Nasdaq Composite Holds 26,838 as Tech Stocks Lift Opening Session; S&P 500 Flat, Dow Falls 0.13%

Mumbai, Sept 29: US equities opened mixed on Tuesday, with the Nasdaq Composite at 26,838.48, up 18.10 points or 0.07%, while the S&P 500 stood at 7,684.98, up 1.29 points or 0.02%. The Dow Jones Industrial Average fell 65.42 points or 0.13% to 51,416.09. Technology shares provided support to the Nasdaq, while easing oil prices and a pause in Treasury yields offered some relief after Monday’s broad market decline. At the same time, investors were assessing fresh developments around artificial intelligence, US-Iran talks, credit scoring and the upcoming US economic data releases. 

Nasdaq Opens Near 26,839 as Technology Shares Recover 

The Nasdaq Composite opened at 26,908.76 before moving lower during the early session. By 9:38:46 AM EDT, the index was at 26,838.48, representing a gain of 18.10 points or 0.07% from its previous close of 26,820.38. The index traded between an intraday low of 26,832.98 and a high of 26,919.72, with reported volume of 957,075,040 shares against an average volume of 8,140,427,142 shares. 

The early movement followed a weaker Monday session, when the Nasdaq Composite fell 0.92%, or 248.34 points, to close at 26,820.38. The S&P 500 declined 0.8%, while the Dow dropped more than 300 points during Monday’s session as higher Treasury yields and geopolitical uncertainty weighed on US equities. The Nasdaq’s Tuesday opening therefore came after a broad decline across major US indices in the previous session. 

The Nasdaq remained 1.49% lower over five sessions, but its broader performance was still positive, with a 1.65% gain over one month, 28.12% over six months, 15.47% year to date, 18.80% over one year and 84.93% over five years. Its 52-week range stood between 20,690.25 and 27,288.79, leaving the index below its reported 52-week high during the opening session. 

Technology stocks were mixed rather than uniformly higher. Nvidia rose 0.90%, Broadcom gained 1.90%, Micron Technology increased 0.93%, Applied Materials advanced 3.49%, Lam Research rose 2.67%, KLA gained 3.73% and Marvell Technology added 3.14%. Meta Platforms gained 1.21%, while Netflix advanced 2.00%. These gains contrasted with declines in Apple, which fell 1.33%, Microsoft, down 0.44%, Palo Alto Networks, down 1.19%, and Synopsys, down 2.21%. 

S&P 500 Holds 7,684 as Oil Prices Retreat 

The S&P 500 was at 7,684.98, up 1.29 points or 0.02% at 9:39:21 AM EDT, after opening at 7,699.60. The index had a previous close of 7,683.69, while its early-session range was between 7,681.49 and 7,699.60. 

The benchmark index remained 1.03% lower over five sessions and 0.35% lower over one month, although its longer-period performance remained positive. It was up 20.67% over six months, 12.26% year to date, 15.37% over one year and 76.28% over five years. Its 52-week range was 6,316.91 to 7,816.70. 

The opening movement came as oil prices retreated from elevated levels and US Treasury yields paused after a sharp rise during the previous session. Brent crude fell to around $103.32 a barrel, while West Texas Intermediate (WTI) crude was around $90.65, with both benchmarks declining as Middle Eastern oil exports improved. Saudi Arabia had resumed oil loadings from Yanbu after restoring operations on its East-West Pipeline. 

The S&P 500’s sector performance showed a mixed pattern. Semiconductor and technology companies recorded several gains, with Applied Materials up 4.22%, Lam Research up 3.60%, KLA up 3.73%, Broadcom up 2.29% and Nvidia up 0.90%. Meta Platforms gained 1.49%, while Netflix increased 2.00%. 

However, several large companies moved lower. Apple fell 1.17%, Microsoft declined 0.44%, Tesla dropped 1.37%, Walmart fell 2.53%, Exxon Mobil declined 1.52%, Chevron fell 1.36%, and Philip Morris declined 1.06%. The mixed sector performance kept the broad index close to unchanged despite gains in selected technology and semiconductor stocks. 

