Futures Flat as Wall Street’s Rally Loses Steam

​Stuck at the Starting Line
U.S. stock futures wobbled around flat on Thursday after two straight losing sessions. Traders stayed cautious ahead of fresh jobs data and the Fed’s next inflation readout, unsure if the rally has more fuel left.

Rally Hits a Wall
Stocks snapped their record-setting streak Wednesday. The buzz from the Fed’s rate cut and AI hype faded fast after Chair Jerome Powell’s cautious tone — and some policymakers hinted two more cuts this year aren’t a done deal.

Tech Still Making Moves
AI-linked investments kept pouring in. Alibaba pledged over $50 billion in AI spending, Intel reportedly approached Apple for a lifeline, and Nvidia revealed a $100 billion OpenAI partnership hot on the heels of its own $5 billion Intel stake. Still, even with all the deal-making, the broader market stalled.

Costco in Focus
Earnings from Costco were on deck Thursday, with analysts expecting sales to jump as shoppers hunt for bargains in a murky economy. The retailer’s results could serve as a barometer for consumer resilience.

All Eyes on Inflation
Friday brings the big test: the Fed’s preferred inflation gauge, the PCE index. Policymakers are torn between cutting rates to support jobs and holding the line if prices flare up again. For traders, that report could be the spark for the market’s next move.

Global Market Buzz
- Oracle got slapped with a rare sell rating, warning its cloud business may be overhyped.
- Chinese tech stocks extended their winning streak, with JD.com and Xiaomi leading the charge.
- Europe’s defense names surged after Trump pledged backing for Ukraine to reclaim all territory.

The Bottom Line
​The fireworks from AI mega-deals and the Fed’s first cut of the year weren’t enough to keep Wall Street flying. With inflation data looming, traders are bracing for the next jolt — up or down.