Stock Rally Falters Near Record as Oil Fluctuates: Markets Wrap
(Bloomberg) — A sense of caution prevailed on Wall Street after a rally that put stocks on the verge of their all-time highs, with oil prices wavering as traders looked for signs of diplomatic efforts to revive the Strait of Hormuz.
The S&P 500 was little changed. A closely watched gauge of chipmakers climbed for a sixth straight day, poised for the longest winning streak since April. A measure of big banks lost 2.7%. Brent crude hovered near $100. Treasuries and the dollar barely budged.
President Donald Trump said he believes the US will make a deal with Iran after the election, adding that more oil is flowing than at any point since the war started while noting prices will plummet after the conflict is over. He addressed the UN General Assembly in New York.
“As president of the most extraordinary nation in history, I have no interest in leaving dangers to grow for another day,” Trump said. “While others have talked, I have acted.”
Today focus will stay on geopolitics and if there’s any confirmation of progress toward a ceasefire between the US and Iran, look for oil and yields to fall further and for stocks to rally, according to Tom Essaye at The Sevens Report.
“What happens this week may become critical for the direction of crude oil prices over the medium term,” said Thierry Wizman at Macquarie Group. “That’s because the key actors in the US-Iran War will be having meetings in New York, starting today.”
Traders also kept a close eye on the latest remarks from Federal Reserve officials.
Fed Bank of Boston President Susan Collins said she supported last week’s decision to raise interest rates, which she said would help bring inflation back to the central bank’s 2% target.
“A somewhat more restrictive federal funds rate will help ensure that inflation durably returns to target,” Collins wrote in a LinkedIn post on Tuesday. “With the labor market on a better footing, monetary policy can focus on a timely return to price stability, especially after five and a half years of too high inflation.”
Her New York counterpart John Williams said the shift to central clearing for US Treasuries and Treasury-collateralized repurchase agreements was ahead of schedule.
Corporate Highlights:
Anthropic PBC Chief Executive Officer Dario Amodei is set to brief the United Nations Security Council on Wednesday alongside OpenAI CEO Sam Altman during a meeting dedicated to the future of artificial intelligence. Alibaba Group Holding Ltd. is rolling out what it calls China’s most powerful AI chip, an accelerator to compete with Nvidia Corp. and underpin a massive expansion of data-center capacity in coming years. Goldman Sachs Group Inc. has emerged as the lead bidder to acquire a credit manager that oversees $37 billion as the bank revs up its dealmaking pace. Peloton Interactive Inc. introduced three new treadmills that will go on sale Oct. 1, including its most affordable model to date, marking a deeper push into a segment that it considers crucial to a long-promised turnaround. Viking Therapeutics Inc.’s dual-action obesity shot helped patients lose weight and keep it off, even after they cut their dosing schedule in a small, exploratory study. What Bloomberg strategists say…
“Leadership has rotated decisively back toward semiconductors and hyperscalers, giving the S&P 500 and Nasdaq 100 enough to keep pushing higher without signs of an outright upside chase, but a more convincing rally requires broader participation.”
—Michael Ball, Macro Strategist, Markets Live. For the full analysis, click here.
Some of the main moves in markets:
Stocks
The S&P 500 was little changed as of 11:21 a.m. New York time The Nasdaq 100 rose 0.5% The Dow Jones Industrial Average fell 0.5% The Stoxx Europe 600 rose 0.2% The MSCI World Index was little changed Currencies
The Bloomberg Dollar Spot Index was little changed The euro fell 0.2% to $1.1442 The British pound fell 0.2% to $1.3345 The Japanese yen was little changed at 157.34 per dollar Cryptocurrencies
Bitcoin fell 0.9% to $86,205.7 Ether fell 1.5% to $2,741.38 Bonds
The yield on 10-year Treasuries was little changed at 4.96% Germany’s 10-year yield was little changed at 3.45% Britain’s 10-year yield advanced two basis points to 5.23% Commodities
West Texas Intermediate crude fell 0.3% to $95.48 a barrel Spot gold fell 0.2% to $4,335.70 an ounce ©2026 Bloomberg L.P.
