Stock market today: Nasdaq, Dow and S&P 500 little changed as AI trade powers market
Updated 1 min read
US stock futures steadied on Tuesday after confidence in artificial intelligence and falling oil prices spurred a rally on Wall Street.
Futures on the Nasdaq-100 (NQ=F) edged higher after the tech-heavy Nasdaq Composite touched a record high the day before. S&P 500 futures (ES=F) were little changed, while those on the Dow Jones Industrial Average (YM=F) turned green.
Stocks kicked off the week with strong gains as US and Chinese officials wrapped up talks ahead of a capstone meeting between President Trump and Chinese leader Xi Jinping. Treasury Secretary Scott Bessent called the preliminary talks "very successful," lifting hopes of cooperation on artificial intelligence.
Meta (META) shares, which popped 11% on Monday, lifted the "Magnificent Seven" stocks after the company's Muse AI agent app hit the top spot in the App Store, sending a bullish signal about chip demand.
The US rally in tech stocks spilled over into Asian markets, with the Nikkei (^N225) and KOSPI (^KS11) indexes gaining on Tuesday. Although oil prices ticked up again, improved oil flows through the Strait of Hormuz have kept the critical product below $100 per barrel.
KB Home (KBH) and AutoZone (AZO) report earnings on Tuesday amid a light week for economic data and earnings.
LIVE 2 updates
Good morning. Here's what's happening today.
Economic data: ADP weekly employment change, week ended Sept. 5 (+16,250 previously); Philadelphia Fed non-manufacturing index, September (-10.6 previously); Richmond Fed manufacturing index, September (4 previously); Richmond Fed business conditions, September (-12 previously)
Earnings calendar: THOR Industries (THO), KB Home (KBH)
Catch up on some top stories you might have missed overnight:
Meta stock soars on price target increase, Muse AI downloads
Alibaba unveils AI chip to drive 20GW of data centers by 2032
How a Bangladeshi garment-maker is fighting the Middle East energy crunch
Canada aims to cut time needed for project reviews, and address strikes
Tech rally boosts Asian stocks, dollar firms on rate-hike wagers
Reuters reports:
Technology stocks powered Asian markets higher on Tuesday as lower oil prices lifted sentiment and investors pinned their hopes on US-Iran talks, while the dollar stood tall on bets that more hikes are needed to rein in inflation.
Attention is also turning to a high-stakes meeting between Donald Trump and Xi Jinping later this week, with investors watching for signs the leaders of the world's two largest economies can prevent a further deterioration in relations.
"The drop in oil is a big factor," said Nick Twidale, chief market strategist at ATFX Global. "Oil is the main driver and investors are jumping back into AI as has been the pattern this year."
MSCI's broadest index of Asia-Pacific shares outside Japan rose over 1% in early trading. Tech-heavy South Korean stocks jumped nearly 2% while Taiwan shares were 1.3% higher. Japan markets are closed for a holiday.
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