Dow, S&P 500, Nasdaq futures indicate gap-up open as oil drops under $98/bbl; Alibaba, GameStop, others in focus

US equity market futures indicate a gap-up opening on Tuesday, September 22, as investors focused on the tech stocks momentum and the crude oil prices declining under $98 per barrel (bbl) amid signs of potential talks between the United States and Iran.

With the US Treasury yields still hovering at an elevated level of 4.947%, concerns still remained over the uncertainty and the volatility in the global market.

The exchange data showed that Dow Jones futures were trading 0.39% higher at 52,682 points ahead of the opening bell on Sept. 22, indicating a more than 600-point higher open when compared to the previous US equity market close.

The S&P 500 index futures were up 0.10% at 7,841 points ahead of the open on Tuesday, indicating a 77-point higher open when compared to the previous market close, according to Investing.com data.

Although Nasdaq 100 index futures were down 0.02% at 30,482 points ahead of the opening bell on Tuesday’s market, the derivatives indicated a 300-point higher open on Sept. 22 when compared to the previous Wall Street close.

Investors were focused on the performance of tech stocks after the benchmark Nasdaq index touched an all-time high level on Monday.

Key things to watch before US market opens

US stocks to watch on Sept 22

The company also launched the new Zhenwu V900 chip at Alibaba’s Apsara Conference.

Oil drops under $98/barrel

Global crude oil prices declined under $98 per barrel (bbl) during the trading session Tuesday, September 22, as commodity market investors focused on reports of US Secretary of State Marco Rubio willing to meet the Iranian officials at the United Nations.

While reports suggest that US President Donald Trump has signalled willingness to meet Iranian President Masoud Pezeshkian, Rubio said that there is nothing scheduled as of this point but the United States will be open to the idea.

Investing.com data showed that benchmark Brent crude oil prices declined 2.8% to touch an intraday low of $97.44 per bbl on Tuesday’s market, compared to $100.34 per bbl at the previous commodity market close.

Oil prices have dropped 9.2% in the last five days, but still remains 6.5% elevated in the last one-month. The data further showed that crude oil prices are up 27% in the last three months.

Asian stocks end higher

Asian equity market indices ended higher after the trading session on Tuesday, September 22, as investors focused on the buying momentum in chipmaking stocks after Nasdaq’s all-time high spillover effect amid lower crude oil prices in the market.

Japan’s Nikkei 225 ended 1.38% higher, Hong Kong’s Hang Seng ended 0.18% higher, and China’s Shanghai Composite ended 0.06% higher after the trading session on September 22, as per the exchange data.

South Korea’s KOSPI closed 0.15% higher, Singapore’s FTSE ended 0.86%, while India’s SENSEX ended 0.44% lower after Tuesday’s trading session.

How did the US markets end on Monday?

The US equity market benchmark indices rallied during the trading session to end higher on Monday, September 21, with Nasdaq 100 touching a fresh all-time high amid the strong momentum in tech and chipmaking stocks and the sharp pullback in global energy prices.

MarketWatch data showed that the Dow Jones Industrial Average ended 0.71% higher at 52,048.83 points after their trading session on Monday, compared to 51,682.64 points at the previous equity market close.

The S&P 500 index closed 1.49% higher at 7,764.70 points after Monday’s trading session, in comparison to 7,650.50 points at the previous US equity market close, as per the exchange data.

The tech-heavy Nasdaq 100 index rallied 2.8% to end at 30,482.35 points after the trading session on Sept. 21, in comparison to 29,644.17 points at the previous Wall Street close.