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Tuesday, September 22, 2026
What’s happening: US stocks closed higher on Monday amid easing in Treasury yields.
What happened: Tech stocks recorded sharp gains, helping the Nasdaq hit a record closing high.
Meanwhile, crude oil prices fell to an 11-day low amid prospects of a potential breakthrough in talks related to the US-Iran conflict at a UN meeting.
Why it matters: The US 10-year Treasury yield declined below the key 5% level as Brent crude prices fell to their weakest since September 9.
Chip stocks recorded sharp gains on Monday, with shares of Intel jumping over 12% and Arm Holdings adding more than 17% during the session. The PHLX semiconductor index climbed 4.3%.
Shares of Advanced Micro Devices rose around 10%, taking the company’s market valuation to $1 trillion for the first time. Meta Platforms’ stock climbed over 11%.
Gains in tech stocks helped the Nasdaq record its first record closing high since June 2, while the S&P 500 closed only around 0.4% below its August 13 record high.
Most of the sectors on the S&P 500 recorded gains, with communication services and information technology stocks among the top performers. However, energy and utilities stocks bucked the trend, closing lower on Monday.
Investors monitored the ongoing conflict between the US and Iran. US President Donald Trump said he is open to meeting Iran’s President Masoud Pezeshkian at the UN General Assembly in New York this week, while he is also scheduled to meet other Gulf leaders.
The S&P 500 surged 1.49% to close at 7,764.70 points on Monday, while the Dow Jones index gained 366.19 points, or 0.71%, to reach 52,048.83. The Nasdaq 100 jumped 2.83% to settle at 30,482.35.
What to watch: Investors will keep an eye on the UN General Assembly in New York this week.
Data on ADP employment change (1615 UAE Time) and Richmond Fed manufacturing index (1800 UAE Time) from the US will be released today. The ADP Research Institute had reported that US private employers added an average of 16,250 jobs a week during the four weeks ending August 29, compared to an average weekly rise of 12,250 in the prior four-week period. Analysts expect the Fed’s Fifth District manufacturing index to rise to 5 in September from 4 in August.
Context: The Australian dollar edged higher versus the US dollar this morning as investors assessed the monetary policy outlook.
Details: The Reserve Bank of Australia’s assistant Governor Sarah Hunter confirmed that more rate hikes may be needed this year, as inflation has remained too high for a long period.
The recent comments sparked speculations of a rate hike at this month’s meeting. Investors expect the RBA will raise its benchmark rate by 25bps at the September 29 meeting.
Meanwhile, the greenback fell this morning after hitting its strongest level in around three months. Hawkish comments from Fed members increased speculations of another rate hike this year, providing a boost to the US dollar. Last week, the Fed increased its rates for the first time in three years, while signalling further hikes later this year to combat elevated inflation levels.
Weakness in the US dollar lent support to the AUD/USD forex pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged lower to 100.40 this morning.
The AUD/USD forex pair rose slightly to 0.7119 this morning, while the S&P/ASX 200 gained around 0.2% to 8,748.60.
What to watch: Investors will keep an eye on the US-Iran conflict and the UN meeting.
Data on S&P Global manufacturing PMI (0300 UAE Time), S&P Global services PMI (0300 UAE Time) and S&P Global composite PMI (0300 UAE Time) will be released on Wednesday. Analysts expect the S&P Global manufacturing PMI to decline to 51.7 in September from 52.0 in August, while the services PMI business activity index is projected to decline to 52.5 in September from 53.2 in the previous month.
Australia’s S&P Global composite PMI, which fell to 52.7 in August from 53.2 in the previous month, is expected to ease further to 52 in September.
Other Markets: European indices closed higher on Monday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index up by 0.75%, 1.07%, 0.92% and 1.02%, respectively.
US President Donald Trump warned that Russia had lost control of its diesel industry as a result of the ongoing war with Ukraine following several strikes on its refineries. The news sent the USD/RUB pair higher in forex trading this morning.
Colombia’s trade deficit widened to $3.28 billion in July from $2.05 billion in the year-ago period. This being the widest gap since 1980 lent support to the USD/COP forex pair.
India’s infrastructure output climbed by 4.8% year-over-year in August. This being a deceleration from the previous month’s 5% growth sent the USD/INR pair higher in forex trading this morning.
Hong Kong’s current account surplus rose to HK$96.0 billion in the second quarter from HK$93.1 billion in the year-ago period, exerting pressure on the USD/HKD forex pair.
Singapore’s unemployment rate came in at 1.9% in the second quarter, below the preliminary reading of 2.0%. The jobless rate falling to its lowest level since the fourth quarter of 2024 sent the USD/SGD pair lower in forex trading this morning.
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