Nasdaq Hits Record High as AI Rally Sends AMD Past $1 Trillion — Oil Slides, Yet the Dollar Holds Firm
Wall Street opened the week with fireworks. The Nasdaq Composite closed Monday’s session at an all-time high, and a rally in artificial-intelligence stocks carried AMD into the trillion-dollar club. Cheaper oil added fuel, with Brent sliding towards $100 on hopes of de-escalation with Iran. But there is a twist every currency trader should notice: despite euphoria in equities and falling crude, the dollar is not backing down.
⚡ The record session in numbers (21.09.2026):
- Nasdaq Composite: 27,122.09 (+2.26%, +599.55 pts) — a new all-time high, beating the 2 June record of 27,093.90.
- S&P 500: 7,764.70 (+1.49%). Dow Jones: 52,048.83 (+0.71%).
- SOX semiconductor index: +4.29% to 12,433.17.
- AMD: +9.97% to a market value of $1.0048 trillion — the fourth US chipmaker to join the trillion-dollar club.
- Brent crude: around $100 (about −3.5%), its lowest since 8 September. WTI: around $95.5 (about −4.6%).
- US 10-year Treasury yield: below 5% (about 4.95%). Dollar index DXY: +0.2% to 100.41.
Who led the market? Chips — and one App Store hit
Monday’s rally had clear leaders. Semiconductor stocks, now seen as the “picks and shovels” of the AI gold rush, gained the most: every new AI application means demand for computing power, and computing power means chips.
| Company | Change | What happened |
|---|---|---|
| Arm Holdings | +17.16% | top performer in chips |
| Intel | +12.17% | rebound on AI infrastructure demand |
| Meta Platforms | +11.43% | “Muse” AI agent tops the App Store; closed at $741.24 |
| AMD | +9.97% | first close above $1 trillion in value |
| Qualcomm | +9.28% | broad semiconductor rally |
| Nvidia | +2.30% | the sector leader stayed in the background |
| Exxon Mobil | −3.23% | cheaper oil hits energy |
| Marathon Petroleum | −5.41% | weakest S&P 500 stock of the day |
Note that Nvidia — the symbol of the AI boom — rose “only” 2.3%. Capital rotated into names that had lagged: Intel, Arm, Qualcomm. That is usually the sign of a maturing trend. The market stops buying only the leader and starts looking for those who can catch up.
Oil down: from panic to diplomacy in five sessions
Only last Thursday we reported Brent above $105 after the Red Sea escalation. Since then oil has fallen session after session, for three reasons:
- Diplomacy: Donald Trump signalled he would probably meet Iranian President Masoud Pezeshkian during this week’s UN General Assembly.
- Physical flows: according to US Central Command, crude and LNG flows through the Strait of Hormuz are at a six-month high, with the main lanes clear of mines.
- Tuesday reports: media say Iran could reopen the strait within seven days if the US eases military pressure. Brent is down another ~2% on Tuesday morning.
Cheaper oil helps tech stocks twice over. It lowers inflation expectations and pulls long-term yields down — and those yields drive the valuation of growth companies. On Monday the US 10-year yield dropped below the psychological 5% mark.
The paradox of the day: why isn’t the dollar weakening?
Textbook logic says cheaper oil and falling yields should weaken the dollar. It did not happen: the DXY gained 0.2% on Monday, and emerging-market currencies such as the Polish zloty are softer on Tuesday morning.
The key is the yield curve. The 10-year yield fell, but the 2-year — the most sensitive to Fed policy — rose to around 4.77%. That is the direct footprint of the 16 September decision, when the Federal Reserve raised rates for the first time since July 2023, to 3.75–4.00%. According to the projections, 16 of 18 FOMC members expect at least two hikes.
The market is pricing two things at once. In the short term, higher US rates support the dollar. In the long term, inflation expectations ease thanks to cheaper oil, which helps equities. For risk-sensitive currencies that is an awkward mix: the rate differential keeps moving in the dollar’s favour, even when stock markets are celebrating.
What to watch in the coming days
- Nasdaq 27,093 — the June record. Holding above it confirms the breakout; a quick fall back below would signal a false break.
- Brent $100 — a sustained move below opens the way to further declines, provided the UN diplomacy delivers.
- US 10-year yield vs 5% — a move back above is the simplest threat to the tech rally.
- Trump–Xi meeting scheduled for this week. Treasury Secretary Scott Bessent called the concluded US–China trade talks “very successful” — a fundamental issue for chipmakers.
The trader’s view
Nasdaq-100 futures are up marginally on Tuesday morning (about +0.1%). The market is catching its breath after one of the strongest days of the year, and the VIX stays low, near 14.8. Low volatility at a fresh record favours trend continuation. It also means the market is poorly prepared for a negative surprise from the UN, the US–China talks or the Fed.
If you trade US indices (US100, US500) or dollar pairs, check your broker’s costs and regulation — index spreads can differ several-fold between providers. See our comparison of the best investing apps, and for background on EUR/USD read our piece on the ECB’s dilemma.
Disclaimer: This material is analytical, educational and informational in nature and does not constitute investment advice or a recommendation. Market data reflect the close of the 21.09.2026 session and morning quotes on 22.09.2026 and may differ between sources. Trading equities, commodities and Forex (including leveraged CFDs) carries a high risk of losing capital. All trading decisions are made at your own risk.