Dow Slips 0.13% as Consumer Shares Weigh 

The Dow Jones Industrial Average was at 51,416.09, down 65.42 points or 0.13% at 9:39:02 AM EDT. The index opened at 51,416.96, compared with the previous close of 51,481.51. Its early-session low was 51,353.63, while the high was 51,470.07. 

The Dow had declined 0.86% over five sessions and 4.00% over one month, while its six-month gain stood at 13.84%. The index was up 6.98% year to date, 11.01% over one year and 49.51% over five years. Its 52-week range was 45,057.28 to 54,744.33. 

Several Dow constituents moved lower during the opening session. Walmart fell 2.53%, Apple declined 1.17%, Nike dropped 1.28%, Chevron declined 1.36%, Procter & Gamble fell 1.03%, PepsiCo declined 1.02% and McDonald’s fell 0.56%. UnitedHealth Group declined 0.63%, while Johnson & Johnson was down 0.52%. 

On the positive side, Boeing rose 1.81%, Caterpillar increased 0.65%, Nvidia gained 0.90%, Amgen advanced 0.13% and Merck rose 0.61%. The contrasting movements among industrial, technology, healthcare and consumer companies contributed to the Dow’s modest early decline. 

Also Read: What Is the New York Stock Exchange (NYSE)?

Russell 2000 Falls 0.69% as Smaller Stocks Lag 

The Russell 2000 Index, which tracks smaller US companies, stood at 2,817.91, down 19.64 points or 0.69%. It opened at 2,828.14 and recorded an early-session range of 2,807.60 to 2,833.51. 

The index was down 2.49% over five sessions and 5.20% over one month, while its performance remained positive over longer periods. The Russell 2000 was up 15.03% over six months, 13.54% year to date, 15.71% over one year and 26.63% over five years. Its 52-week range stood between 2,303.46 and 3,069.71. 

The early decline was accompanied by sizeable movements among individual small-cap constituents. Iovance Biotherapeutics gained 22.02%, while Bloom Energy rose 8.69% and Summit Therapeutics increased 9.04%. CarMax advanced 7.45%, Argan gained 6.75%, Twist Bioscience rose 6.17% and Royal Caribbean Cruises increased 5.54%. 

At the other end, several companies recorded declines. Kodiak Sciences fell 1.85%, Kodiak’s shares remained significantly above their level a year earlier, while oil-related names such as SM Energy and Northern Oil and Gas also moved lower. The Russell 2000’s early decline therefore reflected a broad mixture of company-specific gains and losses rather than a uniform move across all smaller companies. 

AMD Gains as $8.2 Billion AI Deal Expands Its Footprint 

Advanced Micro Devices (AMD) was among the technology companies in focus after announcing an agreement to acquire artificial intelligence start-up World Labs in an $8.2 billion all-stock transaction. The deal involves a company founded by AI researcher Fei-Fei Li and focuses on technology designed to help AI systems understand and simulate three-dimensional environments. 

World Labs had previously raised $1 billion in a funding round that included AMD. The companies had also worked together on model training and inference optimisation using AMD graphics processing units. Under the announced transaction, Li is expected to join AMD as executive vice-president and chief scientist, reporting to CEO Lisa Su once the deal closes, which is expected by the end of 2026. 

AMD shares were around 0.40% higher in the S&P 500 heatmap during the opening session. The acquisition adds another development to the semiconductor company’s AI activity as US technology companies continue expanding their hardware, software and model capabilities. 

The transaction was one of several AI-related developments influencing the technology sector. Nvidia was up 0.90%, Micron Technology gained 0.93%, Applied Materials advanced 4.22% in the S&P 500 data, and Lam Research rose 3.60%. The movements came after semiconductor stocks had declined sharply during Monday’s session. 

Anthropic IPO Filing Puts AI Costs and Risks in Focus 

Artificial intelligence remained a major theme in the opening session following reports about Anthropic’s IPO prospectus. The filing highlighted potential risks associated with increasingly advanced AI systems, including the possibility of models developing behaviours that could involve resisting shutdown, concealing information or manipulating information. The filing reportedly devoted around 80 of 261 pages to risk factors. 

