U.S. stocks were mixed as buzz about artificial-intelligence products propelled large tech companies to more record highs even as energy inflation fears lingered.
The Dow Jones Industrial Average slipped 185.14 points, or 0.36%, to 51863.69. The S&P 500 was nearly unchanged, falling 0.06 point to 7764.64. The tech-heavy Nasdaq Composite, meanwhile, rose 122.18 points, or 0.45% to 27244.28, another record high.
Oil futures fell 1.2% to $94.59 a barrel in New York, the fifth consecutive drop. Japan's Kyodo News Agency reported that Iran had proposed reopening the Strait of Hormuz if the U.S. lifted its blockade. Iran's Fars News Agency later cited sources denying the report.
The yield on the two-year Treasury declined 0.001 percentage point to 4.749%. The yield on the 10-year Treasury note rose 0.004 percentage point to 4.966%. The yield on the 30-year bond rose 0.006 percentage point to 5.302%, closing six basis points below multiyear highs.
The U.S. dollar ticked up against rivals after Richmond Federal Reserve President Tom Barkin warned a single rate hike might not be enough to tame inflation.
Gold futures fell $6.90, or 0.2% to $4338.90 a troy ounce. Economically sensitive copper futures rose for the sixth straight session in New York, and closed within 0.7% of all-time highs.
Shares Meta Platforms gave back some of their recent gains. The stock declined 0.6% to $736.60, but have added roughly 25% in September so far. The Facebook owner's Muse AI agent has topped app store best-seller lists, easing fears about returns on the company's AI investments. Shares of online-store technology provider Shopify rose 7.1% to $147.74 after it struck a deal to incorporate Muse into its offerings to retailers.
Alibaba American depositary receipts rose after the Chinese online bazaar launched a new, high-powered chip, furthering its AI ambitions.
Viking Therapeutics soared 36% to $40.85, logging its biggest gain since 2024. A study showed that patients taking its weight-loss injection could keep weight off even when switching to less frequent doses. Shares of rival obesity drug maker Novo Nordisk slipped as competition in the popular GLP-1 category intensified.
AutoZone shares rose 3.2% to $2894.73. The after-market auto-parts retailer posted quarterly sales growth, boosted by new store openings and growth at existing locations.
Shares of recreational-vehicle maker Thor Industries rose 5.5%, the most in almost three months, to $73.80, after a slowdown in quarterly sales was not as bad as some investors had anticipated. RVs are considered among the first discretionary purchases cut from budgets when middle-class Americans tighten their belts.
Vice President JD Vance's antifraud task force is set to remove hundreds of thousands of enrollments from the Affordable Care Act's public exchanges, citing failure to meet eligibility requirements and fraud. Shares of Centene, a major ACA insurer, declined 2.6% to $63.30.