U.S. stock futures upbeat after AI rally, falling oil boost Wall St

U.S. stock index futures climbed on Monday evening, building on gains sparked by an artificial intelligence-driven rally in technology that boosted Wall Street. Meanwhile, a steady decline in oil prices further propelled riskier assets, as investors anticipated progress in diplomatic efforts and supply conditions in the Middle East, despite the ongoing Saudi-Houthi conflict.

As of 20:04 ET (00:04 GMT), S&P 500 Futures were at 7,836.50 points, while Nasdaq 100 Futures increased by 0.25% to 30,864.50 points, and Dow Jones Futures remained flat at 52,466.0 points. The positive sentiment on Wall Street followed a strong performance in tech stocks, with the NASDAQ Composite reaching a record high due to robust tech gains.

Meta Platforms Inc (NASDAQ:META), the owner of Instagram, stood out as a top performer, surging more than 11% amid optimism surrounding its recently launched Muse AI agent. Since its September 9 debut, Muse had gained significant traction, surpassing major rivals like OpenAI’s ChatGPT on Apple’s App Store. However, Amazon.com Inc (NASDAQ:AMZN) had blocked Muse from its retail platform.

Additionally, Meta announced the construction of a transoceanic subsea cable linking the U.S. and France, a development occurring just before the company’s upcoming Meta Connect 2026 event. The advances in Meta fueled gains across other tech and AI stocks, which were also appealing after enduring significant losses throughout most of September.

Chipmaking stocks, in particular, performed strongly, with the Philadelphia Semiconductor Index jumping 4.3%. AMD (NASDAQ:AMD) surged by 10% and achieved its first-ever $1 trillion market capitalization. Such tech sector gains propelled the NASDAQ Composite to a record closing high of 27,122.09 points. Furthermore, Wall Street was encouraged by a persistent drop in oil prices, with Brent briefly falling below $100 a barrel as hopes grew for enhanced Middle East diplomacy.

President Donald Trump hinted at a potential meeting with Iranian President Masoud Pezeshkian during a United Nations meeting in New York on Tuesday. However, Trump also maintained a threat against Iran, demanding the country comply with a U.S. deal. Tehran responded by warning of using "new weapons" in retaliation to any further U.S. aggression.

Despite the ongoing conflict, oil prices plummeted over the past week, driven by improved flow rates from Saudi Arabia and ongoing supply improvements, notwithstanding persistent Houthi attacks against the country.