Cheaper oil lifts stocks as Brent slips below $100 and the AI trade runs

US crude settled at $92.37 (down $3.71) and Brent at $96.24, dragging the 10-year yield to 4.959% and clearing room for a 2.83% Nasdaq 100 rally led by Meta and chip names.

Deepakshi

Kristal Research & Marketing team

22 Sept

Key takeaways — AI summary

US crude settled at $92.37, down $3.71, and Brent at $96.24, down $3.05 — both under $100 for the first time since September 9 — after Saudi shipments through the Strait of Hormuz averaged 2.9 million barrels a day and Trump signalled openness to meeting Iran's Pezeshkian at the UN.
Falling oil pulled the 10-year Treasury yield to 4.959% (down 0.041 points), letting equities run: the S&P 500 rose 1.49% to 7,765, the Nasdaq 100 jumped 2.83% to 30,482 and the Dow added 0.71% to 52,054, though the equal-weight S&P gained just 0.18%.
Meta rose about 12% after Wells Fargo lifted its target to $796 from $640, citing its Muse assistant; Shopify (+7%) enabled agentic checkout via Shop Pay while Amazon blocked Muse. Chip and infrastructure names surged, with AMD crossing $1 trillion and Arm +16.68%.
Energy was the worst sector, down 2.57%; SocGen fell 16.31% on a long-dated AI cost plan and Novo Nordisk dropped 6% after guiding to peer-level growth. Gold eased to $4,343 and bitcoin cleared $85,000.
The document notes the three-month rolling correlation between the 10-year yield and crude hit +65%, near the 66% record set at the 1990 Gulf War, with two Fed officials (Goolsbee, Musalem) sounding hawkish as yields fell anyway.

Generated by Kristal AI · reviewed by the research desk

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