On September 22, 2026, Wall Street's main indexes were steady after significant AI-driven gains in the previous session. Investors were closely monitoring potential talks between the United States and Iran, hoping for an end to their six-month-old conflict. Oil prices and the yield on the benchmark 10-year Treasury note hovered near warning levels, reflecting investor caution as they awaited further developments.
S&P 500 futures were flat following an advance in tech giants and chipmakers that had driven the index to a one-month high. Brent crude initially erased gains of as much as 2% to fall toward $98 a barrel after reports that Iran proposed reopening the Strait of Hormuz within seven days if the US blockade was lifted. This decline in oil prices helped ease concerns over inflationary risks. However, later in the day, Brent crude rose above $101 a barrel, with President Donald Trump scheduled to address the United Nations General Assembly and traders watching for a possible meeting with his Iranian counterpart. US crude was down 0.47% at $95.33 a barrel, and Brent fell to $99.92 per barrel.
The rally in technology stocks, fueled by AI optimism, showed some signs of wavering. Meta Platforms Inc.'s new AI agent had driven broad gains previously, and Microsoft Corp. rose 0.9% in premarket trading. However, an exchange-traded fund tracking chipmakers was slightly lower. Taiwan Semiconductor Manufacturing Co. erased 1.8% in gains, and South Korean memory giant SK Hynix Inc. retreated 1.5%. Despite this, analysts remained constructive on the AI trade, citing rising adoption and monetization. The Nasdaq Composite rose 0.40% to 27,231.59, reaching an intraday record high for the first time since June, while the S&P 500 was roughly flat and the Dow Jones Industrial Average fell 0.40%.
Bond yields remained a key concern, with the 10-year Treasury note's yield initially falling two basis points to 4.93%, easing below the critical 5% mark. Germany’s 10-year yield declined three basis points to 3.43%, and Britain’s 10-year yield declined three basis points to 5.18%. However, later in the day, Treasuries fell as focus returned to the inflationary risks from elevated energy costs. The swings in sentiment highlighted how confidence in the AI trade remained vulnerable to macroeconomic risks, with bond yields near their highest levels in years as investors continued to price in imminent interest-rate hikes and persistent fiscal shortfalls.
Companies like Intel rose 13%, Advanced Micro Devices surged 9.3% to reach a $1 trillion market valuation, and Micron gained 2.3%. Meta soared 6.7% after Wells Fargo hiked its price target, and Accenture gained 3.2% after partnering with Anthropic to invest $2 billion in AI evaluation. The fall in oil prices on Monday eased pressure on equities, and airlines like American and Delta, sensitive to energy prices, saw marginal gains.
