Nasdaq 100 Flirts with Records, Oil Sinks for Fifth Day: Stock Market Today

The Nasdaq 100 carved out a fresh intraday record by midday Tuesday as the artificial intelligence trade powered ahead.

Speaking at the United Nations General Assembly on Tuesday, President Donald Trump said he faces a “big decision” on whether to negotiate with Tehran or “annihilate the Islamic Republic,” adding, “I believe we’ll make a deal right after the election because it doesn’t make sense for them not to.”

• Viking Therapeutics stock is surging to new heights today. Why are VKTX shares rallying?

West Texas Intermediate crude fell 0.6% to $91.81 a barrel, a fifth consecutive daily decline and the lowest level in two weeks, as flows through the Strait of Hormuz and alternative routes edged back toward pre-war levels.

The S&P 500 was effectively unchanged at 7,761.28, while the Dow Jones Industrial Average shed 263 points, or 0.51%, to 51,785.94, pressured by a fall in financial names.

The Nasdaq 100 rose 0.41% to 30,607.20 after touching its first intraday record since June. 

On the rates front, St. Louis Fed President Alberto Musalem said further increases may be needed to bring inflation back toward target. 

The 10-year Treasury yield reversed an early decline to sit at 4.98%, up 2 basis points, while the 2-year added 2 basis points to 4.77% and the 30-year rose 2 basis points to 5.31%.

Tuesday’s Performance In Major U.S. Indices

Index	Last	% Change	MTD	YTD
S&P 500	7,761.28	-0.04%	+0.8%	+13.4%
Dow Jones	51,785.94	-0.51%	-2.7%	+7.6%
Nasdaq 100	30,607.20	+0.41%	+3.9%	+21.2%
Russell 2000	2,885.25	+0.34%	-2.5%	+16.4%

According to the Benzinga Pro platform:

• The Vanguard S&P 500 ETF (NYSE:VOO) was flat, easing less than 0.1%.
• The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) slid 0.5%.
• The Invesco QQQ Trust (NASDAQ:QQQ) climbed 0.5%.
• The iShares Russell 2000 ETF (NYSE:IWM) rose 0.4%.

Banks Buckle While the AI Complex Runs Away

The Financial Select Sector SPDR Fund (NYSE:XLF) was the session’s worst performer by a wide margin, sinking 1.9% as the yield rebound and lingering credit-quality worries sent lenders lower. JPMorgan Chase & Co. (NYSE:JPM) fell 3.4%, Wells Fargo & Co. (NYSE:WFC) dropped 3.4% and Morgan Stanley (NYSE:MS) lost 2.9%.

Defensives took the lead instead. The Consumer Staples Select Sector SPDR Fund (NYSE:XLP) gained 1%, the Materials Select Sector SPDR Fund (NYSE:XLB) rose 1% and the Health Care Select Sector SPDR Fund (NYSE:XLV) added 0.7%. The Technology Select Sector SPDR Fund (NYSE:XLK) managed only a 0.2% gain.

At the industry level, the iShares U.S. Home Construction ETF (BATS:ITB) topped the board with a 2.2% advance, followed by the iShares Biotechnology ETF (NASDAQ:IBB) at 1.7% and the SPDR S&P Metals & Mining ETF (NYSE:XME) at 1.3%. The VanEck Gold Miners ETF (NYSE:GDX) rose 1.2% even as spot gold eased 0.4% to $4,324.67 an ounce.

Viking Therapeutics Inc. (NASDAQ:VKTX) was the day’s runaway winner, surging 30.7% after its VK2735 maintenance study showed patients switching from weekly to every-other-week dosing preserved up to 97% of prior weight loss, with monthly dosing preserving up to 90%.

The dual GLP-1/GIP agonist delivered 22% placebo-adjusted weight loss at 33 weeks on the 17.5 mg dose, and Truist analyst Gregory Renza called the readout a “best-case scenario.”

The company plans to start Phase 3 trials by year-end.

Vicor Corp. (NASDAQ:VICR) jumped 13.7% after sharply raising its third-quarter revenue outlook late Monday, guiding to sequential growth above 20% versus a prior estimate of roughly 10%, driven by royalties from a new licensing agreement covering its Vertical Power Delivery technology.

On Holding AG (NYSE:ONON) rallied 10.2% on the back of its Zurich investor day, where management targeted at least CHF 5.6 billion in net sales and a 22% adjusted EBITDA margin by 2029, authorized a $1 billion buyback through 2029 and announced entry into football and golf. 

Monolithic Power Systems Inc. (NASDAQ:MPWR) climbed 7.5% and Rambus Inc. (NASDAQ:RMBS) was up 7.38%, extending Monday’s move in AI power delivery and memory interface names.

The trade also lifted Micron Technology Inc. (NASDAQ:MU) by 3.4%, Astera Labs Inc. (NASDAQ:ALAB) by 7.3% and SanDisk Corp. (NASDAQ:SNDK) by 6.5%.

On the downside, Planet Fitness Inc. (NYSE:PLNT) slumped 9.9%, on a day when obesity-drug headlines dominated, with Viking’s readout landing alongside a fresh wave of GLP-1 commentary on the long-term structural threat oral obesity drugs pose to fitness operators. Planet Fitness is now down more than 55% year to date after cutting its 2026 outlook and withdrawing its three-year growth in May.

New York Times Co. (NYSE:NYT) tumbled 9.3%. Gen Digital Inc. (NASDAQ:GEN) fell 6.8%, extending a multi-session slide in a software cohort that also saw Intuit Inc. (NASDAQ:INTU) drop 4.7%.

Ryan Specialty Holdings Inc. (NYSE:RYAN) dropped 6.6% and LPL Financial Holdings Inc. (NASDAQ:LPLA) fell 6.2%.

In the only notable earnings print of the session, AutoZone Inc. (NYSE:AZO) rose 5.8% after reporting quarterly earnings of $56.06 per share versus the $54.51 consensus. Peer O’Reilly Automotive Inc. (NASDAQ:ORLY) gained 4.3% in sympathy. Elsewhere, Lennar Corp. (NYSE:LEN) climbed 4.6% to lead the homebuilder bounce.

Tuesday’s Russell 1000 Top Gainers

Name	% change
Viking Therapeutics, Inc.	+30.65%
Vicor Corporation	+13.73%
On Holding AG	+10.21%
Monolithic Power Systems, Inc.	+7.52%
Rambus Inc.	+7.38%

Tuesday’s Russell 1000 Top Losers

Name	% change
Planet Fitness, Inc.	-9.9%
The New York Times Company	-9.34%
Gen Digital Inc.	-6.79%
Ryan Specialty Holdings, Inc.	-6.63%
LPL Financial Holdings Inc.	-6.23%

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