Stock market today: Dow, S&P 500, Nasdaq futures muted as oil falls, markets eye looming Trump-Xi meeting
US stock futures went nowhere on Wednesday morning as investors monitored US diplomatic efforts with Iran and China, as well as a recent rally in tech stocks.
Futures on the Dow Jones Industrial Average ( YM=F ), S&P 500 ( ES=F ), and Nasdaq-100 ( NQ=F ) hovered near the flat line after the Nasdaq Composite posted back-to-back record highs.
President Trump is expected to greet Chinese President Xi Jinping at Joint Base Andrews, kicking off Xi's first visit to Washington, D.C., in 11 years. Experts don't expect any major policy breakthroughs , but the world leaders are expected to discuss trade, the war in Iran, rare earths, and artificial intelligence.
Any developments in AI policy are sure to generate interest among tech investors, particularly after Anthropic ( ANTH.PVT ) CEO Dario Amodei penned an essay urging companies to pace AI development cooperatively. A who's who of Silicon Valley executives, including Nvidia's ( NVDA ) Jensen Huang, OpenAI's ( OPAI.PVT ) Sam Altman, and Google's ( GOOG ) Sundar Pichai, will attend a dinner with Presidents Trump and Xi on Thursday.
A potential thaw in US-Iran relations, meanwhile, is sending oil prices lower and boosting stocks. President Trump said US and Iranian officials met for several hours at the UN on Tuesday, rekindling hopes of a truce between the two nations. Brent crude oil futures ( BZ=F ), the global benchmark, traded below $100 per barrel, while WTI crude futures fell below $90.
On the economic calendar, investors will get a read of economic activity from S&P, and on the earnings calendar, a handful of consumer-facing brands, such as Cintas Corporation ( CTAS ), General Mills ( GIS ), and Cracker Barrel Old Country Store ( CBRL ) report quarterly results.
If you're wondering how huge the AI segment's march toward the public markets is, look no further than the valuations of the biggest companies in the space.
Take OpenAI ( OPAI.PVT ), which is raising cash at a $1.2 trillion valuation, according to The Wall Street Journal , throw in Anthropic's ( ANTH.PVT ) potential $2 trillion value when it goes public, and SpaceX's ( SPCX ) current $2 trillion market cap, and you're sitting at just north of $5 trillion, The Financial Times reported .
That is more than the value of all of the initial public offerings from 1980 through 2025, The FT says, citing data from University of Florida Warrington College of Business emeritus professor Jay Ritter.
Morning Joe economic analyst and New York Times Op-Ed contributing writer Steve Rattner illustrated the valuations in a chart he posted on X. He also notes that the historical numbers aren't adjusted for inflation.
Economic data: MBA mortgage applications, week ended Sept. 18 (-4.1% previously); S&P Global US manufacturing PMI, September preliminary reading (53.6 expected, 53.9 previously); S&P Global US services PMI, September preliminary reading (56 expected, 56.5 previously); S&P Global US composite PMI, September preliminary reading (56 previously)
Earnings calendar: Cintas Corporation ( CTAS ), Paychex ( PAYX ), General Mills ( GIS ), H.B. Fuller Company ( FUL ), Cracker Barrel Old Country Store ( CBRL )
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The dollar steadied near its strongest level in two months on Wednesday on prospects of interest rate hikes in the near term, while easing oil prices on hopes for a diplomatic breakthrough to end the Middle East war kept investors on edge.
The euro was at $1.1446 in early trading, loitering near its weakest level since late July. Sterling bought $1.3337. The dollar index, which measures the US currency against six rivals, was at 100.56.
The recent barrage of rate hikes and hawkish rhetoric from major central banks has taken centre stage in currency markets as the US-Israeli conflict with Iran drives oil prices higher and fans inflation worries.
Investors are now anticipating further tightening from central banks, with Federal Reserve officials flagging the possibility of more hikes if inflation does not ease.
