US markets opened mixed on Tuesday, with the Dow Jones Industrial Average slipping 0.3% to 51,940.57 points, the broader S&P 500 gaining 0.1% to 7,774.70, and the technology-heavy Nasdaq climbing 0.5% to 27,258.05 — marking its second consecutive session at an all-time high.
A rally in the tech sector drove much of the upside. Meta shares rose another 1.5%, building on Monday's surge of more than 11% triggered by strong uptake of its new AI application "Muse," which recorded more downloads in its first 13 days than rival ChatGPT. Alphabet, Apple, and Nvidia also traded higher.
Investor attention turned to geopolitical developments. US President Donald Trump is set to meet Chinese leader Xi Jinping on Thursday at the margins of the UN General Assembly. UBS analysts noted that while China's priorities remain largely domestic, a bilateral understanding could boost economic confidence and reduce the risk of abrupt escalation.
Separate discussions between the US and Iran also weighed on commodity prices. A senior Iranian official told Reuters that Tehran could reopen the Strait of Hormuz — a critical artery for global oil shipments — within seven days if Washington eased pressure. Brent crude fell around 2% to $98.15 a barrel, while WTI dropped 3% to $92.94. Brent has now retreated for five straight sessions, marking its lowest point near $97.43 earlier in the day.
The crude price decline followed early-session gains that gave way to afternoon losses. David Kruk, head of trading at Paris-based La Financière de l'Echiquier, said he saw no reason for short sellers to target technology and AI stocks ahead of Q3 earnings, and added that Trump may seek to push oil prices lower before the November midterms — an important test for his party amid unpopularity around the Iran conflict.
In corporate news, Swiss sportswear maker On surged more than 10% pre-market after announcing a share-buyback program of up to $1 billion through the end of 2029. The company also issued a long-term forecast targeting annual currency-neutral revenue growth in the upper double-digit percentage range and net sales of at least 5.6 billion Swiss francs by 2029. For the current quarter, On guidance calls for approximately 17% currency-neutral revenue growth. The firm has been facing softer demand in the US and recently announced a sponsorship deal with French football star Kylian Mbappé to strengthen its position in the sportswear market against Nike, Adidas, and Puma. Tennis star Roger Federer is among On's investors.
Alibaba rose 3.3% after reporting plans to launch China's most powerful domestic AI chip, aimed at competing with Nvidia and supporting expanded data-center capacity. Nvidia dipped slightly, while other semiconductor names faced headwinds — ARM, Intel, and AMD each fell more than 1% pre-market, though AMD's market capitalization had briefly surpassed $1 trillion on Monday.
Ridesharing firm Grab gained 4.8% after CEO Anthony Tan disclosed substantial share purchases to the SEC. GameStop climbed 4.1% on insider buying activity.
Pre-market futures pointed to a flat start: Dow Jones futures were up 0.15%, while S&P 500 and Nasdaq futures each slipped 0.03%.
