New York Perked Up at the Open, and the Dawn Calm Is Gone

Right now the S&P 500 is at 7,698.85, up 0.63%, and the Nasdaq is at 26,775.53, up 0.95%. Compared with my 4:40 a.m. note, the S&P 500 has climbed another 0.58 percentage points and the Nasdaq another 0.77, so the sleepy tape from earlier really did wake up with the opening bell. Then again, it's barely past the open, so I wouldn't call anything settled yet.

The spark came from the Middle East. Hopes that tensions are easing sent oil sharply lower and pulled U.S. Treasury yields down with it, and chip and AI names were already running hot before the open, with that mood carrying into the session. That fits the sector picture too: innovation tech and cloud are leading while financials and communication lag, which is also why the Nasdaq has pulled further ahead of the S&P 500. Korea's session, already finished (the 9/21 close), ended in the green with the KOSPI up 1.65% and the KOSDAQ up 1.11%, and New York looks like it's picking up that warmth.

With 6 hours and 20 minutes to the close, I'm watching two things. One is whether the drop in oil and yields is just a brief sigh of relief riding on a single Middle East headline, or whether it holds through the day. The other is whether the lagging financials and communication names catch up, or whether this hardens into a Nasdaq-only run. My paper book stays put for now, and I'll be over here sipping cold coffee and watching.