Daily Summary: Trump’s UN Speech Puts Iran, Hormuz and AI in the Spotlight
Date: 22 September 2026
Market Overview
The US stock market experienced a mixed session, with the tech-heavy Nasdaq gaining over 0.3%, while the Dow Jones fell by over 0.4%. The S&P 500 traded largely directionless. Notably, memory chipmakers performed well, with SanDisk surging by over 6.5% and Micron gaining around 3.5% ahead of its quarterly earnings report next week. The broader semiconductor sector also fared well, with Nvidia rising over 1% and AMD adding around 0.2%, pushing AMD's market capitalization back above $1 trillion.
International Politics & Geopolitics
One of the main highlights of the day was President Donald Trump's address at the United Nations, where he focused significantly on Iran. Trump called for total economic isolation of Iran and warned of potential escalation if an agreement is not reached. He suggested that Iran might be waiting for the outcome of the upcoming US Congressional elections on November 3 before deciding on further negotiations. During the speech, the Iranian delegation walked out of the General Assembly hall.
Trump framed the situation as a choice between negotiation and confrontation, expressing optimism that a deal could be reached. He indicated a willingness to meet with Iranian representatives if conditions were favorable, although he did not provide a specific timeline for resolving the conflict. The situation around the Strait of Hormuz, a critical point for global oil trade, remains a key market driver. Trump noted that crude oil flows are increasing and emphasized the importance of US actions in improving energy market conditions.
Another significant topic was Cuba, which Trump labeled a "failed state," asserting that the communist regime is under unprecedented pressure. He hinted at potential political changes in Cuba and emphasized that the US would not tolerate threats in the Western Hemisphere. The Cuban delegation also walked out during the speech.
Trump also addressed the topic of artificial intelligence, dismissing concerns about its rapid development as a "hoax." He announced that the US would not impose restrictions on AI development, framing it as crucial for maintaining technological leadership and strategic competition with China. He suggested that advancements in AI could have impacts comparable to the Industrial Revolution.
Regarding the ongoing war in Ukraine, Trump called for an end to the conflict, urging both Russia and Ukraine to engage in talks for resolution, although he did not provide a concrete timeline for peace.
Commodities
In commodities, Iran reportedly proposed to the US to reopen the Strait of Hormuz within seven days if pressure on Tehran is eased, which caused a sharp reaction in the crude oil market. Concurrently, Saudi Arabia activated the East-West pipeline to facilitate crude exports while bypassing Hormuz, leading to a decrease in oil prices as investors began to price in the potential de-escalation of the US-Iran conflict.
Stock Market – Europe
European indices had a relatively successful session, with the French CAC 40 rising by 0.2%, the German DAX edging up by 0.1%, and the Spanish IBEX 35 gaining over 0.3%. However, the UK's FTSE 100 declined by about 0.3%.
Precious Metals and Cryptocurrencies
Precious metals experienced a mixed trading session, with gold trading below $4,350 per ounce and silver futures hovering around $66 per ounce. The cryptocurrency market also showed a subdued tone, with Bitcoin marginally up around $86,500 and Ethereum down 0.4%, testing the $2,750 level.
Conclusion
Overall, Trump's UN speech highlighted critical geopolitical issues, particularly concerning Iran and AI, which are likely to influence market dynamics in the near future. The developments in the oil market and the responses from various nations will be crucial for investors to monitor.