Market Close: Stocks Mixed, US-Iran Talks in NYC, California Declares Emergency • 9/22/26

0:00The CNBC Business News Update. I'm Jessica Ettinger. Wall Street opens Wednesday morning after a mixed Tuesday for the major averages. Although the Nasdaq did hit a fresh intraday record high, investors have been monitoring Mideast tensions and geopolitics with the U.N. General Assembly on in New York City. China's president headed to the White House. Here are the closing numbers. The Dow was down 185 points, led lower by shares of Cisco, which were down 4.5%. The S &P 500 index was unchanged, and the Nasdaq was up 122 points, almost a half percent. Many of the chipmaker names were in the green.

0:43CNBC's Mike Santoli on some of the Wall Street chatter about the markets mimicking the time period before stocks had a major pullback in 1999. There are some similarities. We have such a concentrated index with the top 10 stocks, you know, close to 40 percent of the index weight, vastly higher than it even was in 99 and 2000. It does tell us something about the character of this market, which is it's not an all in or all out market. I don't know that it can tell you for sure that something unstable is happening below the surface and it's going to culminate in something particularly dangerous. Oil ticked lower on word that a three-hour meeting happened in New York between the U.S.

1:26and Iran on Tuesday. President Trump speaking on the sidelines of the U.N. saying that U.S. officials had a three-hour meeting with an Iranian delegation. The president called it a good meeting and a productive meeting. They had a very good meeting and we'll see how it turns out. But certainly it's to their advantage to make a deal. The president also said he expects there to be another meeting between the two sides quite soon. CNBC's Megan Casella. Facebook and Instagram parent Meta shares finished slightly lower Tuesday. They soared more than 10 % the day before, though, on excitement over its consumer AI agent called Muse, which hit number one on the Apple free app chart.

2:03You can set it up to do things for you. Muse could be a threat, though, to some other companies. Here's CNBC's Julia Boorstin with Carl Quintanilla. Among the biggest losers today are Schwab, Expedia, Intuit. I mean, those are businesses that ostensibly could be disrupted if people start adopting Muse or something like it en masse. There's this question about who will agents hurt, right? Which companies are going to suffer from this? Expedia, you mentioned, could you ask Muse to plan a trip for you or find the best deal on a hotel? That's where this agentic piece of this comes in and could have much broader impact than just disrupting search.

2:43Extreme weather events have states like California planning ahead. California declaring a state of emergency ahead of what is likely to become a historic El Nino event. The state urging residents to prepare for potential flooding, landslides and strong storms. And the cost of dealing with these disasters keeps growing. That's CNBC's Kelly Evans. President Trump's disclosure form is out for the month of July. Here's CNBC's Eamon Javers in Washington. A lot of trades here. The president continues to trade actively, although he says it's managed through third-party firms that do the trading for him.

3:17Total purchases, we see about$43.6 million in purchases. Total sales,$35.6 million in sales. It's done by outside third parties, and they say those third parties are engaging in daily tax-loss harvesting. So you see the president going in and out of some of the same stocks throughout the course of the month on different days. On Wednesday's watch list, earnings are coming from General Mills, Cintas, Manchester United and Paychex. McDonald's will hold its Investor Day. And Meta Connect is on, the biggest event of the year for the parent of Facebook and Instagram. CEO Mark Zuckerberg speaks Wednesday night.

3:54Jessica Edinger, CNBC. This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Schwab Market Update, an original podcast from Charles Schwab, provides an information-packed daily market preview on stock updates, U.S. and global economic news, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com slash marketupdatepodcast, or find Schwab Market Update wherever you get your podcasts.