The prospectus also outlined very large infrastructure requirements. Reports based on the filing said Anthropic plans to spend more than $500 billion on cloud and infrastructure over coming years and is targeting a valuation of more than $2 trillion. The filing also showed the financial scale associated with developing frontier AI systems, including a reported $42 billion net loss in 2025. 

The AI developments came alongside reports that OpenAI had halted work on a next-generation model following safety concerns. The combination of Anthropic’s risk disclosures and OpenAI’s decision placed AI development, safety controls and infrastructure spending among the technology issues being assessed during Tuesday’s session. 

At the same time, Anthropic’s planned public offering was being discussed as a major potential transaction in the US IPO market. The developments contrasted with Oura’s decision to postpone its Nasdaq listing, highlighting different corporate decisions amid the current market conditions. 

Oura Delays IPO as Nasdaq Listing Plans Change 

Smart-ring maker Oura postponed its planned US initial public offering on Tuesday, delaying a listing that had been expected on the Nasdaq. The company had marketed 50 million shares at an indicative price range of $40 to $44 each, which would have raised as much as $2.2 billion at the upper end and implied a fully diluted valuation of approximately $15.62 billion. 

Oura had been expected to price the offering and begin trading on Wednesday. The company said it was choosing to delay the listing and would continue executing its business plans. The company had previously reported strong financial growth, including revenue of $1.21 billion for the nine months ended June 30 and net income of $60.8 million, compared with $1.6 million in the same period a year earlier. 

The company also reported that its paid membership base had reached 5.7 million following the launch of its Oura Ring 5. Its decision to postpone the listing came during a period in which several companies have delayed or suspended planned offerings amid higher bond yields and market uncertainty. 

Also Read: How to invest in US stocks

Fair Isaac Falls 19% After Mortgage Scoring Changes 

Fair Isaac Corporation (FICO) was among the biggest early decliners in the US market. The shares were at $678.50, down $162.35 or 19.31%, according to the supplied market data. The company had a reported market capitalisation of $14.538 billion, a trailing price-to-earnings ratio of 25.04 and a 52-week range of $832.00 to $1,998.01. 

The decline followed a change involving mortgage credit scoring. Federal Housing Finance Agency Director Bill Pulte announced that Fannie Mae and Freddie Mac would use a single pricing grid, with VantageScore joining the existing FICO Classic pricing grid. VantageScore was created by the three major US credit reporting agencies: Equifax, Experian and TransUnion. 

The latest announcement follows earlier steps to expand the use of VantageScore for mortgage lending. In September, the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to approve VantageScore for all lenders, expanding its use beyond an initial group of lenders. FICO shares fell sharply after that announcement as well. 

Equifax was also among the day’s notable decliners, falling 4.30% to $139.50 in the supplied market data. The movement placed the credit-scoring industry among the areas experiencing company-specific changes during the opening session. 

Oil Falls 2.11% As Middle East Exports Improve 

Oil prices declined on Tuesday as Middle Eastern crude exports showed signs of recovery. West Texas Intermediate (WTI) fell 2.11% to $90.65 a barrel, while Brent crude declined 1.86% to $103.32. The move followed the resumption of oil loadings from Saudi Arabia’s Red Sea port of Yanbu after operations on the East-West Pipeline were restored. 

Preliminary data showed crude exports from major Middle Eastern producers reaching 12.8 million barrels a day in September, the highest level since February. Higher shipments from Saudi Arabia and the United Arab Emirates contributed to the increase. Some cargoes continued to use ship-to-ship transfers, which are less efficient than normal transport arrangements. 

The oil market also remained focused on diplomatic activity involving the United States and Iran. Officials from both countries continued discussions through mediators, while the US administration disputed reports about specific concessions to Iran. The situation remained unresolved. 

Lower oil prices followed a session in which supply concerns had contributed to higher crude prices and Treasury yields. The decline therefore provided a change from some of the pressure seen during Monday’s market sell-off. 

Treasury Yields Remain Near Multi-Year Highs 

US Treasury yields remained elevated during Tuesday’s opening session. The 10-year Treasury yield stood at 5.259%, up 0.017 percentage point, while the 30-year yield was 5.581%, up 0.019 percentage point. The 2-year yield reached 4.945%, up 0.021 percentage point. 

