Nasdaq Hits 30,600 as US-Iran Talks Boost Stocks
US stocks are expected to rise further as investors await developments on potential talks between the US and Iran. The Nasdaq broke out above its falling trendline resistance, reaching a high of 30,600, just below the record high of 30,750.
The optimism surrounding US-Iran talks has pulled oil prices lower, with Brent falling below $100 a barrel and WTI below $95. This has eased inflation concerns, pushing the benchmark 10-year Treasury yield down to around 4.9%.
Fed policymakers will also be in focus this week, with traders pricing in a 53% chance that the Fed will hike rates by 25 basis points in October. Corporate movers include Alibaba, which is trading over 3% higher after CEO Eddie Wu announced plans for Alibaba Cloud to operate more than 20 GW of data centres globally by 2032.