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Nasdaq Hits Record High, Dow Underperforms Amid AI Concerns and Cooling Oil Prices
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CNBC TV18•23-09-2026, 05:05
Nasdaq Hits Record High, Dow Underperforms Amid AI Concerns and Cooling Oil Prices
- •The Nasdaq Composite and Nasdaq 100 reached new record highs, with the Nasdaq 100 achieving its longest winning streak since April.
- •Shopify led gains on the Nasdaq 100, surging over 7% after partnering with Meta for its Muse AI product.
- •Financial stocks, including Allstate Corp and Charles Schwab, underperformed and dragged the Dow Jones lower due to concerns about AI's impact on margins and fees.
- •Consumer service stocks like Expedia and Planet Fitness also fell, fearing AI assistants could handle tasks like price comparison and travel booking.
- •Despite cooling oil prices, market breadth remains weak, with more S&P 500 stocks hitting 52-week lows than highs, and some analysts cutting year-end targets.
Key Questions Answered
Financial stocks fell heavily and dragged the Dow Jones lower due to concerns that artificial intelligence tools like Meta's Muse AI would damage margins and fees at brokerages like Charles Schwab and Allstate Corp.
The Nasdaq 100 gained for the fifth consecutive session to notch a record high, propelled heavily by tech buying interest and specifically Shopify surging over 7% following its partnership with Meta for the Muse AI product.
Brent crude dropped below $100 a barrel following reports that Saudi Arabia would soon ramp up operations at its East-West pipeline and that Iran planned to reopen the Strait of Hormuz within seven days if the US eased military pressure.
