The Nasdaq closed at a record high for the second day in a row. Oil prices fell to a two-week low.

The Nasdaq Composite technology stock index set a new record at the close of trading on Tuesday, September 22, for the second day in a row. It rose 0.45% to 27,244.278 points. At its intraday peak, it climbed even higher, reaching a new all-time high of 27,288.79 points for the first time since June. The index rose for the fourth consecutive trading day. The Nasdaq 100, which includes the 100 largest companies by market capitalization in the index, rose 0.8% over the course of the day.

The PHLX Semiconductor Index rose for the sixth consecutive day—approaching its longest winning streak in five months, according to MarketWatch. However, the index remains 14% below its June high, and 10 of the 30 companies in the index are trading more than 30% below their 52-week (roughly one-year) highs, the publication reported, citing data from BTIG Research.

The Russell 2000 index of small- and mid-cap companies also ended Tuesday in positive territory (+0.51%), while the blue-chip index fell 0.36%, and the broad-market S&P 500 index remained virtually unchanged. Bank stocks were hit by a sell-off—the KBW Nasdaq Bank index lost 2.4%.

MarketWatch noted that the decline in oil prices to a two-week low helped limit the negative impact on the broader market. Futures for U.S. WTI crude fell 1.2% to $94.59 per barrel, marking the fifth consecutive day of declines, the publication reported. Brent fell 1.1% to $99.25.

Raw material prices were influenced by reports that Saudi Arabia had restored operations on its key oil pipeline to the Red Sea port and may resume exports from it in the near future. In addition, U.S. President Donald Trump stated that the U.S. and Iran could reach an agreement to end the war after the U.S. midterm congressional elections in November. However, in the same speech at the UN General Assembly, Trump threatened to “send the Islamic Republic to hell” if it did not make concessions regarding its nuclear program.

“The focus remains on geopolitics, and if there is any indication of progress toward a ceasefire between the U.S. and Iran, expect oil prices and [bond] yields to fall further and stocks to rally,” said Tom Essaye, founder and president of The Sevens Report (as quoted by Bloomberg).

This article was AI-translated and verified by a human editor