Nasdaq hits record as Dow falls 270 points; Trump-Xi summit looms
Tech stocks surge on lower oil prices while financial shares drag the Dow, as markets await Trump-Xi meeting on AI and tariffs.
What to know
- The Nasdaq hit a fresh all-time intraday peak while the Dow fell 260–270 points, with financial stocks (JPMorgan, Travelers, Visa) accounting for 286 points of decline and no clear company-specific news explaining the drops.
- Tech and memory stocks rallied on falling oil prices below $100/barrel, driven by optimism over reopening Middle East supply routes (Saudi pipeline, Strait of Hormuz) and moderating Treasury yields.
- Markets are holding their breath ahead of Trump's planned summit with Chinese leader Xi Jinping this week, where AI policy, trade tariffs, rare-earth metals, and the Iran conflict are expected to dominate discussion.
“JPMorgan Chase (NYSE: JPM) fell 3.5% and took out 72 Dow points. Travelers (NYSE: TRV) dropped 2.8% for another 62 points, and Visa 's (NYSE: V) 2.4% dip accounted for 53 Dow points.”
Yahoo Finance · Yahoo Finance ↗
Donald Trump U.S. President
Xi Jinping Chinese President
Masoud Pezeshkian Iranian President
Scott Bessent U.S. Treasury Secretary
How it unfolded 1 development · click the chart to see its coverage articles
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background
Trump-Xi summit expected to address AI, tariffs, and rare earths — A planned summit in Washington between Trump and Chinese leader Xi Jinping is scheduled for later in the week. The agenda is expected to touch on artificial intelligence, trade tariffs, the ongoing Iran conflict, and rare-earth metals. Treasury Secretary Scott Bessent held talks with Chinese Vice Premier He Lifeng before Xi's arrival.
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Memory and semiconductor stocks lead Nasdaq gains
SanDisk jumped 4–6.5% following a bullish analyst call from Rosenblatt Securities and after joining the S&P 100 index. Micron Technology rose 3.6% as investors prepared for the company's Q4 2026 earnings report.
“The Nasdaq Composite (NASDAQINDEX: ^IXIC) rose 0.3% as of 12:06 p.m. ET. Meanwhile, the Dow Jones Industrial Average (DJINDICES: ^DJI) fell 0.6%.”
— Yahoo Finance · source -
background
Nasdaq sets intraday record; Dow drops as financial stocks fall sharply — The Nasdaq Composite rose 0.3% to an intraday high at 10:35 a.m. ET while the Dow fell 0.6% (260–270 points). Financial stocks drove the Dow's decline, with JPMorgan Chase down 3.5% (72 Dow points), Travelers down 2.8% (62 points), and Visa down 2.4% (53 points)—totaling 286 points of downward pressure. The S&P 500 remained essentially flat with a 0.1% drop.
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background
Trump addresses UN on Iran, signals midterm negotiations — President Trump told world leaders at the UN General Assembly that he must decide whether to seek a negotiated settlement with Iran or "annihilate" the country, adding that he expects a deal after the midterm elections. Markets also tracked whether a face-to-face meeting between Trump and Iranian President Masoud Pezeshkian would occur.
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background
Oil prices slide on Middle East supply optimism — Brent crude futures fell below $100 per barrel, down 0.5% on the day. Saudi Arabia's East-West pipeline underwent testing with flows potentially resuming within the week. Iran also reportedly offered to restore access through the Strait of Hormuz contingent on the U.S. ending its blockade, though these reports remained unverified.
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