US pre-open: Futures flat amid volatile crude prices, geopolitical uncertainty

23rd Sep 2026 11:04

(Sharecast News) - Wall Street futures were little changed ahead of the opening bell on Wednesday, as oil prices swung between gains and losses amid renewed uncertainty surrounding the conflict between the US and Iran.

As of 1225 BST, Dow Jones and S&P 500 futures were up 0.02% and 0.05%, respectively, while Nasdaq-100 futures had the index opening 0.02% softer.

The Dow closed 185.14 points lower on Tuesday, while the tech‑heavy Nasdaq rallied 122.18 points for a fresh record close.

Futures were initally firmly in the green, but earlier strength faded after Brent crude reversed overnight declines, with November contracts last up around 0.4% at $99.60 a barrel. West Texas Intermediate, on the other hand, slipped 0.63% to $89.95 a barrel. The moves followed volatile trading on Tuesday as traders assessed shifting geopolitical signals.

Donald Trump said US and Iranian officials held a "very good meeting" lasting about three hours during the United Nations General Assembly in New York. In his address to the UN earlier in the day, he said he faced a "big decision" on whether to pursue a deal with Tehran or "annihilate" the country.

Separately, Treasury Secretary Scott Bessent said the US was weighing whether to restrict diesel exports, with national average prices hitting $6.53 per gallon, according to AAA.

On the macro front, US mortgage applications fell 1,5% in the week ended 18 September, according to the Mortgage Bankers Association, extending the 4.1% decline seen in the prior week. Applications to refinance a mortgage slid 3% to its slowest pace in 18 months, while applications to purchase a home edged 1% lower, reflecting softer demand against a backdrop of rising borrowing costs and uncertainty over future property disposals. The fall comes as the 30‑year fixed mortgage rate increased to 7.12%, up from 6.97% a week earlier, and rates for 30-year mortgages with jumbo loan balances increased 12 basis points to 7.15%.

Still to come, preliminary readings of S&P Global's September manufacturing, services and composite PMIs will be published at 1445 BST.

In the corporate space, General Mills posted softer quarterly numbers, with net sales down 3% at $4.4bn due to the US yogurt divestiture, while organic sales were flat, operating profits fell 63% to $634m, and adjusted operating profits were 11% lower at constant currency. Diluted earnings per share dropped 67% to $0.74, while adjusted EPS was down 13% at $0.75. Looking forward, General Mills reaffirmed its full‑year guidance.

Reporting by Iain Gilbert at Sharecast.com