Pre-Market Briefing — September 23, 2026: AI Rally, US-China Summit, Oil Eases

Overview

Good morning, it's Wednesday, September 23rd. U.S. futures are mixed ahead of the open. S&P 500 futures are hovering near flat at 7,785, while Nasdaq futures are slightly lower at 31,018. The 10-year Treasury yield is holding around 4.96% after falling yesterday. In commodities, WTI crude is trading just above ninety d

In this show

• Good morning, it's Wednesday, September 23rd. U.S. futures are mixed ahead of the open. S&P 500 futures are hovering near flat at 7,785, while Nasdaq futures are slightly lower at 31,018. The 10-year Treasury yield is holding around 4.96% after falling yesterday. In commodities, WTI crude is trading just above ninety dollars a barrel, and gold is down near $4,319 an ounce. Bitcoin is showing strength, up around one percent to over $86,000. Overseas, Asian markets were mostly lower, though Japan was closed. European bourses are mixed. Here with me are our World and Markets correspondents.
• Looking ahead at the economic calendar, the key data points drop at 8:45 AM Eastern: the S&P Global Flash Manufacturing and Services PMIs for September. We'll be watching for any signs of cooling in the economy. On the earnings front, we'll hear from General Mills, Paychex, and Cintas before the opening bell. There are no major reports scheduled for after the close. Also on the docket, Federal Reserve Vice Chair for Supervision Michael Barr is scheduled to speak, and the market will be listening for any clues on monetary policy.
• Let's start with the big story in tech. The Nasdaq Composite surged to another record high on Tuesday, closing at 27,244.28. This marks the second consecutive session the index has reached a new peak. The driving force remains the relentless investor enthusiasm for all things artificial intelligence. This broad-based rally in AI has been the primary catalyst for the tech-heavy index's powerful performance recently, lifting sentiment across the entire sector as investors continue to pile into names they believe will lead the next technological revolution.
• And digging deeper into that Nasdaq rally, the semiconductor space was a key engine of yesterday's gains. Chipmakers were particularly strong, with both AMD and Intel seeing significant boosts to their stock prices. This highlights the market's belief that these companies are fundamental to the AI ecosystem, providing the essential hardware that powers advanced models and applications. The positive sentiment is not just about software; it's a clear bet on the underlying infrastructure, and investors are rewarding the companies at the heart of it.
• Another major contributor to the AI buzz is Meta. The recent launch of its personal AI agent, named Muse, has sparked significant market excitement. Muse is designed to be a deeply integrated personal assistant, capable of managing complex tasks like organizing emails, booking appointments, and even making purchases on a user's behalf with their approval. The strong initial reception for Muse underscores the intense and growing competition among tech giants to dominate the emerging AI assistant space, a market seen as the next major consumer platform.
• The competitive landscape for AI is also heating up on the model development front. AI research company Anthropic has just released Claude Opus 5.5. The company claims this new model offers performance comparable to its top-tier predecessor but at a significantly lower cost. Specifically, it's reportedly 40% cheaper to run for typical workloads. This move is a direct response to the market's demand for more cost-effective AI solutions and signals an escalating price war among the major AI labs as they compete for enterprise customers.
• Shifting to the energy markets, oil prices are seeing some downward pressure this morning. This follows news that Saudi Arabia has restarted its key East-West pipeline, a crucial piece of infrastructure that had been shut down following drone attacks. The pipeline has a capacity of around 4 million barrels per day, which is about 4% of the entire global supply. Its resumption is expected to boost crude exports from the Red Sea port of Yanbu, easing recent supply concerns that had kept prices elevated. WTI is currently trading around $90.25.
• On the geopolitical front, there are signs of tentative diplomacy between the U.S. and Iran. Officials from both nations held approximately three hours of indirect talks on the sidelines of the UN General Assembly in New York. Qatar served as the mediator in the discussions. Following the meeting, U.S. President Donald Trump described the talks as 'very good' and 'very productive.' Reports suggest the conversation included conditions for ending ongoing conflicts, with Iran pushing for the lifting of blockades and the release of its frozen assets.
• And looking ahead to another major diplomatic event, Chinese President Xi Jinping is scheduled for a state visit to Washington. The centerpiece will be a high-stakes summit with U.S. President Donald Trump. This meeting will be under intense scrutiny from global markets. The agenda is expected to be packed, covering the fragile trade truce between the two economic superpowers, U.S. arms sales to Taiwan, and, critically, the complex issue of regulating artificial intelligence. Investors will be watching for any hint of progress or renewed friction.
• In single-stock news, shares of Ivanhoe Electric are in focus this morning. The company released a preliminary feasibility study for its Santa Cruz Copper Project in Arizona, and the numbers look strong. The study outlines the economics for a new high-grade, low-cost underground copper mine, projecting an after-tax net present value of $3.5 billion at current copper prices. Led by Executive Chairman Robert Friedland, the company is aiming for the project to become a major domestic copper producer, with initial production targeted for 2029.
• And that brings us to what we're watching most closely. While the U.S.-China summit isn't happening just yet, the pre-positioning and rhetoric will be critical. All eyes are on the expected discussions around artificial intelligence. Any potential agreements or, conversely, public disagreements on AI regulation could send ripples through the entire tech sector. This is no longer just a trade issue; it's about who writes the rules for the next generation of technology, and the outcome will have significant, long-term market implications.
• Viking Therapeutics was the session's biggest gainer, jumping nearly 36% to close at $40.85. The biotech firm announced positive topline results from a study of its weight-loss drug candidate, VK2735, showing patients maintained significant weight loss with less frequent dosing. The results position Viking as a strong contender in the highly competitive market for obesity treatments, driving massive investor enthusiasm and a trading volume of over 41 million shares.
• Vicor Corporation rallied, closing up about 13% at $252.57. The power module manufacturer significantly raised its third-quarter revenue growth forecast to over 20%, a substantial increase from its previous estimate of nearly 10%. The optimistic revision came after securing anticipated royalties from a licensing deal for its power delivery patents with an AI equipment maker, signaling high-margin revenue growth tied to the artificial intelligence sector.
• Shopify shares jumped over 7% to end the day at $147.74. The e-commerce giant announced a new partnership with Meta Platforms that will integrate its Shop Pay checkout system with Meta's new AI agent, Muse. This collaboration will enable users to complete purchases from Shopify merchants directly within Meta's ecosystem, a move that analysts believe will significantly widen Shopify's market reach and drive future revenue.
• A packed morning indeed. We'll be watching the market open in just a bit for reactions to that pre-bell earnings slate from General Mills and others. But the main event on the data front will be that S&P Global Flash PMI data at 8:45 AM Eastern. That will give us the freshest read on the health of both the manufacturing and services sectors of the U.S. economy. That's all for the Pre-Market Briefing. Stay with us as the opening bell approaches.