U.S. stocks closed mixed on Tuesday, September 22, 2026, as continued enthusiasm for artificial intelligence stocks pushed the Nasdaq Composite to a second consecutive record close even as the Dow Jones Industrial Average slipped. Investors weighed a fourth straight decline in oil prices against a weaker-than-expected regional manufacturing report, while looking ahead to this week's summit between President Trump and Chinese President Xi Jinping in Washington.
Nasdaq Extends Record Run as Dow Retreats
The S&P 500 closed essentially flat at 7,764.64, while the Nasdaq Composite added 0.45% to finish at a record 27,244.28, its second straight all-time high and the first record for the Nasdaq 100 since June. The Dow Jones Industrial Average lost 185.14 points, or 0.36%, to close at 51,863.69, weighed down by weakness outside the technology sector. The Russell 2000 index of smaller companies rose 0.52%. The divergence underscored how strength in AI-linked names continued to offset softness across the broader market.
AI Trade Momentum Lifts Related Names
The advance built on Monday's rally tied to Meta Platforms' new Muse AI assistant. PayPal shares rose more than 2% after announcing a partnership allowing customers to shop using Meta's Muse agents. Viking Therapeutics jumped over 25% after an experimental obesity drug showed 22% weight loss in a clinical trial, while On Holding gained 10.3% after unveiling new financial targets and a stock buyback program of up to $1 billion through 2029. Meta was set to open its Connect developer conference in Menlo Park on September 23, with founder Mark Zuckerberg delivering the keynote address.
Oil Extends Slide, Gold Falls as Dollar Firms
Brent crude fell about 1.9% to settle near $98.46 a barrel, its fourth consecutive decline, as traders weighed diplomatic efforts around the conflict involving Iran and reports that Saudi Arabia was preparing to restart its East-West pipeline. Brent remains well above the roughly $72 level seen before the war began but has retreated from close to $110 last week. Gold slipped to about $4,307 an ounce, down 0.8% in a second straight losing session, as a firmer U.S. dollar and hawkish Federal Reserve commentary reduced demand for the metal. The 10-year Treasury yield edged up to 4.97%.
Factory Data Disappoints as Earnings Season Looms
The Richmond Fed's manufacturing index fell to -2 in September, missing forecasts for a reading of 5 and down from 4 in August, pointing to uneven conditions in the industrial sector even as equities pushed toward records. Wall Street strategists continued to expect strong corporate results this earnings season, forecasting S&P 500 profit growth of nearly 29% for the third quarter from a year earlier, which would mark a third consecutive quarter of growth above 25%. That combination of resilient earnings expectations and mixed macro data left investors focused on company-specific catalysts rather than the broader economic backdrop.
Attention was also turning to Washington, where Chinese President Xi Jinping was set to arrive on September 23 ahead of a summit with President Trump, the two leaders' first in-person meeting in three years. Trade, tariffs, critical minerals, artificial intelligence and the war in Iran were expected on the agenda, following talks between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng in New York over the weekend in which the U.S. side proposed a new AI safety notification mechanism. Analysts cautioned that small steps on trade were more likely than a breakthrough, with a bilateral trade truce set to expire in November.
Daily market analysis by BCM Markets.