Nasdaq sets a second straight record as Meta's Muse AI agent rattles 'lazy customer' stocks

The Nasdaq rose 0.45% to 27,244 on a 2% chip rally, while insurers, telecoms and banks slid on fears Meta's new AI shopping agent will erode pricing power; oil fell 2% to $90.52.

Deepakshi

Kristal Research & Marketing team

23 Sept

Key takeaways — AI summary

The Nasdaq Composite gained 0.45% to a record 27,244, its second consecutive record close, with the Nasdaq-100 up 0.82%; the S&P 500 finished flat at 7,765 and the Dow slipped 0.36%.
Meta's new AI agent Muse — which shops, negotiates bills and cancels subscriptions — passed 500,000 users in its first week and 1.8 million downloads in 12 days, driving a sharp split: chips rose ~2% and materials led sectors up 1.9%, while financials fell 2.0%.
Companies that profit from customer inertia sold off: Planet Fitness -9.0%, Charter -6.9%, Allstate -6.0%, The New York Times -7.0%, with Verizon, T-Mobile and AT&T down 1.8% to 2.8%; big banks lost about 3% amid a flattening yield curve.
WTI crude settled 2.0% lower at $90.52 after Trump called US-Iran talks 'very productive' and Saudi Arabia restarted its East-West pipeline; API reported a 1.8 million-barrel rise in US crude stocks against an expected fall.
The 10-year Treasury yield edged up to 4.97% as Boston Fed's Susan Collins said she has pencilled in one more hike this year; fewer than 31% of S&P 500 stocks trade above their 50-day average despite the index sitting near a record.

Generated by Kristal AI · reviewed by the research desk

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