Nasdaq Hits Record High of 27,122.09, Surpassing June Record by 28.19 Points
The Nasdaq Composite Index closed at 27,122.09 during the U.S. regular trading session on September 21, setting a new all-time closing high. It rose 599.55 points (2.26%) from the previous trading session and finished 28.19 points above the previous record close of 27,093.90 set on June 2. As of the morning of September 22 Korea time, the milestone came as major semiconductor and AI stocks strengthened while oil prices and long-term U.S. Treasury yields declined during the same trading session.
How Much Did the Nasdaq Surpass Its June 2 Record?
The difference between the new record and the previous one was smaller than it might seem. Subtracting the June 2 closing level of 27,093.90 from the September 21 closing level of 27,122.09 gives 28.19 points.
According to the author's calculation, the increase over the previous record was approximately 0.10%.
`(27,122.09 - 27,093.90) ÷ 27,093.90 × 100 = approximately 0.104%`
Rather than describing this move as a substantial breakout above the previous record, it is more accurate to say that the Nasdaq recovered from its levels in early June and narrowly raised its all-time closing high.
How Much Did the Nasdaq Outperform the S&P500 and Dow?
All 3 major U.S. stock indexes advanced on September 21, but the Nasdaq recorded the largest percentage gain. The Nasdaq rose 2.26%, the S&P500 gained 1.49%, and the Dow Jones Industrial Average increased 0.71%.
According to the author's calculations, the Nasdaq's gain exceeded that of the S&P500 by 0.77% percentage points and that of the Dow by 1.55% percentage points. On the same day, the S&P500 closed at 7,764.70, approximately 0.4% below its own all-time closing high.
In other words, although the broader U.S. stock market advanced, the technology-heavy Nasdaq stood out when comparing the performance of the major indexes.
How Strong Were Semiconductor and AI-Related Stocks?
Semiconductor companies and major AI-related stocks were among the most notable performers behind the Nasdaq's advance. Intel surged by more than 12%, Arm jumped by more than 17%, and AMD gained approximately 10%. The Philadelphia Semiconductor Index also advanced approximately 4.3%.
The reasons behind individual stock gains cannot necessarily be treated as identical. Nevertheless, it is clear that major semiconductor and AI-related stocks outperformed the broader market on the day the Nasdaq established a new all-time closing high.
Therefore, rather than focusing solely on the Nasdaq's record level, investors seeking to understand market movements may also benefit from watching whether strength in the semiconductor sector continues in subsequent trading sessions.
Oil Prices and 10-Year U.S. Treasury Yields Also Declined
Stocks were not the only assets moving that day. During the same trading session, Brent crude oil fell 3.4% to close at 100.34 dollars per barrel, while the yield on 10-year U.S. Treasury notes declined from 5.01% in the previous session to approximately 4.95%.
Oil prices and long-term interest rates have been important variables to which stock markets have recently reacted sensitively. On September 21, semiconductor and AI stocks advanced while oil prices and 10-year Treasury yields declined simultaneously.
Rather than attributing the Nasdaq's one-day gain to a single cause, it is more accurate to recognize that technology-stock strength, falling oil prices, and declining long-term interest rates coincided during the same trading session.
The Record Did Not Follow a Federal Reserve Rate Cut
Immediately before this record, the U.S. Federal Reserve had raised interest rates rather than lowered them. On September 16, the Federal Open Market Committee (FOMC) increased the target range for the federal funds rate by 0.25% percentage points to 3.75–4.00%.
On September 21, the first trading day of the following week, the Nasdaq recorded its highest closing level in history. Therefore, describing this record simply as a rally occurring immediately after a Federal Reserve interest rate cut would be inconsistent with the established facts.
Going forward, it will be important to distinguish between the Federal Reserve's benchmark policy rate and the actual direction of long-term Treasury yields in financial markets.
What Should Investors Watch After the Record High?
A new all-time high does not determine the direction of the next trading session. To assess whether the current rally can continue, investors can monitor whether the Nasdaq maintains its closing level near the new record, whether semiconductor-sector strength persists, whether 10-year U.S. Treasury yields move back above 5%, and how Brent crude oil behaves around 100 dollars per barrel, in that order.
In particular, the latest record close stands only about 0.10% above the previous record. It is important to distinguish between the fact that an index has reached an all-time high and the size of the margin by which it surpassed its previous record.
The Nasdaq's new all-time closing high is a confirmed market outcome based on the information currently available. However, previous record highs do not guarantee further gains. Anyone considering buying or selling a particular index or stock should also account for price volatility and the possibility of losses.
※ This article is provided for informational purposes to help readers understand market trends and does not constitute an investment recommendation for any particular stock or asset. All investment decisions and associated responsibilities rest with the individual investor.