Pre-Market Update: US Stock Futures Fall as Oil and Yields Rise After Trump-Xi Summit

TLDR

US stock futures dropped Friday, with Nasdaq futures down 1.4% and S&P 500 futures down 1% The Trump-Xi summit ended without a breakthrough on Iran or trade, disappointing markets Oil prices surged over 2%, with Brent crude topping $107 a barrel The 10-year Treasury yield climbed to 4.53%, near its highest level in almost a year Bitcoin rose 1.4% to $80,789 after the Senate Banking Committee advanced the Clarity Act

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US stock futures fell sharply on Friday morning, pulling back from record highs hit just the day before. The Dow, S&P 500, and Nasdaq all pointed lower before the opening bell.

E-Mini S&P 500 Jun 26 (ES=F)

The S&P 500 and Nasdaq both closed at all-time highs on Thursday. The Dow topped 50,000 points for the first time since February. But those gains are now under pressure.

Investors are worried about rising bond yields and what they mean for inflation. The 10-year Treasury yield rose to 4.53% on Friday, its highest level in nearly a year.

The Trump-Xi summit in Beijing wrapped up overnight. President Trump flew back to Washington after two days of meetings with Chinese leader Xi Jinping. Markets had hoped for more.

BREAKING: Trump says the China summit ended without any tariff discussion.

Trump flew to Beijing with 15 CEOs for 48 hours. The one thing markets were watching for was never brought up.

Trump made "no commitment either way" on Taiwan despite Xi warning directly that mishandling… pic.twitter.com/uV8xHAhfny

— Bull Theory (@BullTheoryio) May 15, 2026

One key hope was that China might use its influence with Iran to help ease the conflict and bring oil prices down. That did not happen. Xi took a more cautious tone than Trump on the Iran question.

Trump said China and the US “feel very similar about Iran,” but Xi did not commit to anything concrete. The lack of progress sent oil prices higher.

Oil Prices Push Higher

Brent crude climbed above $107 a barrel on Friday, up around 1.3%. West Texas Intermediate rose 1.7% to $102.88. Oil has now gained for the week following the summit.

Higher oil prices feed directly into inflation fears. That is part of why bond yields are climbing. Rising yields make borrowing more expensive and can weigh on stock valuations.

On the trade side, Trump announced that China would buy 200 jets from Boeing. That fell short of what many investors had expected from the summit.

Analysts are now questioning how long the recent stock rally can last. Kathleen Brooks, research director at XTB, said rising yields could start to weigh on equities and that US indices may close the week lower.

The dollar edged up 0.2% against a basket of currencies. Gold dropped 2.1% to $4,587 an ounce.

Bitcoin Rises on Senate Crypto Vote

Bitcoin climbed 1.4% to $80,789 over the past 24 hours. The move came after the Senate Banking Committee voted to advance the Clarity Act, a crypto regulation bill.

The Clarity Act is seen as a step toward clearer rules for the crypto industry in the US. That kind of regulatory progress tends to lift crypto prices.

On the earnings front, design software company Figma saw its shares jump after a strong late-Thursday earnings report. The results pointed to continued demand driven by AI tools.

Mizuho Financial, RBC Bearings, and Sigma Lithium are among the companies reporting results on Friday.

Futures tracking the Dow were down 341 points, or 0.7%, as of Friday morning. The broader market direction will likely depend on how yields and oil prices move through the session.

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