Nasdaq 100 Closes at Fresh All-Time High on Tuesday, Up 22% YTD, While S&P 500 Ends Flat and Dow Retreats

The Nasdaq 100 closed at a fresh all-time high on Tuesday, September 22, extending a technology-driven rally into a second consecutive session. The index finished at 27,245.24, up 0.45% or 123.14 points, and is now 22% higher for the year. The broader S&P 500 ended essentially flat at 7,765.00, gaining just 0.30 points, while the Dow Jones Industrial Average fell 0.31%, losing 162.73 points to close at 51,886.10.

Meta Platforms remained a central talking point in market chatter, with its newly launched Muse AI assistant continuing to generate deal speculation involving PayPal, Expedia, and Charles Schwab among others, following a surge in Meta shares the prior session that added nearly $200 billion in market capitalization. Schwab, JPMorgan Chase, and Booking Holdings were among notable decliners on the day. Oil prices slid for a fifth consecutive session, and traders continued to monitor developments between the United States and Iran.

Valuation commentary drew attention as well, with Apple's forward price-to-earnings ratio noted at 35.4 times, above Walmart's, while Nvidia traded at 14.6 times and Meta at 21.9 times. Options activity was elevated across a broad range of names including Intel, Micron, MicroStrategy, Microsoft, Broadcom, Palantir, SoFi, Netflix, and AST SpaceMobile, reflecting active speculative interest ahead of the week's close. Michael Burry disclosed a short position in Caterpillar, with his rationale described as unrelated to semiconductors.