TLDR
- Dow, S&P 500 and Nasdaq futures were little changed Wednesday morning after the Nasdaq posted back-to-back record highs.
- Investors are focused on President Donald Trump’s meeting with Chinese President Xi Jinping during Xi’s September 23-25 U.S. visit.
- Trade, artificial intelligence, rare earths and the Iran conflict are expected to feature in discussions.
- Oil remained below $100 as markets weighed renewed U.S.-Iran diplomacy and possible improvements in regional energy flows.
- Cintas, General Mills and Cracker Barrel are among companies due to report earnings.
U.S. stock futures were muted Wednesday as investors waited for fresh catalysts following another record close for the Nasdaq.
Dow futures slipped about 0.1%, while S&P 500 futures were almost flat and Nasdaq 100 futures edged slightly lower. The Nasdaq Composite had closed at a record on Tuesday as technology shares regained momentum.
Trump-Xi Meeting Takes Focus
Chinese President Xi Jinping begins a U.S. state visit Wednesday, with talks with President Donald Trump expected to cover trade, artificial intelligence and other areas of strategic competition. Xi’s visit runs from September 23 through September 25.
🚨LATEST:🇨🇳President Xi Jinping just left Beijing to meet President Trump in Washington, his first state visit to the US capital since 2015.
AI is on the agenda, but expectations for a major deal are low.
So far, the US has proposed a way for both countries to alert each other… pic.twitter.com/NLZGeK8c9A
— Coin Bureau (@coinbureau) September 23, 2026
AI is likely to be closely watched by technology investors. Washington and Beijing remain divided over access to advanced chips, AI regulation and security risks, while U.S. officials have also discussed possible mechanisms for sharing information about serious AI incidents.
Technology executives including Nvidia CEO Jensen Huang, Alphabet CEO Sundar Pichai and OpenAI CEO Sam Altman are expected to attend a White House dinner during Xi’s visit.
Oil Holds Below $100
Oil prices remained below $100 as investors monitored renewed diplomatic contacts between the U.S. and Iran. Trump said Tuesday that talks were continuing and that he believed an eventual settlement could be reached.
Iran has separately indicated that it could consider reopening the Strait of Hormuz if U.S. military pressure and restrictions are eased. Saudi Arabia has also restarted operations at its East-West pipeline, providing another route for crude exports.
Lower oil prices have helped ease some inflation concerns and supported stocks, although uncertainty around the Middle East remains high.
Earnings and Economic Data Ahead
Investors will also receive fresh business-activity data from S&P Global on Wednesday.
On the earnings calendar, Cintas, General Mills and Cracker Barrel are among the consumer-facing companies due to report quarterly results.
For now, futures remain close to flat as Wall Street balances record technology-stock performance against uncertainty surrounding China, Iran, oil prices and interest rates.
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