Stock market today: Nasdaq, Dow and S&P 500 little changed as AI trade powers market

US stock futures climbed 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 by 0.1% after the tech-heavy Nasdaq Composite touched a record high the day before. S&P 500 futures ( ES=F ) were in the green, while those on the Dow Jones Industrial Average ( YM=F ) rose 0.3%.

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.

Oil prices fell on Tuesday amid reports that Iran may reopen the Strait of Hormuz within seven days if the US takes steps to ease military pressure. Brent crude futures ( BZ=F ) fell over 2%, while WTI ( CL=F ) dropped 3%.

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.

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)