U.S. stock indexes closed mixed on Tuesday, with the Nasdaq 100 Index ($IUXX) (NASDAQ: QQQ) climbing to a fresh all-time high while the Dow Jones Industrial Average slipped.

The S&P 500 Index (SPY) closed essentially flat, the Dow Jones Industrial Average (DIA) fell -0.36%, and the Nasdaq 100 surged +0.82% to reach a new record peak.

Strength in chipmakers and artificial intelligence stocks drove the Nasdaq 100’s record-setting session, while weaker crude oil prices helped ease inflation concerns and lifted broader market sentiment.

WTI crude oil dropped more than -1% to a three-week low after Japan’s Kyodo News Agency reported that Iran has proposed to reopen the Strait of Hormuz within seven days if the U.S. blockade is lifted.

Stocks also drew support from positive market anticipation ahead of a summit later this week between Presidents Trump and Xi Jinping, which investors hope could ease geopolitical trade tensions.

Gains were capped, however, after bond yields rose following hawkish comments from Boston Fed President Susan Collins, who said she saw an “increased likelihood” of scenarios in which inflation remains “notably above 2%.”

Richmond Fed President Tom Barkin added further caution, warning that it could take time for inflationary shocks to wane and that there is a risk elevated pressures could become entrenched.

The September Richmond Fed manufacturing survey fell six points to a seven-month low of -2, missing expectations of a reading of 2 and adding to concerns about slowing industrial momentum.

Markets are currently pricing in a 53% chance of a 25 basis point Fed rate hike at the next FOMC meeting scheduled for October 27-28.

The iShares Semiconductor ETF (SOXX) rose to a five-week high and closed up more than +1%, led by SanDisk (NASDAQ: SNDK), which surged more than +7% on the session.

Micron Technology (NASDAQ: MU) and Seagate Technology Holdings (NASDAQ: STX) each gained more than +4%, while ARM Holdings (NASDAQ: ARM) and Western Digital (NASDAQ: WDC) added more than +3%.

ASML Holding (NASDAQ: ASML), Lam Research (NASDAQ: LRCX), KLA Corp (NASDAQ: KLAC), NXP Semiconductors (NASDAQ: NXPI), and Qualcomm (NASDAQ: QCOM) each closed up more than +2%.

Financial stocks weighed heavily on the broader market, with Charles Schwab (NYSE: SCHW) tumbling more than -6% to lead decliners in the sector.

JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC), Raymond James Financial (NYSE: RJF), and Northern Trust (NASDAQ: NTRS) all fell more than -3%.

Viking Therapeutics (NASDAQ: VKTX) was a standout performer, surging more than +36% after announcing that patients taking its VK2735 GLP-1 weight-loss drug maintained up to 97% of weight loss versus 61% for placebo.

Vicor Corp (NASDAQ: VICR) jumped more than +20% after raising its Q3 revenue growth guidance to over 20% quarter-over-quarter, up from a prior estimate of 10%, citing royalties from a non-exclusive license to Vertical Power Delivery.

Shopify (NYSE: SHOP) gained more than +7% after announcing it was “partnering deeply” with Meta Platforms’ Muse artificial intelligence agent, boosting investor enthusiasm around its AI strategy.

Amgen (NASDAQ: AMGN) rose more than +4% to lead Dow Jones industrials gainers after reporting that the primary endpoint was met in a Phase 3 study of its dazodalibep drug in adults with Sjogren’s disease, a chronic autoimmune condition.

Royal Caribbean Cruises (NYSE: RCL) dropped more than -6% after the Financial Times reported the company is nearing a deal to acquire a majority stake in Sandals Resorts International.

Energy stocks also retreated broadly, with Valero Energy (NYSE: VLO) falling more than -4% and APA Corp (NASDAQ: APA) and Marathon Petroleum (NYSE: MPC) each declining more than -3% as crude prices slid.