Tech stocks power market surge as bond yields and oil prices tumble
Monday ranked as Meta’s best one-day stock performance in more than a year. But the buying was not limited to tech stocks. Michael M. Santiago / Getty ImagesShareAdd NBC News to GoogleSept. 21, 2026, 4:27 PM EDTBy Steve KopackTech stocks surged Monday, with the Nasdaq 100 recording its single best day since early August as a wave of euphoria swept over the markets.
The broader Nasdaq Composite index also rose 2.2% to a new all-time closing high. The S&P 500 index soared by 1.5%, also its best day since early last month. The Dow rose more than 360 points, or 0.7%.
Chip companies such as ARM Holdings, which spiked 17%, and Intel, which rose 12%, accounted for some of the Nasdaq’s best performing stocks.
AMD shares rose nearly 10%, and the company hit a $1 trillion valuation for the first time.
Meta Platforms rose a stunning 11.4%, adding nearly $200 billion in market value, fueled by optimism around its AI ambitions and its recently released Muse AI assistant.
Monday ranked as Meta’s best one-day stock performance since the global market tariff turmoil of April 2025.
The buying was not restricted to tech stocks, however. Shares of Moderna powered higher by 12%. The S&P industrial, real estate and consumer discretionary sectors also posted strong gains.
After Paramount Skydance and Warner Bros. Discovery reached a deal earlier Monday with state attorneys general that likely paves the way for them to close their merger, shares of each company jumped more than 10%.
The market moves were largely attributable to a report over the weekend from Fox News Channel’s Trey Yingst, who said he had spoken to President Donald Trump.
“The president said he would possibly be open to meeting with Iranian President Pezeshkian” during the United Nations General Assembly in New York this week, Yingst reported Sunday.
The reporting raised hopes among investors that the monthslong freeze in any U.S.-Iran talks could end this week, potentially clearing the way for renewed oil traffic through the Strait of Hormuz.
Oil prices dropped sharply as a result, with Brent crude oil closing the session Monday at $100.34 per barrel, down 3.4% for the day. U.S. crude oil slid to $95.78, down 4.5% for the session.
Also pushing oil prices lower were reports of an increase in Saudi Arabia’s oil flows from Bloomberg News, which cited satellite imagery of oil supertankers filling up.
Earlier in the day, Brent dipped below $100 per barrel for the first time since Sept. 9.
The S&P’s energy sector was the index’s biggest laggard on Monday, declining 2.5% as the prospect of higher profits evaporated.
Monday’s drops marked oil’s fourth straight day of declines, bringing its total decline to 9.5% since Wednesday.
Oil prices remain sharply elevated this year, despite its drop in recent days. Since the start of the year, oil has risen more than 65%.
As oil prices fell, bond yields followed, fueled by hopes that cheaper oil could lead to lower gas prices, and an overall easing of the inflationary forces rippling through the U.S. economy.
In their second straight day of declines, the 10-year Treasury yield fell to 4.96%, after trading as high as 5.02% last week. That specific Treasury bond heavily influences consumer borrowing rates.
Still, the average 30-year fixed rate mortgage was still 7.19% on Monday, according to Mortgage News Daily.
On Sunday night, Treasury Secretary Scott Bessent and U.S. Trade Rep. Jamieson Greer hailed “very successful” trade discussions with their counterparts from China.
The delegations also discussed AI and potentially lower tariffs on a swath of goods.
The prospect of positive developments on the U.S.-China trade front also provided some hope to investors, but not that much.
On Monday, Greer shot down speculation about a possible extension of the U.S.-China trade deal that set to expire in November.
“Our sense is we aren’t going to have the extension today,” he told Bloomberg News.
Steve KopackSteve Kopack is a senior reporter at NBC News covering business and the economy.
