U.S. technology stocks led a renewed risk-on move on Tuesday, September 22, as the Nasdaq Composite reached a record closing level while semiconductor shares extended a multiday rally. The advance came as oil prices moved lower and investors looked ahead to a high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping.
The Nasdaq rose 0.45% to 27,244.28, according to market reporting, while the S&P 500 was essentially unchanged and the Dow Jones Industrial Average fell 0.36%. A closely watched gauge of major chip companies rose for a sixth consecutive session. Micron Technology and other artificial-intelligence-linked companies were among the stocks supporting the technology-heavy indexes.
The market response highlights the unusual combination currently shaping global asset prices. Investors remain willing to pay a premium for companies exposed to data-center construction, advanced memory and computing infrastructure, even as geopolitical uncertainty remains elevated. At the same time, lower crude prices have reduced some immediate concerns about another inflation shock feeding through to bond yields and central-bank policy.
The rally is not a simple signal that risk has disappeared. Banks weakened during the session, and Treasury yields remained sensitive to developments in the Middle East and to expectations for U.S. monetary policy. A sustained increase in energy costs would still threaten household purchasing power, corporate margins and the prospect of lower interest rates.
The market is also increasingly focused on whether artificial-intelligence investment can translate into durable earnings. Chip demand has been strong, but institutional investors are examining capital spending plans, power availability, supply-chain bottlenecks and the ability of customers to monetize new computing capacity. Those questions matter beyond individual technology companies because AI infrastructure is becoming a major source of electricity demand, equipment investment and cross-border capital expenditure.
The upcoming Trump-Xi meeting adds another variable. Any progress on trade, technology controls or broader strategic communication could support companies with exposure to Asia. Conversely, renewed restrictions on advanced chips or cloud-computing access could reinforce the regional fragmentation already visible across the semiconductor industry.
For global markets, Tuesday’s session therefore represented both momentum and dependence. Technology shares remain powerful drivers of index performance, but the next phase of the rally will be judged against energy prices, bond yields, diplomatic developments and evidence that AI spending is producing sustainable economic returns.
Sources: - https://biz.chosun.com/en/en-international/2026/09/23/2WZX5GOGVVF4ZK6ZHN4IL72YNM/?outputType=amp - https://ae.marketscreener.com/news/trading-day-oil-slips-nasdaq-rips-ce785ad9d98df027