Wall Street Futures Cool After Record Run, Weekly Gains Intact

​A Pause After the Party
Wall Street futures took a breather Friday, slipping slightly after the Dow, S&P 500, and Nasdaq all notched record highs the day before. Traders are catching their breath after a data-packed week that left Fed rate-cut bets firmly on the table.

Tesla and Micron Steal the Spotlight
Thursday’s rally had plenty of horsepower thanks to Tesla and Micron Technology, whose surging shares helped lift indexes to fresh peaks. A monthly inflation report added fuel by keeping expectations alive for a Fed cut next week.

Fed Bets Heat Up
Markets are fully pricing in a 25-basis-point rate cut, while odds of a bolder 50-bps trim sit around 7.5%. Traders are even bracing for a series of cuts at each remaining Fed meeting this year — three in total.

Sentiment Check Ahead
The University of Michigan’s consumer sentiment survey is due Friday, a potential pulse check on how households are feeling as inflation and job market weakness linger.

Futures Ease Off
By early morning, Dow futures were down 0.16%, S&P 500 futures slipped 0.13%, and Nasdaq 100 futures eased 0.06%. Despite the pullback, the three main indexes are still on track to log gains for a second straight week.

AI Trade Keeps Buzzing
Oracle’s upbeat forecast earlier in the week lit a fire under the AI trade, sending semiconductor and utility stocks powering higher. That momentum has positioned the S&P 500’s tech sector as the week’s standout performer.

September’s Surprise Start
September usually has a bad rap — the S&P 500 has averaged a 1.5% loss since 2000 — but this month is defying history so far, with stocks climbing instead of sinking.

Movers to Watch
In premarket action, Warner Bros Discovery jumped another 4% after a reported Paramount-Skydance bid. Adobe gained 4.2% after hiking its forecasts, while Microsoft inched up 1.6% after striking a restructuring deal with OpenAI.

The Bottom Line
​The market may be cooling after record highs, but momentum is still strong. With Fed cuts looming and AI hype running hot, Wall Street’s weekly winning streak looks safe — even with futures easing back.