Wall Street delivered a split session on Tuesday, September 22, 2026, as the Nasdaq Composite notched its second consecutive record close while the Dow Jones Industrial Average slipped on renewed pressure in financial stocks. Oil extended its decline for a fifth straight session after Iran signaled openness to easing tensions around the Strait of Hormuz, and investors positioned ahead of a high stakes summit between President Trump and Chinese President Xi Jinping later in the week.

Nasdaq Extends Its Record Run

The Nasdaq Composite rose about 0.4 percent to close at 27,244.28, a fresh record and its second in as many sessions, building on Monday's AI driven rally. The S&P 500 was essentially flat, edging down less than a point to 7,764.64, while the Dow Jones Industrial Average fell 185.14 points, or 0.36 percent, to 51,863.69 as financial shares including Goldman Sachs and JPMorgan Chase declined on interest rate concerns. The small cap Russell 2000 outperformed, adding 0.58 percent to 2,892.02, and the CBOE Volatility Index dropped about 4 percent to 14.27, pointing to reduced hedging demand even as the headline indices diverged.

Oil Falls as Iran Signals Openness on Hormuz

Brent crude fell to around 98 dollars a barrel, down roughly 2 percent and its lowest level in two weeks, while West Texas Intermediate dropped to near 89 dollars. The decline extended a five session losing streak after Iran signaled it would consider reopening the Strait of Hormuz within seven days if the United States eased military pressure. At the United Nations, President Trump said a broader deal with Iran was unlikely before the November midterm elections, tempering hopes for an immediate breakthrough but easing near term escalation fears that had kept crude elevated for much of September.

AI and Biotech Names Lead Individual Movers

Meta Platforms added another 1.5 percent, building on Monday's 11 percent surge tied to its new Muse AI agent, while Intel extended a rally that has lifted the stock roughly 25 percent over five sessions. Viking Therapeutics jumped after reporting mid stage obesity drug trial data showing 22 percent weight loss, and AutoZone rose after topping profit estimates even as revenue fell short. PayPal gained on a partnership tied to Meta's AI shopping push, SanDisk advanced on an analyst upgrade citing artificial intelligence related memory chip demand, and Lennar climbed after Berkshire Hathaway disclosed a stake worth more than 200 million dollars in the homebuilder.

Traders Eye the Trump-Xi Summit and Soft Factory Data

Away from single stock catalysts, the Richmond Fed manufacturing index fell to negative 2 from 4 in September, with its new orders and shipments components also weakening, a reminder that regional factory activity remains soft even as headlines focus on artificial intelligence and geopolitics. Investors were also positioning for Chinese President Xi Jinping's arrival in Washington ahead of a summit expected to address tariffs, critical mineral exports and artificial intelligence policy, with the existing trade truce set to expire on November 10. Gold held near 4,400 dollars an ounce, the 10 year Treasury yield hovered just under 5 percent, and Bitcoin traded near 86,500 dollars.

Daily market analysis by BCM Markets.