The 10-year yield had moved above 5.27% on Monday, reaching its highest level since 2007 before easing. Markets were also awaiting fresh economic data, including the August Job Openings and Labour Turnover Survey (JOLTS) and September consumer confidence figures. 

Additional Treasury rates included 4.545% for the one-year note, 4.195% for the three-month note and 4.425% for the six-month note. Further inflation and employment data, including the Personal Consumption Expenditures report and September employment report, are due later in the week. 

Meta Rises 1.21% As Muse Expands Business AI 

Meta Platforms gained 1.21% after launching Muse for Small Business, an artificial intelligence service aimed at business users. The service connects Meta’s AI agent with applications including Asana, Zoom, Intuit, Box, Canva and Slack, alongside professional Instagram and Facebook profiles and Meta advertising accounts. 

Meta shares had fallen nearly 5% on Monday. Tuesday’s move came as other large technology companies traded unevenly. Amazon rose 0.30%, while Tesla declined 1.37%. Alphabet’s Class A shares fell 0.09%, while Class C shares gained 0.10%. 

Also Read: US Stock Market Timings 

Semiconductor Stocks Gain Ahead af Micron Results 

Semiconductor stocks were among the stronger areas of the opening session. Applied Materials rose 4.22%, Lam Research gained 3.60%, KLA advanced 3.73%, Broadcom increased 2.29%, and Marvell Technology climbed 3.14%. 

Micron Technology gained 0.93% ahead of its earnings release scheduled after Wednesday’s market close. Options pricing indicated a potential share-price movement of around 7% in either direction by the end of the week, based on the supplied market data. 

Technology performance remained mixed, with Apple down 1.17%–1.33%, Microsoft lower by 0.44%, Cadence Design Systems down 1.60%, and Synopsys lower by 2.21%. 

FICO Leads Decliners as Major Stocks Trade Unevenly 

Fair Isaac Corporation fell 19.31% to $678.50, leading the supplied list of stock decliners. The move followed changes involving mortgage credit-score requirements, with VantageScore being added to the scoring framework used by government-sponsored mortgage companies. 

Other notable declines included XPeng, down 4.62% to $9.49, Li Auto, lower 4.31% to $11.20, and Equifax, down 4.30% to $139.50. Cadence Design Systems fell 3.20%, while Synopsys declined 2.87%. 

On the gaining side, Iovance Biotherapeutics rose 22.02% to $13.41, Carnival gained 11.80% to $24.77, and Summit Therapeutics increased 9.04% to $16.88. CarMax rose 7.45% to $60.69, while Bloom Energy gained 8.69%. 

Nasdaq 100 Shows Mixed Technology Performance 

The Nasdaq 100 reflected the broader split across technology stocks. Nvidia gained 0.90%, while Broadcom rose 1.90%, Applied Materials increased 3.49%, KLA gained 3.73%, and Marvell Technology advanced 3.14%. 

Meta rose 1.21% and Netflix gained 2.00%, while Apple declined 1.33%, Walmart fell 2.24%, Tesla dropped 1.31%, and Booking Holdings declined 1.33%. 

The broader market therefore remained mixed, with gains in several semiconductor and artificial intelligence-related stocks offset by declines among some major technology and consumer companies. 

Economic Data Adds Focus After Monday’s Market Decline 

Tuesday’s market opening followed Monday’s declines, when the Nasdaq fell 0.92%, the S&P 500 dropped 0.77% to 7,683.69, the Dow declined 0.67% to 51,481.51, and the Russell 2000 fell 0.69% to 2,817.91. 

The latest session remained focused on oil prices, Treasury yields, technology stocks and upcoming US economic data. The dollar index was around 101.36, while Bitcoin traded near $84,400 and gold futures around $4,190 an ounce, according to the supplied market update. 

The US opening session remained mixed, with the Nasdaq Composite at 26,838.48, the S&P 500 at 7,684.98, the Dow at 51,416.09 and the Russell 2000 at 2,817.91. Oil prices eased, Treasury yields remained elevated, while AI developments and upcoming US economic data remained central market developments. 

Source 

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