TLDR
- U.S. stock futures edged higher Wednesday after the Nasdaq closed at a record on Tuesday.
- Investors are focused on President Donald Trump’s upcoming summit with Chinese President Xi Jinping, with trade, AI and rare earths among the expected topics.
- Oil prices continued to fall after talks between U.S. and Iranian officials raised hopes for further diplomacy.
- The Nasdaq closed 0.45% higher Tuesday, while the S&P 500 finished nearly flat and the Dow fell 0.36%.
- AI stocks continue to support the technology sector, while Treasury yields and oil prices remain key risks for the broader market.
U.S. stock futures edged higher Wednesday as investors prepared for President Donald Trump’s summit with Chinese President Xi Jinping and monitored further developments involving Iran. S&P 500 futures rose about 0.1%, while Nasdaq 100 and Dow futures also traded slightly higher in early trading.
The moves followed another strong session for technology stocks on Tuesday, when the Nasdaq Composite gained 0.45% and closed at a record 27,244.28. The S&P 500 finished almost unchanged, while the Dow Jones Industrial Average fell 185 points, or 0.36%.
Trump-Xi Summit Takes Center Stage
Markets are turning their attention toward Xi’s visit to Washington, with Trump and Xi expected to discuss trade, artificial intelligence, rare earth supplies and other economic issues. Preparatory talks between Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng have already included discussions about an AI safety notification system.
Here are some of the biggest names expected to attend the Trump-Xi state dinner on Sept. 24:
• Mark Zuckerberg, Meta
• Elon Musk, Tesla/SpaceXAI
• Jensen Huang, Nvidia
• Sam Altman, OpenAI
• Sundar Pichai, Google
• Jeff Bezos, Amazon
• Tim Cook, Apple
• Satya Nadella,… pic.twitter.com/41ueUte91a— Wall St Engine (@wallstengine) September 22, 2026
Trade will remain another major focus as Washington and Beijing consider the future of their current trade truce. Rare earth exports are especially important because China controls a large share of global mining, refining and production capacity for the critical materials used across technology, energy and defense industries.
The summit comes as the two countries attempt to stabilize their economic relationship while competing in areas including AI and advanced technology. Trump is also expected to host Xi at a state dinner attended by executives from companies including Nvidia, Apple, Tesla, Alphabet and Amazon.
Oil Falls as US-Iran Diplomacy Continues
Oil prices continued to retreat after Trump said U.S. officials had held talks with Iranian representatives during the United Nations General Assembly. Brent crude settled Tuesday at $99.25 per barrel, while U.S. crude ended at $94.59, marking a fifth consecutive decline for both benchmarks.
Lower oil prices have helped reduce some concerns that higher energy costs could keep inflation elevated. Reuters reported that hopes for negotiations with Iran and the possible reopening of the Strait of Hormuz have contributed to the recent decline in crude prices.
Trump told the UN on Tuesday that he believed a deal with Iran remained possible, while also using threatening language toward Tehran if diplomacy failed. Markets are closely watching whether further talks translate into improved energy supply conditions.
Treasury yields also eased, with the 10-year yield remaining close to the 5% level. Investors continue to assess how persistent inflation and the Federal Reserve’s recent rate increase could affect equities if borrowing costs remain elevated.
AI Keeps Nasdaq Near Record Highs
Technology shares continued to outperform the broader market, helping the Nasdaq reach another record. Investor enthusiasm around artificial intelligence has returned after Meta’s Muse AI launch helped revive interest across major technology and semiconductor stocks.
Sandisk shares also jumped nearly 7% Tuesday following a bullish analyst call, providing another boost to the technology-heavy index. Other sectors were weaker, leaving the S&P 500 almost unchanged despite the Nasdaq’s record.
Wednesday’s session is likely to remain driven by three major themes: developments ahead of the Trump-Xi summit, further movement in oil prices and continued strength in AI-related stocks. Investors will also be watching Treasury yields closely as the 10-year remains near the psychologically important 5% level.
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