08:10 AM EST, 01/21/2025 (MT Newswires) -- US equity futures rallied before the opening bell Tuesday ahead of the first trading session of President Donald Trump's second term.

Dow Jones Industrial Average futures were up 0.4%, while S&P 500 futures increased 0.4%, and Nasdaq futures moved ahead 0.5% in the premarket.

Oil prices slid dramatically, with the front-month global benchmark North Sea Brent crude down 1.5% to $78.94 per barrel and US West Texas Intermediate crude down 2.3% to $75.56 per barrel.

The price drop followed Trump's first-day executive orders invoking a national energy emergency meant to clear away hurdles to increased domestic energy exploration and production.

"We will drill, baby, drill," Trump said in his inaugural address.

There are no market-moving economic reports on Tuesday's calendar, and little this week until reports Thursday and Friday on jobless claims, existing home sales, consumer sentiment, and manufacturing.