Nasdaq Hits Record Intraday High as Tech Rebounds, Yields Ease

The Nasdaq Composite set a new intraday record during the September 22 session, driven by a rebound in technology stocks that had been under pressure in prior sessions. At the same time, Treasury yields eased and oil prices fell, a combination that typically signals investors are pricing in lower near-term risk. Part of the calm traces to an anticipated meeting between President Trump and Chinese leader Xi Jinping, which traders are watching as a potential de-escalation point for trade tensions. Lower yields reduce the discount rate applied to future tech earnings, which helps explain why growth stocks led the advance. What is unresolved is whether the rally has legs beyond positioning ahead of the Trump-Xi meeting. If the meeting produces no concrete agreement, or if it is postponed, both yields and tech sentiment could reverse quickly.