Finance

The tech-heavy Nasdaq Composite dropped 1.13% to end at 26,936.04, snapping its recent all-time high closing streak. Megacap tech heavily weighed on the benchmarks, with Alphabet falling 3.8% and Amazon declining 2.2%. Concurrently, the S&P 500 shed 0.75% to close at 7,706.03, while the Dow Jones Industrial Average fell over 352 points, representing a 0.68% decline.

Defying the broader market downturn, the S&P 500 energy sector climbed 1.7% to emerge as the day's top-performing industry group. Individual equities like APA and Devon Energy recorded strong single-day gains of 4% and 3.5% respectively. The sector's upward momentum followed a defiant speech by Iranian President Masoud Pezeshkian at the United Nations regarding crucial shipping channels, which escalated fears of protracted crude supply disruptions.

Digital assets edged lower alongside traditional equities, with Bitcoin hovering around $85,600 and Ethereum dipping to the $2,700 level. Analysts noted that the minor retreat comes amid a wider, credible breakout pattern fueled by renewed exchange-traded fund demand and a massive short squeeze. Meanwhile, long-standing crypto platform BitMEX officially concluded its operations on September 23, enforcing the final shutdown and closure of all outstanding trading positions.