Nasdaq touches record high as tech rebound lifts U.S. markets

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Nasdaq touches record high

Highlights

Nasdaq Composite rises 0.3% to 27,212.68, touching a new intraday record high and surpassing its June 1 peak of 27,190.21.
Oil prices fall to a two-week low as Iran signals possible reopening of the Strait of Hormuz, boosting risk appetite and broader markets.
AMD tops $1 trillion market value and Philadelphia SE Semiconductor index hits monthly high as AI-driven tech demand fuels sector rebound.

Tech rally and oil retreat drive the move

As reported by Reuters, the Nasdaq Composite rises 0.3% to 27,212.68 after touching an intraday record high, surpassing its previous peak of 27,190.21 reached on June 1.

Oil prices fall to a two-week low as expectations of higher Gulf supplies ease market concerns. Iran signals it could reopen the Strait of Hormuz soon, helping lift broader markets and supporting investor appetite for risk assets.

Technology shares regain leadership as demand tied to artificial intelligence shows no sign of slowing and corporate earnings remain resilient. Chipmaker AMD topped $1 trillion in market value on Monday, while the Philadelphia SE Semiconductor index climbs to its highest level in more than a month.

Recovery follows summer correction in growth stocks

The latest milestone underscores a sharp rebound for the tech-heavy index, which briefly falls more than 10% from its late-July intraday high amid worries that heavy AI spending could pressure profitability before returns arrive. The Nasdaq also ended more than 20% below its record close on July 17, confirming bear market territory at that point.

Earlier this month, rising oil prices and concern over expanding government debt push U.S. Treasury yields to multi-year highs, weighing on fast-rising shares such as memory chipmakers. The S&P 500 and the Dow already reach record highs in early August, leaving the Nasdaq as the last major U.S. index to complete its recovery.

At 09:32 a.m. ET, the Dow Jones Industrial Average gains 155.42 points, or 0.30%, to 52,204.25, the S&P 500 adds 14.39 points, or 0.19%, to 7,779.09, and the Nasdaq Composite rises 89.57 points, or 0.33%, to 27,211.66. Advancing stocks outnumber decliners by 1.88 to 1 on the NYSE and by 1.78 to 1 on the Nasdaq, while the Nasdaq Composite records 12 new highs and 26 new lows.

In our previous report on an AI-led rally lifting U.S. stock futures, we explained how renewed strength in mega-cap tech pushed the Nasdaq to its first record close since June while the S&P 500 moved within striking distance of its own peak. We also noted that falling oil prices and lower Treasury yields improved risk appetite, with chipmakers like AMD back in focus as investor enthusiasm around AI infrastructure demand intensified.

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