Trump-Xi Summit Opens After a Two-Month Trade Truce

As flagged in Wednesday's evening review, the S&P 500 closed 7,706.03, down 0.8 percent, November WTI last printed about 92.50 dollars, and Bitcoin last printed about 84,330 dollars. Overnight the cash tape is shut. West Texas Intermediate November futures are near 91.50 dollars. Overnight E-mini December futures are near 7,746. Bitcoin is near 84,170 dollars. Xi Jinping is at the White House after a two-month extension of the Busan trade truce. Costco reports after the close. Japan is open. US cash opens 13:30 UTC. This is the morning scorecard, not an instruction.

The Setup: Overnight ES Near 7,746

The S&P 500's last cash print remains Wednesday's 7,706.03, down 58.61 points or 0.8 percent (CNBC, MarketWatch, Associated Press). Range 7,694.89 to 7,761.94, a fade from Tuesday's 7,764.27. The cash low sat about 4 points above Monday's 7,691.19 bearish trigger. The Nasdaq Composite closed 26,936.04, off 1.1 percent from Tuesday's record. The Nasdaq-100 closed 30,470.29 (-0.85%). The Dow closed 51,511.59 (-0.7%). The Russell 2000 dropped 1.8 percent. Energy was the only S&P sector up. The VIX closed 15.18. The 10-year jumped to 5.11 percent, the highest since 2007. US cash has not opened. E-mini December futures are near 7,746 as of about 08:00 UTC, labeled overnight futures (Investing.com 7,746.00 from a 7,772.50 settlement; MarketWatch 7,756.00). Overnight range about 7,730.75 to 7,779.25. The August 13 record at 7,816.70 remains the cash marker. Traders watching 7,706.03 as the cash reference. Bullish trigger: a reclaim of 7,706.03 toward 7,764.27. Bearish trigger: a slide through Monday's 7,691.19 low, then Friday's 7,650.50.

Story of the Day: Trump Hosts Xi After the Truce

Treasury Secretary Scott Bessent said the United States and China had agreed to extend the Busan trade truce from November 10 to January 10 (South China Morning Post, India Today, Saxo). That is a two-month hold, not a new deal. Trump greeted Xi on the tarmac at Joint Base Andrews on Wednesday. Formal White House talks print today. The agenda covers tariffs, rare earths, chips, artificial intelligence, Taiwan and Iran. Bessent said Beijing is meeting a 25 million ton soybean commitment and lagging a 17 billion dollar pledge on other farm goods. Rare-earth deliveries are also lagging. Thursday could still print a narrower cut on about 30 billion dollars of non-critical goods. China has a pledge to buy 200 Boeing jets. Free Malaysia Today said no Chinese CEOs are in Xi's delegation, while US technology bosses are set for Thursday's banquet. Saxo said expectations for a broader breakthrough remain low. Traders watching whether a live headline offsets Wednesday's PMI-yield tape.

Asia: Nikkei Reopens About 1% Higher

Japan reopened after a three-day Silver Week break. The Nikkei 225 last printed about 1 percent higher near 65,670 (Saxo 65,674.51, +1.01%; Associated Press 65,513.99, +0.8%). Ibiden jumped about 15 percent after Meta unveiled Charm, a handheld gadget tied to Muse. Advantest added about 4 percent. SoftBank priced an 11.1 billion dollar junk-bond offering during the holiday (Saxo). The Hang Seng last printed about 24,705 to 24,730 (-0.5%), Shanghai about -1.2 percent. South Korea is shut for Chuseok. Japan's 10-year yield tagged 3.055 percent, the highest since 1996. Catch up: week-ahead docket.

Oil Eases Near $91.50; Gold Holds $4,286

West Texas Intermediate November futures are near 91.50 dollars (MarketWatch 91.39 at 01:11 EDT, down 0.84 percent from a 92.16 settlement; Saxo 91.46; Moneycontrol 91.56). Overnight range about 91.23 to 92.79. That is a fade from Wednesday evening's about 92.50 and a hold above Tuesday's November settlement at 90.52. Brent is near 102.13 to 102.30 dollars. Hormuz remains mixed: attacks on vessels persist even as Bessent said flows have at times reached 17 million barrels a day. Traders watching 91.50 as the live November reference. A reclaim of Wednesday's 92.16, then the expired October 94.59, would restore more of last week's premium. A slip through Tuesday's 90.52 would put the fade back on. Spot gold is near 4,286 dollars (TradingView 4,286.200; Kitco 4,288.70), a hold of Wednesday evening's about 4,284 and a fade from Wednesday morning's 4,335. Silver dropped about 4 percent on Wednesday. GDX fell about 4.4 percent (Saxo).

Crypto Check: Bitcoin Near $84,170

Bitcoin is near 84,170 dollars (TradingView 84,172). CoinMarketCap's Thursday session ran about 84,080 to 84,407. That is a fade from Wednesday evening's about 84,330 and from Wednesday morning's 86,260. The print still holds Monday's 82,000 bullish trigger. Ether is near 2,686 dollars (TradingView 2,686.4). BitMEX shut permanently after an eleven-year run. About 15.9 billion dollars of Bitcoin options expire Friday on Deribit. BTC bullish trigger: a hold of 84,170 dollars, then Wednesday morning's 86,260. Bearish trigger: a slip through 82,000, then 80,000.

What's Next: Costco, Homes, Then the State Dinner

The SNB, Sweden and Norway print this morning. US August new home sales print at 14:00 UTC with weekly claims. Fed speakers include Williams, Barkin, Hammack and Paulson. Costco and Darden report after the US cash close. US cash opens at 13:30 UTC. Docket: calendar. Three scenarios frame the session, not a recommendation. In a contained-oil path, WTI holds the fade through 91.50 without reclaiming 92.16 and ES leans on Wednesday's 7,706.03 into the summit. In a diplomacy path, a constructive White House headline on tariffs or Hormuz would keep crude bidless and chips bid into Costco. In a scare path, a rare-earth or Iran headline would reclaim 94.59 and test Monday's 7,691.19 low. Bullish trigger: a reclaim of 7,706.03 toward 7,764.27. Bearish trigger: a slide through Monday's 7,691.19 low, then Friday's 7,650.50.

For live prices see the ThriveInMarkets homepage. None of the above is a recommendation to buy or sell any asset. Index closes are Wednesday, September 23, 2026; gold, oil, Bitcoin and Ether are live as of 08:00 UTC on September 24, 2026.