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The AI trade that defined markets for nearly four years has fully unwound, at least on paper. The S&P Global tech sector now trades at 21x forward earnings, a level last seen before ChatGPT debuted on November 30, 2022, according to Truist analyst Sam Grelck.

That’s a steep fall from 32x forward P/E in October 2025,

 » Read more about: Tech stocks hit lowest valuations since OpenAI launched ChatGPT  »

Good morning. Tech stocks rose on Monday as oil prices fell and yields on long-dated bonds dropped.

Brent crude futures (BZ=F) fell to $100 per barrel, easing concerns about persistent inflation. The 10-year Treasury (^TNX) fell to 4.95% after breaching the 5% threshold last week.

 » Read more about: Tech stocks rise, Bitcoin rallied as Treasury yields ease: AlphaCheck  »

 » Read more about: Our top 10 things to watch in the stock market Monday  »

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks are climbing with markets worldwide on Monday after oil prices and yields in the bond market gave back some of their jumps from last week.

The S&P 500 rose 0.6% and pulled back within 1.3% of its all-time high set last month.

 » Read more about: Stock markets climb worldwide after oil prices and bond yields give back some of last week’s jumps  »

Investments in physically-based gold exchange-traded funds (ETFs) continued to be positive for the ninth week in a row, with inflows from the US  accounting for more than 50 per cent, data from the World Gold Council (WGC) showed.

With US investors chipping in with $2.21 billion, inflows in the week ending September 18 were $4.24 billion,

 » Read more about: Positive inflows into gold ETFs continue for 9th week in a row  »

The Federal Reserve increased its benchmark interest rate by 25 basis points last week, marking its first rate hike in three years. The unanimous decision lifted the target range to 3.75-4% from 3.5-3.75%, as policymakers sought to contain persistent inflation amid rising oil prices and renewed tensions in the Middle East.

Inflation Outlook Deteriorates

Policymakers raised their inflation forecasts,

 » Read more about: 4 Bond ETFs to Gain from Fed Rate Hike  »

US stock futures moved higher on Monday, September 21, supported by a pullback in oil prices and growing investor focus on an upcoming meeting between US President Donald Trump and Chinese President Xi Jinping later this week.

Futures linked to the Dow Jones Industrial Average (DJIA) rose about 0.7%, while S&P 500 and Nasdaq-100 futures also advanced,

 » Read more about: Dow Jones futures gain as oil eases and Wall Street focuses on Trump-Xi summit for trade, AI cues  »

Oracle’s co-CEOs oversaw one of the fastest contract buildouts in enterprise software history, yet the stock cratered anyway. The question investors are wrestling with now cuts to the heart of the AI buildout era.

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 » Read more about: Oracle’s Co-CEOs Deliver Explosive Growth, but Stock Plunges 50% in Their First Year  »

 » Read more about: Stock Market News for Sep 21, 2026  »