Dow opens higher as S&P 500 and Nasdaq climb following massive rally
Futures point to continued gains after the Nasdaq hit a record high, AMD crossed $1 trillion, and falling oil prices lifted sentiment across the board.
Wall Street is riding the momentum from one of its best sessions in months. Futures pointed to a higher open on September 22, with Dow futures up roughly 0.2-0.4%, after all three major indexes posted substantial gains the previous session. The Nasdaq Composite closed at a record 27,122.09, the S&P 500 landed at 7,764.70, and the Dow finished at 52,048.83.
What fueled the surge
The Nasdaq’s 2.26% jump, a gain of 599.55 points, marked its first record close since June. The index was dragged higher by an AI and semiconductor rally that turned a couple of individual stocks into the main characters of the trading day.
Advanced Micro Devices led the charge, with shares climbing roughly 10% and pushing AMD’s market capitalization past $1 trillion for the first time. Meta Platforms wasn’t far behind, surging over 11% after its latest AI product gained meaningful traction in the market.
The S&P 500 rose 1.49%, finishing just 0.4% below its own record high set on August 13. The Dow’s gain was more modest at 0.71%, or 366 points.
Macro, rates, and crypto—what moved markets and what matters next.
Daily. Free. Join 34,000+ readers across crypto, finance, and policy.
Oil and yields did the quiet work
Brent crude dropped roughly 2-3.4% on a combination of geopolitical relief and updates related to Saudi pipeline capacity. Meanwhile, the 10-year Treasury yield slipped below 5%, settling in the 4.93-4.95% range after recent highs that had spooked equity investors.
Context matters: the Fed’s shadow
This rally didn’t happen in a vacuum. It followed a volatile stretch that included the Federal Reserve’s first interest rate hike in three years on September 16. Geopolitics also played a supporting role. Hopes for progress in US-Iran relations contributed to the decline in oil prices and added a layer of optimism that had been missing from the market for weeks.
Where this leaves investors
The S&P 500 sitting less than half a percent from its all-time high creates an interesting setup. A close above the August 13 record would confirm that the post-rate-hike selloff was a blip rather than a trend reversal. Treasury yields remain the variable to watch most closely. The 10-year dipping below 5% helped unlock this rally, but any reversal in that trend could quickly change the math for growth stocks.