# Nasdaq hits record as oil slides on Iran hopes

> Tech stocks surge while crude falls for a fifth day on reports of potential U.S.-Iran diplomacy and Strait of Hormuz reopening.
- Title: Nasdaq hits record as oil slides on Iran hopes · CNBC
- Summary: Tech stocks surge while crude falls for a fifth day on reports of potential U.S.-Iran diplomacy and Strait of Hormuz reopening. The Nasdaq reached an…
- Keywords: nasdaq, s&p 500, dow jones, oil prices, iran, strait of hormuz, trump administration, tech stocks, brent crude, u.s. crude, treasury yields, news
- Source: CNBC — https://cnbc.com/2026/09/21/stock-market-today-live-updates.html
- Author: Sean Conlon,Jenni Reid,Justina Lee,Darla Mercado, CFP®
- Published: 2026-09-21T22:04:08+00:00
- Read time: 3 min
- Topics: nasdaq, s&p 500, dow jones, oil prices, iran, strait of hormuz, trump administration, tech stocks, brent crude, u.s. crude, treasury yields, news
## Nasdaq hits record high
The Nasdaq Composite rose 0.45% to close at 27,244.28, marking its first record close since June. The S&P 500 stayed flat at 7,764.64 while the Dow fell 0.36%.
## Oil falls on Iran diplomacy
Brent crude dropped 1.09% to $99.25 per barrel and U.S. crude fell 1.24% to $94.59, marking the fifth straight day of losses for both benchmarks after Trump said talks with Iran went well.
## Trump signals Iran deal possible
At the UN General Assembly, Trump said he has a big decision on whether to pursue a deal with Iran or take military action, adding he believes a deal will happen after the election.

> we'll make a deal right after the election because it doesn't make sense for them not to
## Hormuz reopening reported
Iran reportedly offered to reopen the Strait of Hormuz within seven days if the U.S. takes steps toward de-escalation, though CNBC has not independently verified the report.
## Saudi pipeline restart planned
Saudi Arabia is reportedly planning to restart its East-West pipeline as early as this week, adding to supply optimism that's pressuring oil prices lower.
## Sandisk surges on AI bet
Sandisk jumped nearly 7% after Rosenblatt initiated coverage with a buy rating and $2,400 price target, saying memory hardware is becoming critical to AI infrastructure.
## Treasury yields edge lower
The 10-year Treasury yield fell to 4.959% as markets digest the Fed's recent quarter-point rate hike and concerns about persistent inflation.
## Rate hike complacency concerns
RBC Wealth Management's Tom Garretson warns markets may not appreciate the impact of higher rates, with the 10-year yield potentially moving above 5% and the Fed potentially raising rates two more times into early 2027.
## Trump-Xi summit this week
President Trump and Chinese leader Xi Jinping meet in Washington this week to discuss artificial intelligence, the Iran war, tariffs and rare earth metals.
## Royal Caribbean eyes Sandals deal
Royal Caribbean is nearing a deal to take a 50% stake in Sandals Resorts International for $3 billion, though talks are still in progress and no deal has been finalized.
## MetLife upgraded to overweight
Piper Sandler upgraded MetLife to overweight from neutral with a $120 price target, saying the market hasn't appreciated the company's reinvention as a high free cash flow and return on equity player.
## Diesel export ban under review
Treasury Secretary Scott Bessent said the Trump administration is examining whether a diesel export ban is feasible to address record-high fuel prices.
## Microsoft price target raised
Oppenheimer raised Microsoft's price target to $570 from $515, citing strong Azure cloud growth, Microsoft 365 usage and Copilot AI tool strength.
## Lennar jumps on Berkshire buy
Lennar rose more than 4% after Berkshire Hathaway disclosed it purchased over 2.7 million shares of the homebuilder.
## Amgen posts positive trial results
Amgen shares gained more than 3% after announcing positive Phase 3 trial results for dazodalibep, which treats moderate-to-severe Sjögren's disease in adults.
## Shopify jumps on Meta partnership
Shopify rose nearly 7% after announcing a partnership with Meta's AI agent Muse to enable agentic checkout through Shop Pay on its stores.
## Viking Therapeutics challenges obesity leaders
Viking Therapeutics jumped 31% after announcing its obesity drug VK2735 helped patients lose 16-19% of body weight in 21 weeks, competing with Eli Lilly and Novo Nordisk treatments.
## Alibaba unveils new AI chip
Alibaba shares jumped 3% after unveiling the Zhenwu V900 AI chip with three times the performance of its predecessor and plans to expand data center capacity to over 20 gigawatts by 2032.
## Taiwan Taiex hits record high
Taiwan's Taiex benchmark rose to a record intraday high of 48,601.53 driven by tech stocks including TSMC, MediaTek and Delta Electronics on AI optimism.
## UK borrowing surges ahead of budget
UK public sector net borrowing rose 20% year-on-year to £18.3 billion in August, adding pressure on Prime Minister Andy Burnham ahead of the October 28 budget.
## Key takeaway

The Nasdaq reached an all-time high on optimism about lower oil prices from potential Iran negotiations, while the S&P 500 stayed flat and the Dow fell slightly.