US stocks closed mixed on Tuesday, with the Nasdaq Composite reaching a new intraday record high while the S&P 500 was little changed, as traders continued to watch developments between the United States and Iran, according to Sina Finance. The Dow fell 0.36%, the S&P 500 slipped 0.06 point, and the Nasdaq rose 0.45%. Among individual movers, Shopify gained 7.12%, PSKY rose 2.02%, Norwegian Cruise Line fell 0.18%, Carnival dropped 0.13%, Builders FirstSource climbed 4.03%, Royal Caribbean lost 6.16%, and AutoZone advanced 3.26%. Among the "Magnificent Seven," Microsoft fell 0.72%, Apple rose 0.23%, Google declined 0.99%, Tesla gained 0.96%, Nvidia rose 0.66%, Meta Platforms fell 0.63%, and Amazon dropped 1.34%. Media reported that Iran could reopen the Strait of Hormuz within seven days if the United States acts to ease military pressure, sending oil prices lower on Tuesday. At the close, NYMEX light crude for October delivery fell $1.19 to settle at $94.59 a barrel, down 1.24%, while London Brent crude for November delivery fell $1.09 to settle at $99.25 a barrel, down 1.09%. In the prior session, the S&P 500 rose 1.5% for its best single-day performance since August 4, the Nasdaq surged 2.3% for its first record closing high since June, and the Dow climbed 366 points, or 0.7%. Investors are focused on this week's leaders' summit in Washington, where artificial intelligence, the Iran situation, tariffs, and rare earth metals are expected to be central topics. US Treasury Secretary Scott Bessent had already met with Vice Premier He Lifeng ahead of the Chinese leader's visit. On Tuesday, markets were watching the Richmond Fed manufacturing survey, along with public remarks from New York Fed President John Williams and Richmond Fed President Tom Barkin. Global investors are also tracking trade communications among major economies, with a key question being how current trade arrangements will continue after they expire in November. Deutsche Bank's Jim Reid noted that this remains the central issue for markets, and while the tone of recent talks has been broadly positive, a final outcome remains uncertain. Ebury chief FX strategist Roman Ziruk said the importance of maintaining communication among major economies has rarely been more prominent amid rising global geopolitical uncertainty. A Stocktwits survey found that 41% of retail investors ranked Trump and political risk as the top threat to their portfolios, followed by interest rate risk at 23%, oil price volatility at 21%, and rising long-term US Treasury yields at 14%.