US Stock Market Falls Ahead Of Trump-Xi Meet On Thursday; DJIA, Nasdaq Down 300-350 Pts; Wall Street Outlook

The US stock market dropped overnight despite crude oil prices being under control. Investors' sentiment shifted towards diplomatic progress at the UN, with focus also diverted towards US supply data and the upcoming meeting between President Donald Trump and China's President Xi Jinping scheduled on Thursday. Yesterday, the Dow Jones and Nasdaq Composite plunged by 300 points to over 350 points, while the S&P 500 index followed a similar trend. However, on September 24th, US stock futures traded steadily, and crude oil prices dipped further by 1%.

Dow Jones + Nasdaq + S&P 500

Overnight, the Dow Jones Industrial Average slipped by 352.10 points or 0.7% to close at 51,511.59. Further, the Nasdaq Composite index declined 308.24 points or 1.13% to close at 26,936.04 and S&P 500 index dipped 58.61 points or 0.75% to close at 7,706.03.

Crude directed traffic on Wall Street this morning as investors tracked diplomatic progress at the United Nations and awaited weekly U.S. supply data. Oil futures ticked up overnight after initially falling, hurting U.S. stock indexes and Treasuries early. Competing news remained thin, as per Charles Schwab's note.

10 out of 11 S&P 500 sectors witnessed selling pressure with communication services, utilities and consumer discretionary stocks taking the most beating. Among top 10 heavyweight stocks, Nvidia plunged 1.5%, Alphabet crashed 3.6%, Amazon plummeted 2.24%, SpaceX crashed over 4.1%. TSMC and Broadcom also declined by 1.20% and 2.62%. Apple was down nearly 1%. Chip stocks like Micron and AMD dropped 2.2% and 1.5%.

US Stock Futures Today, September 24, 2026

The Dow Jones futures dropped by 68 points or 0.13% to trade at 51,806 in the early hours of Thursday, while S&P 500 futures slipped marginally by 6.25 points to trade at 7,766.25. Additionally, the Nasdaq 100 futures dipped by 12 points to trade at 30,753.

US stock futures steadied on Thursday after the major averages fell in the previous session, as strong economic data, a weak Treasury auction and renewed inflation concerns tied to energy prices pushed Treasury yields to multi-decade highs, as per Trading Economics report.

US Stock Market Outlook

Also, the report added that the benchmark 10-year US Treasury yield climbed to around 5.11%, its highest level since July 2007. The move followed S&P Global PMI data showing strong new orders and multi-year highs in input and output price inflation, fueling expectations of another Federal Reserve rate hike this year. Oil prices also rebounded as uncertainty persisted over progress in US-Iran talks. Investors now await the latest weekly jobless claims data, along with earnings reports from Costco and Darden Restaurants.

At the time of writing, US WTI crude oil futures traded lower by 0.4% to near $92 per barrel and Brent crude oil futures tumbled nearly 1% to hold around $102 per barrel.

This came after the Iranian President Masoud Pezeshkian in his speech at the UN General Assembly made it clear that Iran will not bow to threats and will not give up their right to build nuclear technology for economic development. He also threatened that the Islamic Republic will not allow freedom of navigation through the Strait of Hormuz as long as sanctions and a US blockade continue to be in-place.

On the other hand, the US Energy Secretary Chris Wright stated that Trump's government is working with refiners on a voluntary reduction in US diesel exports as an alternative to imposing a formal ban on overseas shipments.

Meanwhile, Saudi Arabia is likely preparing to resume oil exports via its key East-West pipeline. Also, the Ukrainian President Zelenskyy revealed that him and Trump had discussed an energy ceasefire.

On Thursday, the US 10-year Treasury Yield traded around 5.11%, which is still near its highest level since July 2007.

Further, on September 24, 2026, the focus will be on Trump and Xi's bilateral summit in Washington, DC.

"The Trump-Xi meeting will focus on trade, AI safety, and Iranian crude," said Michelle Gibley, director of international equity research and strategy at the Schwab Center for Financial Research (SCFR). " One positive outcome could be reciprocal tariff relief for U.S. agricultural products and Chinese low-tech consumer goods."

As per Schwab's note, China has resumed oil imports after cutting back earlier in the Iran war, Gibley added. In the longer run, this could mean tighter supplies if Chinese buying coincides with continued Middle East supply tangles.

Apart from US and China's President's meeting, economic data like Continuing Claims, Current Account Balance, EIA Natural Gas Inventories, Initial Claims, and New Home Sales are scheduled to be released on Thursday.

Companies like Blackberry Ltd. (BB), Costco Wholesale Corp. (COST), Darden Restaurants Inc. (DRI), TD SYNNEX Corp. (SNX), and Uranium Energy Corp. (UEC) will declare their quarterly results on Thursday.

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