The resilience of US equities in September 2026 has become a defining macro narrative. The 10-year US Treasury yield remains above 4.9% after briefly piercing the psychologically significant 5.0% threshold, while West Texas Intermediate crude trades near $90 per barrel after hitting roughly $105. Yet major stock indices are pushing toward record territory instead of selling off.
On Tuesday, the Nasdaq Composite hit an all-time intraday high of 27,250. The S&P 500 opened 0.06% higher, while the Dow Jones slipped 0.05%. The advance followed Monday's powerful AI-driven rally, when the Dow gained 366.19 points, or 0.71%, the S&P 500 rose 1.49%, and the Nasdaq climbed 2.26% to its first record close since June.
A key support for equities has been the AI infrastructure spending boom. Semiconductor and hyperscale cloud companies continue to report record earnings, and large-cap tech firms are cushioned by strong balance sheets and ultra-low locked-in debt costs. That earnings momentum has kept institutional capital invested even as borrowing costs stay elevated.
Oil’s pullback added to the risk-on tone. Crude extended its decline after reports that Iran offered to reopen the Strait of Hormuz, easing concerns over crude shipments, while Saudi Arabia worked to restore its East-West pipeline network. Lower oil prices reduced inflation fears and lessened pressure for more aggressive monetary tightening.
Treasury yields moved lower alongside crude. The 10-year yield fell more than 4 basis points to 4.951%, and the 30-year yield eased to 5.284%, as investors recalibrated after the Federal Reserve’s first rate hike since 2023. Still, Ed Yardeni warned that "higher-for-longer energy prices add to the case for further tightening."
Technology stocks saw some profit-taking after Monday's surge. Nvidia and AMD advanced, while Intel slipped after Intel had jumped 12% and AMD about 10% on Monday, briefly crossing a $1 trillion market cap. Qualcomm rose more than 9%. Meta opened higher after climbing more than 11% on optimism around its Muse AI agent. Beyond tech, Paramount Skydance gained 6% after settling its lawsuit, Vicor surged 12% on raised revenue guidance, and GameStop added more than 4% after CEO Ryan Cohen disclosed a purchase of 1.2 million shares.
For crypto markets, the broader macro signal is leaning risk-on as falling oil and stabilizing yields may support risk assets, although rates remain elevated and volatility risk has not fully resolved.
