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Stock market today: Dow, S&P 500, Nasdaq futures fall as Trump-Xi summit nears end

US stock futures slid after an upbeat day on Wall Street as investors parse the final leg of President Trump’s meeting with Chinese President Xi Jinping.

Futures attached to the Dow Jones Industrial Average (YM=F) inched own 0.2%, as futures on the benchmark S&P 500 (ES=F) fell 0.3%. Contracts on the Nasdaq 100 (NQ=F) traded down 0.5%.

After markets closed, shares of Applied Materials (AMAT) and Figma (FIG) jumped as investors cheered earnings results that signaled strong demand amid the AI boom.

In day trading, the Dow (^DJI) jumped back to the 50,000 level, and the S&P 500 (^GSPC) and Nasdaq (^IXIC) hit new highs, powered by confidence in the AI trade. President Trump’s summit with Chinese President Xi Jinping and the blockbuster market debut of chipmaker Cerebras (CBRS) also lifted market sentiment.

Trump is currently concluding his visit with Xi in Beijing before heading back to Washington. So far, his visit has struck a business-friendly tone, with 16 top US executives accompanying him, and as of Thursday, new deals for the likes of Boeing (BA) and Nvidia (NVDA). The diplomatic issues of Taiwan and Iran, however, continue to lurk in the background.

Earnings season continues to wrap up this week, with Mizuho Financial Group (MFG), RBC Bearings (RBC), and Sigma Lithium Corporation (SGML) posting results Friday.

LIVE 1 update

  • Oil on track for week of gains as Hormuz disruption continues

    Bloomberg reports:

    Oil headed for a weekly gain as the crucial Strait of Hormuz remains effectively closed, with efforts to end the war in limbo and disruptions that have upended global markets set to linger.

    Brent (BZ=F) crude rose toward $107 a barrel, with futures up around 5% this week. West Texas Intermediate (CL=F) was near $102. A US naval blockade of Iran’s ports remains in place, while the waters in the region continue to be treacherous for mariners. A commercial vessel was seized by unauthorized personnel at the entrance to the strait and taken into Iranian waters.

    US President Donald Trump met with Chinese leader Xi Jinping on Thursday, and the two discussed keeping Hormuz open to support energy trade, along with improving American oil flows to the Asian nation, according to a White House official. China’s official readout of the meeting did not include energy among the topics discussed, but it did say the Middle East was addressed.

    The war has driven global oil inventories down at a record pace, and the market will remain “severely undersupplied” until October even if hostilities end next month, the International Energy Agency said this week. US data released on Tuesday underscored how the conflict is reigniting inflation, piling domestic pressure on Trump ahead of the midterm elections in November.

    Read more here.

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