Wall St surges on AI optimism as oil falls
The Nasdaq surged to a record-high close on Monday, lifted by gains in Advanced Micro Devices and other AI heavyweights, while Treasury yields retreated from recent highs and crude prices tumbled to an 11-day low on speculation about a potential breakthrough in Middle East talks at a UN meeting this week. Chip stocks rallied, with Intel surging 12.2 percent and Arm Holdings up 17 percent. Advanced Micro Devices rose about 10 percent to reach a market capitalisation of US$1 trillion for the first time. The Nasdaq notched its first record-high close since June 2, while the S&P 500 ended about 0.4 percent below its August 13 record-high close. Investors pointed to signs that suggest spending on AI is still expanding, despite recent safety warnings from leaders of AI giants a week ago that triggered a global tech selloff. The benchmark US 10-year yield fell below the psychologically important 5-percent level as Brent crude futures dipped below US$100 a barrel to their lowest level since September 9, later settling at US$100.34 per barrel. While Washington and Tehran exchanged threats through the weekend, US President Donald Trump said he would be open to meeting Iranian President Masoud Pezeshkian, who is expected to attend the UN General Assembly...
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