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The Nasdaq Composite climbed to a fresh all time intraday high Tuesday as technology shares pushed ahead despite continuing tension between the U.S. and Iran. The index was last up 0.2%, while the S&P 500 hovered around the flatline.

The Dow Jones Industrial Average shed 270 points, or 0.5%. Earlier in the morning, the Nasdaq rose about 0.5% to 27,250.92, marking its first intraday record since June 1, 2026.

Sandisk helped support the Nasdaq with a 4% gain after Rosenblatt initiated coverage with a buy rating. The investment firm assigned the data storage manufacturer a $2,400 price target, representing 36% upside from Monday’s close.

Rosenblatt analyst Kevin Cassidy argued that new artificial intelligence computing platforms could make NAND Flash a more critical part of AI infrastructure. The bullish call suggested Sandisk shares could move well above $2,000.

Geopolitical uncertainty remained central to the session. Addressing the United Nations General Assembly, President Donald Trump said that he has a “big decision” to make on whether to pursue a deal with Iran or “annihilate” the country.

Trump also said he believes “we’ll make a deal right after the election because it doesn’t make sense for them not to,” adding that “they’re waiting to see how I do in the midterm election.”

Oil prices were little changed following the remarks. Brent crude futures gained less than 1% to roughly $100 per barrel, while U.S. crude futures traded less than 1% higher at around $96 a barrel.

Crude had moved lower earlier Tuesday after reports that Iran offered to reopen the Strait of Hormuz within seven days. CNBC had not independently verified those reports, while Saudi Arabia was reportedly preparing to restart its East West pipeline as early as this week.

Tuesday’s moves followed a strong Wall Street session in which the S&P 500 posted its best day since Aug. 4. The Nasdaq also secured its first closing record since June after falling oil prices and retreating Treasury yields supported equities.

Treasury yields edged higher again Tuesday, with the 10 year yield trading at 4.974%. Yields had already been trending upward before the Federal Reserve raised its key interest rate by a quarter point last week amid rising debt, elevated oil prices and stubborn inflation.

Tom Garretson, senior portfolio strategist of fixed income strategies at RBC Wealth Management, warned that markets may not fully appreciate the consequences of a rate increase cycle combined with higher yields. He also saw continued risk of additional Federal Reserve increases.

Investors were also looking toward a Washington summit between Trump and Chinese leader Xi Jinping. Artificial intelligence, the Iran war, tariffs and rare earth metals were expected to be among the meeting’s major topics.

Shopify shares advanced nearly 7% after the company announced it would work with Meta’s personal AI agent, Muse, to bring agentic checkout to its stores through Shop Pay. The stock was on pace for a two day gain of more than 15%.

Capri Holdings gained nearly 10% after WWD reported that the luxury fashion company could be acquired. Potential buyers had reviewed the company’s financial information, although sources said any transaction was not expected in the near future, and the stock remained down more than 35% this year.

Viking Therapeutics surged 31% after reporting study results for diabetes and obesity drug VK2735. Patients lost between 16% and 19% of their body weight after 21 weeks, while Roche said patients with type 2 diabetes lost 15.5% over 48 weeks with enicepatide.

Overseas markets were mixed. Europe’s Stoxx 600 later rose 0.2%, while U.K. public sector net borrowing reached £18.3 billion in August, above the £15.5 billion deficit forecast by economists polled by Reuters.

Asian markets generally moved higher, and Taiwan’s Taiex reached a record intraday high of 48,601.53. Alibaba gained around 3% in Hong Kong after unveiling the Zhenwu V900 AI chip and plans for more than 20 gigawatts of global data center capacity by 2032.

The market’s record chase masked weaker breadth. Although the S&P 500 gained 1.5% Monday and remained less than 1% from its all time high, more index members reached fresh 52 week lows than 52 week highs.

DISCLAIMER: GoldInvestors.news is not a registered investment, legal or tax advisor or broker/dealer. All investment/financial opinions expressed by GoldInvestors.news are from the personal research and experience of the owner of the site and are intended as educational material. Although best efforts are made to ensure that all information is accurate and up to date, occasionally unintended errors and misprints may occur.