U.S. equity futures were little changed on Tuesday following a rally driven by stocks tied to artificial intelligence.

S&P 500 futures traded up 0.1%, while Nasdaq-100 futures slipped 0.1%. Dow Jones Industrial Average futures rose 220 points, or 0.4%.

U.S. futures trimmed earlier losses after Iran reportedly offered to reopen the Strait of Hormuz within seven days, driving crude oil prices lower. The reports have not been independently verified by CNBC. Saudi Arabia is also reportedly planning to restart its East-West pipeline as early as this week.

Global benchmark Brent crude futures
 were last down 1% at $98.92 per barrel. U.S. crude futures
 traded 2% lower at $93.50 a barrel.

Tuesday’s moves follow a strong session on Wall Street. The S&P 500
 climbed 1.5% for its best day since Aug. 4, while the Nasdaq Composite
 jumped 2.3% for its first closing record since June. The Dow Industrials
 rose 366 points, or 0.7%.

A decline in oil prices fueled the stock market’s gains, while Treasury yields pulled back as well. Even prior to the Federal Reserve’s move to hike its key interest rate by a quarter point last week, Treasury yields have been trending higher as the economy contends with rising debt, elevated oil prices and stubborn inflation.

Traders’ attention will turn to this week’s summit in Washington, DC between President Donald Trump and Chinese leader Xi Jinping. Artificial intelligence, the Iran war, tariffs and rare earth metals are expected to be among the key topics covered in the meeting. Treasury Secretary Scott Bessent convened with Chinese Vice Premier He Lifeng prior to Xi’s visit to the U.S.

Heading into Tuesday, traders will watch for the Richmond Fed’s manufacturing survey, as well as speeches from New York Fed President John Williams and Richmond Fed President Tom Barkin.