【US Pre-Market】Strait of Hormuz May Reopen Within 7 Days, US Oil Falls Below $90, US Equity Futures Rise, Alibaba Gains Over 3%

TradingKey - On Tuesday, September 22, Eastern Time, futures for the three major US stock indexes edged higher in pre-market trading. The AI investment boom continued to support tech stock performance, while Iran signaled a potential reopening of the Strait of Hormuz, driving a rapid drop in international oil prices and easing market concerns over energy supply shocks and a rebound in inflation.

As of press time, Nasdaq 100 futures were up 0.02%, S&P 500 futures rose 0.02%, and Dow Jones 30 futures gained 0.37%.

Source: Investing

In commodities, gold (XAUUSD) fell slightly, trading near $4,320/oz, while silver (XAGUSD) hovered near $65/oz. Improving market risk appetite weakened some safe-haven demand for precious metals.

International oil prices extended their decline, with WTI crude futures (USOIL-F) dropping below $90/barrel and Brent crude futures (UKOIL-F) pulling back to near $98/barrel. A senior Iranian official stated that Iran could reopen the Strait of Hormuz within seven days if the US reduces military pressure and lifts the naval blockade against Iran, signaling potential de-escalation and sending oil prices into a short-term plunge.

In cryptocurrencies, Bitcoin (BTCUSD) approached $86,000, but was still down over 1% on the day, putting crypto-related stocks under broad pressure in pre-market trading.

Market Moves

Vicor (VICR) surged about 10% in premarket trading. Driven by a one-time royalty fee from non-exclusive licensing of its vertical power delivery technology, the company raised its third-quarter sequential growth guidance from near 10% to over 20%. CEO Patrizio Vinciarelli stated that four leading original equipment manufacturers and hyperscalers have licensed Vicor's power system technology. The continuous rise in AI server power density has also increased market demand for advanced power solutions.

Alibaba (BABA) rose about 3.5% in premarket trading. CEO Eddie Wu stated at the 2026 Hangzhou Apsara Conference that customer AI demand is extremely strong, and the company will continue to increase AI infrastructure investment, aiming to expand Alibaba Cloud's global data center capacity to over 20 GW by 2032. Alibaba's T-Head unit also released its next-generation AI chip, Zhenwu V900, with computing power three times that of the Zhenwu M890, and plans to significantly increase annual AI chip shipments. The company is also preparing to train AI models with 5 trillion to 10 trillion parameters.

Cryptocurrency concept stocks generally fell in premarket trading. MicroStrategy (MSTR) dropped about 3.2%, Coinbase (COIN) fell about 2.9%, and Robinhood (HOOD) slipped about 2.5%. Although Bitcoin remained above $85,000, an intraday price pullback triggered profit-taking in related stocks.

Paramount (PSKY) rose about 2.5% in premarket trading. The company reached a settlement with 12 U.S. states and the Writers Guild, clearing the final major regulatory hurdle for its approximately $110 billion acquisition of Warner Bros. Discovery (WBD). Concessions made by Paramount include increasing movie output and domestic U.S. film and television production investment. Both companies expect the transaction to close in early October.

Market News

Iran says the Strait of Hormuz could reopen within seven days at the earliest. Iranian officials stated that if the U.S. lifts its naval blockade and reduces military pressure, Iran can quickly restore navigation through the Strait of Hormuz. An Iranian delegation has also arrived in New York, paving the way for potential diplomatic engagement.

The Strait of Hormuz is one of the world's most critical energy transit corridors. Expectations of a reopening have reduced the risk of crude oil supply disruptions, driving WTI crude oil below $90 and easing the pressure exerted by oil prices on global inflation and monetary policy.

The U.S. version of the iPhone 18 Pro Max still uses a Qualcomm baseband modem. A teardown by TechInsights revealed that the U.S. version of the iPhone 18 Pro Max continues to feature Qualcomm's (QCOM) Snapdragon X80 modem, rather than Apple's (AAPL) in-house C2 chip. Apple's U.S. website shows that the iPhone 18 Pro is equipped with the C2 chip, but the Pro Max page does not explicitly state modem details. This suggests that Apple's in-house modem replacement plan may still be proceeding on a product-by-product, phased basis.

Prominent investor warns the S&P 500 could plunge after a blow-off top. The founder of the "Black Swan Fund" expects that the S&P 500 Index could experience a final melt-up before the bubble bursts, easily surging past 8,000 points. He believes that a prolonged near-zero interest rate environment fueled asset price bubbles, and current higher borrowing costs could ultimately trigger a market reversal. However, this view does not provide a definitive timeframe.

SpaceX reported to plan phase-out of Falcon 9. According to The Wall Street Journal, SpaceX (SPCX) is considering phasing out its Falcon 9 rocket, prompting satellite operators and other customers to seek new payload launch solutions. Falcon 9 has long been the main launch vehicle in the global commercial launch market. If SpaceX shifts more resources toward Starship, it could alter the supply-and-demand structure of the commercial space launch market and bring new order opportunities for other rocket companies.

Key Data/Events Preview

At 8:15 a.m. ET, the U.S. releases the ADP weekly employment change.

At 10:05 a.m. ET, New York Fed President and permanent FOMC voting member John Williams will deliver a speech.