Stock market today: Dow, S&P 500, Nasdaq futures rise as oil falls, anticipation builds for Trump-Xi summit

US stock futures drifted higher on Monday as oil prices fell and investors continued to assess the Fed's rate hike and geopolitical uncertainty.

Futures on the Dow Jones Industrial Average ( YM=F ) rose 0.5% after the blue-chip index posted its third straight weekly loss . Those on the S&P 500 ( ES=F ) gained 0.5%, while contracts for the Nasdaq-100 ( NQ=F ) climbed 0.8%.

Stocks have largely powered through a wall of worry this month, though rising bond yields, geopolitical risk in the Middle East, and AI jitters have given investors reason to pause. After the Federal Reserve hiked interest rates last week, traders have rushed to price in further Fed rate hikes as well.

Helping sentiment, Oil prices retreated below $100 per barrel as hopes emerged that the US and Iran would resume diplomatic talks.

With a sparser economic and earnings calendar this week, one thing markets will be closely watching is the summit between President Trump and Chinese President Xi Jinping on Thursday.

The high-stakes talks are expected to focus on extending the tariff truce and cooperation on artificial intelligence. Several AI leaders, including Nvidia CEO Jensen Huang, OpenAI CEO Sam Altman, former Apple CEO Tim Cook, Qualcomm Inc. CEO Cristiano Amon, and Microsoft CEO Satya Nadella, will also attend a dinner with the Chinese president.

The summit comes at a critical point for those companies, after an essay by Anthropic ( ANTH.PVT ) CEO Dario Amodei broke open a long-simmering debate over whether or not frontier AI labs should pace model development .

Tech stocks tentatively rose in the US and Asia on Monday morning after Treasury Secretary Scott Bessent hailed "very successful" preliminary talks with his Chinese counterpart over the weekend and proposed a US-China AI dialogue.