Nasdaq Surges to New Records as Stocks Recover from Negative Week
Stocks rebounded on Monday after a negative week, led by a surge in tech-heavy Nasdaq Composite to new record highs. The Dow Jones Industrial Average gained 0.71%, while the S&P 500 rose 1.49%. Oil prices fell ahead of United Nations General Assembly meetings between global leaders, with Brent crude plummeting over 3.5% and West Texas Intermediate dropping below $92 a barrel.
JPMorgan analysts said that despite repeated hits to critical infrastructure in the Middle East, flows from the region remain 'surprisingly strong'. The US and Iran exchanged threats, with Iranian forces warning of 'painful retaliation' if the US strikes again. President Donald Trump stated he is in a 'deciding mode' and hinted at potential military action.
The US Virtual Embassy in Iran urged Americans to leave the country immediately due to rising tensions, while California's attorney general announced a settlement with Paramount Skydance over its acquisition of Warner Bros. Discovery. Shares of both companies soared as a result.