US stocks were little changed Tuesday, though the Nasdaq notched its second…

US stocks were little changed Tuesday, though the Nasdaq notched its second straight record close, rising 0.45% to 27,244.28, while the S&P 500 was essentially flat at 7,764.64 and the Dow slipped 0.36% to 51,863.69 as money rotated out of bank stocks and into chips. Oil prices swung sharply: they fell early after Iran reportedly offered to reopen the Strait of Hormuz within seven days if the US eases military pressure, but bounced back after President Trump told the UN General Assembly that a real US-Iran deal likely wouldn't come until after November's midterm elections. Trump also floated banning US diesel exports to ease domestic gasoline costs. The Richmond Fed's Tom Barkin said persistent inflation shocks justified last week's rate hike and left the door open to more increases. Markets stayed hopeful about this week's Trump-Xi summit in Washington after "very successful" preliminary US-China talks over the weekend. Biotech led gains: Viking Therapeutics soared 25% after its experimental obesity drug showed 22% weight loss in a trial. SanDisk and AutoZone both rose 5% on an analyst upgrade and an earnings beat, respectively, while JPMorgan and Bank of America each fell roughly 3% in a broader bank-sector selloff.

The PSEi fell for a third straight session Tuesday, down 0.50% (29.23 points) to close at 5,814.56, its worst finish in nearly four months. Philstocks Financial's Japhet Tantiangco said the decline reflected renewed worries about the Philippine economy after Fitch Solutions' BMI unit warned that third-quarter growth could come in weaker than expected due to public infrastructure delays and soft household spending. Elevated oil prices, rising local Treasury yields, and continued peso weakness added further pressure. Holding firms led sector losses (-2.17%), followed by mining and oil (-1.00%) and property (-0.97%), while services was the lone gaining sector (+0.86%). Decliners outnumbered advancers 99 to 90, with 58 stocks unchanged.

The same Strait of Hormuz uncertainty that whipsawed US oil prices Tuesday, falling on hopes Iran would reopen the strait, then bouncing back after Trump told the UN a real US-Iran deal likely won't come until after November's midterms, is the direct driver behind the Philippines' third straight losing session. The PSEi fell 0.50% as elevated global oil prices continued to feed local inflation expectations and push Philippine Treasury yields higher, on top of homegrown worries about weaker third-quarter economic growth. Property and holding firms, both capital-intensive and rate-sensitive, led Tuesday's PSEi decliners; consumers and transport operators face the most direct hit, given diesel and gasoline have already climbed by double-digit pesos per liter this month. Worth watching: Trump's suggestion that a lasting US-Iran resolution is now a post-midterms story, not a near-term one, which would mean the oil-price volatility rippling into Philippine pump prices and market sentiment could persist for months rather than weeks.