US stock futures were little changed on Wednesday as investors looked past a second consecutive record close for the Nasdaq Composite and turned their attention to high-level US-China talks, Middle East diplomacy and fresh signals on the American economy. Dow and S&P 500 futures were up about 0.1% around 5:10 am ET, while Nasdaq 100 futures edged roughly 0.05% higher.
The main event is Chinese President Xi Jinping's Washington visit from September 23 to 25, his first state visit to the US capital since 2015. Thursday's meeting with President Donald Trump is expected to cover trade, artificial intelligence, rare earths, Taiwan and Iran. Expectations for sweeping agreements remain low, but analysts said even limited progress could ease one source of risk for semiconductor and megacap technology stocks. Technology executives including Nvidia CEO Jensen Huang, Alphabet CEO Sundar Pichai and OpenAI CEO Sam Altman are expected to attend a White House dinner during the visit.
Oil prices remained below $100 a barrel, with Brent crude holding under that level as Saudi supply prospects improved and the US and Iran maintained diplomatic contacts. Saudi Arabia has been testing its repaired East-West pipeline, while Iran signalled that the Strait of Hormuz could reopen under certain conditions. Capital.com strategist Daniela Hathorn told MarketWatch that oil's effect on inflation expectations has become an important driver of both yields and equity valuations. The 10-year Treasury yield hovered around 4.96%.
On the data front, S&P Global's September flash manufacturing PMI is due at 9:45 am ET, with economists expecting a reading around 53.5. August's composite PMI stood at 56, the strongest US private-sector growth since 2022. Fed Governor Michael Barr speaks at 10:05 am ET on the economic outlook and housing. Markets have increasingly priced in another rate increase before year-end after last week's quarter-point hike, and Barr's remarks may determine whether investors treat near-5% Treasury yields as a temporary obstacle or a longer-lasting challenge to equity valuations.
Earnings from Cintas, General Mills and Cracker Barrel are also due, while Wall Street balances record technology-stock performance against uncertainty surrounding China, Iran, oil prices and interest rates.
