NEW YORK — U.S. stocks closed mixed as news emerged that the United States and Iran had resumed talks on the sidelines of the United Nations General Assembly.
The Nasdaq Composite rose 122.18 points, or 0.45%, to 27,244.28 on the 22nd, setting another record high after doing so the previous day. The S&P 500 fell 0.6 point, or 0.0%, to 7,764.64, while the Dow Jones Industrial Average dropped 185.14 points, or 0.36%, to 51,863.69.
Among the largest companies by market capitalization, Nvidia gained 0.66%, Apple 0.23%, TSMC 1.54%, SpaceX 1.89%, Broadcom 0.52%, Tesla 0.96%, SK hynix 3.45%, Micron 5.00% and SanDisk 6.82%. Microsoft fell 0.72%, Amazon 1.34%, Google parent Alphabet 1.07% and Meta 0.63%.
The market moved in opposite directions as investors digested President Donald Trump's address to the General Assembly. Trump said the choice was whether "to make a deal with Iran and let them build a far greater nation than ever before, or to swiftly obliterate Iran and never again give them the chance to murder people and destroy nations." He added that he believed a deal would be reached shortly after the election because it made no sense for Iran to stay away from negotiations. Iran's delegation walked out of the hall as Trump referred to "hell" and "obliteration."
Even so, delegations from the two countries held about three hours of talks behind the scenes during the General Assembly. Speaking to reporters at a bilateral meeting with Ukrainian President Volodymyr Zelenskyy, Trump said the talks with Iran had gone very well and had lasted three hours. According to Iran's state broadcaster IRIB, the U.S. side was represented by Steve Witkoff, the president's special envoy for the Middle East, and Trump's son-in-law Jared Kushner, while Iran was represented by Foreign Minister Abbas Araghchi. Trump described it as a very good meeting and said the options were total destruction or the potential to become great.
Oil prices also fell as traders put more weight on Trump's stated willingness to resolve the standoff through dialogue. Brent crude futures for November settlement ended 1.1% lower at $99.25 a barrel on the ICE Futures Exchange in London. It was the first time Brent had closed below $100 since the 8th, when it settled at $97.92. West Texas Intermediate futures for October delivery on the New York Mercantile Exchange fell 1.2% to $94.59 a barrel.
Officials at the U.S. Federal Reserve capped the market's advance with a series of remarks backing further tightening. Boston Federal Reserve Bank President Susan Collins wrote on LinkedIn that, taking account of all currently available information, she saw a greater likelihood of a scenario in which inflation persists well above 2%. Price pressures have increased, she said, while labor market conditions appear broadly solid and the unemployment rate remains low. With the labor market on firmer footing, she added, monetary policy can turn its focus in timely fashion to price stability, and a somewhat more restrictive federal funds rate would help return inflation to target.
Richmond Fed President Tom Barkin, speaking at an event in Baltimore the same day, said risks related to inflation remain greater than those related to maximum employment, which he said was the reason the central bank raised its benchmark rate at last week's meeting.
