Trump approved in principle a deal in which major Oracle and Walmart would partner with TikTok.
Chinese-owned social media apps are facing a ban in the US over national security concerns.
The tech-heavy Nasdaq ended its two-day losing streak, as deal activity lifted sentiment on the sector.
Microsoft had initially been recognized as the most likely winner earlier in the process.
This month, TikTok surpassed 2 billion global downloads and reported nearly 700 million monthly active users in July.
The U.S. government is worried that such information on users could be passed on to China’s authorities.
TikTok has come under fire from US lawmakers over national security concerns surrounding data collection.
The surge in recent days in Covid-19 caseloads remains a great concern for oil traders.
President Trump issued directives banning any U.S. transactions with Chinese tech companies.
With the launch of Reels, the dispute between Facebook and TitTok will get worse.