that the Fed will raise interest rates at its policy meeting next month, the CME Group's FedWatch Tool showed. Casual dining chain Cracker Barrel rallied after beating fourth-quarter sales estimates. Paychex dropped after the HR and payroll services provider said that its largest segment missed first-quarter revenue estimates. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
document fetched 2026-09-24 02:52