Dow opens 140 pts lower as tech cools from record highs, Meta gains

• The Dow Jones fell 148.57 points (0.29%) to 51,715.12, while the S&P 500 dropped 0.12% and Nasdaq slipped 0.17%, following a powerful two-day rally that pushed the Nasdaq to all-time highs.
• Meta Platforms gained 2% ahead of its Meta Connect conference beginning today, with analysts focused on usage metrics for its Muse AI agent and updates on new AI models. Citi maintains an $800 price target with a 90-day upside catalyst watch.
• Intel was the weakest major mover, falling 2% and giving back gains from its 12% surge earlier in the week, while Treasury yields climbed with the 10-year breaching 5% and oil prices rose despite diplomatic signals on US-Iran conflict resolution.

Market Summary: Tech Pullback After Record Highs

Market Performance (September 23, 2026)

US stocks opened lower Wednesday following the Nasdaq Composite's record close the previous day. The Dow Jones fell 148.57 points (-0.29%) to 51,715.12, while the S&P 500 dropped 0.12% to 7,755.71 and the Nasdaq declined 0.17% to 27,198.69. The small-cap Russell 2000 fell 0.47%.

Key Movers

Meta Platforms rose 2% ahead of its annual Meta Connect developer conference beginning today at Menlo Park headquarters. CEO Mark Zuckerberg's keynote will focus on usage metrics for the new Muse AI agent and updates on AI models. Citi has Meta on a 90-day upside catalyst watch with an $800 price target.

Intel was the session's weakest performer, down 2%, retreating from its 12% gain earlier in the week. Other chip stocks showed mixed performance: Nvidia fell 0.29%, AMD dropped 0.35%, while Micron and SanDisk declined after recent sharp gains. Tesla gained 1.46%.

Market Context

The pullback follows a strong two-day rally that saw the Nasdaq 100 cross 30,000 points Monday and AMD briefly achieve a $1 trillion market cap. The Philadelphia Semiconductor Index extended its winning streak to six sessions, driven by AI enthusiasm surrounding Meta's Muse agent.

Other Developments

Treasury yields climbed, with the 2-year note at 4.84% and the 10-year breaching 5%. Oil prices rose despite diplomatic progress on US-Iran tensions, with Brent near $100 and WTI up 1% near $91 following President Trump's UN General Assembly remarks about a "very good meeting" with Iranian officials.