Nasdaq 100 and Dow Jones: Qualcomm Leads Chips Higher as Dow Drops 600

Chips Led the Nasdaq Higher but Oil and Yields Kept the Dow Underwater

Qualcomm jumped 10% Tuesday morning on a multigenerational data-center deal with Amazon Web Services. The iShares Semiconductor ETF rose 1.7% in premarket. Intel gained 4.7%. Broadcom added 1.1%. Nvidia rose 0.7%. The chip group gave the Nasdaq-100 the only sector bid worth trading Tuesday.

The rest of the tape was dealing with Brent crude at $99.22, up 2.3%. WTI gained 3.3% to $94.54. Weekend tanker strikes between U.S. and Iranian forces added fresh supply risk on top of a Strait of Hormuz that is still running well below normal traffic. September rate-hike odds climbed to 60%. Nasdaq-100 futures rose 0.2%. S&P 500 futures fell 0.2%. Dow futures dropped 383 points.

PPI Thursday and CPI Friday are the last inflation reads before the September 15-16 meeting.

Brent at $99 and Yields at Multi-Month Highs Are Running the Dow

Brent crude rose 2.3% to $99.22 Tuesday. WTI gained 3.3% to $94.54. Weekend strikes between U.S. and Iranian forces hit shipping routes that were already running well below normal through the Strait of Hormuz.

The 10-year Treasury yield reached its highest level since November 2023 last week. The 2-year reached its highest since January 2025. Traders moved September rate-hike odds to 60%. Dow futures dropped 600 points on the combination. The Dow has energy, industrial and consumer names that take the hit when crude runs and yields climb at the same time. The Nasdaq-100 has Qualcomm up 10% and the rest of the semiconductor group following it.

Qualcomm Opened the Data-Center Trade Beyond Nvidia

Qualcomm announced a multigenerational partnership with AWS to build customized silicon for Amazon’s AI infrastructure. The stock jumped 10%. Nvidia is still the biggest name in AI computing. Qualcomm gave the semiconductor group a second company with a real path into data-center hardware on Tuesday morning.

Intel gained 4.7%. Broadcom added 1.1%. Nvidia rose 0.7%. The strength ran across the group. The stock has to hold the gain through the week. One deal does not rewrite the competitive picture.

Bloom Energy Joins the S&P 500 on September 21

Bloom Energy climbed more than 6% after S&P Dow Jones Indices confirmed the stock will enter the S&P 500 before the September 21 open as part of the quarterly rebalance. The stock has already gained about 190% this year on the AI power buildout.

Stocks in the News

Novartis fell sharply after another late-stage drug trial failure. Boston Scientific slipped after warning that a cyberattack may affect its 2026 sales and profit targets. Peloton dropped on a Morgan Stanley downgrade.

Daily September E-mini Nasdaq-100 Index Technical Analysis

A trade through 29,811.50 will change the minor trend to up. If the move creates enough upside momentum, the rally could extend into the next main top at 30,343.00.

On the downside, a sustained move under 29,610.75 will signal the presence of sellers. This could trigger a break into the 50-day moving average at 29,375.89. Buyers could show up on the first test of the 50-day moving average, but if it fails, selling could extend into the intermediate 50% level at 29,150.75.

What to Watch

Crude oil is the immediate risk. Brent near $99 has put $100 back in play, and another push higher would add to inflation pressure, lift Treasury yields and test the Nasdaq’s ability to ignore the macro trade. Qualcomm and the semiconductor group have the bid for now, but they are not trading in a vacuum.

The inflation reports arrive later this week. They matter because oil is already pushing the rate-hike case higher. If crude stays bid and the data come in hot, the chip rally faces a much tougher market.

The near-term bias stays bullish while the Nasdaq-100 holds the 50-day moving average at 29,375.89. A push through 29,811.50 confirms the uptrend and opens 30,343.00. The chip group has to hold Tuesday’s gains through PPI and CPI for the breakout to mean anything. The inflation numbers decide whether the Nasdaq keeps resisting the crude and yield pressure or whether the Dow’s problem becomes everybody’s problem.

More Information in our Economic Calendar.