U.S. stock futures pointed lower on Thursday as the artificial-intelligence trade lost momentum and investors took profit. Nasdaq 100 futures led the decline while Dow futures held roughly flat, with traders awaiting retail sales data, fresh earnings and headlines on U.S.-Iran tensions.
Stocks were on track to slide as the AI trade cooled, even though the broader macroeconomic backdrop still looks supportive. Nasdaq 100 futures dropped 0.2%, S&P 500 futures fell 0.1%, and Dow Jones Industrial Average futures slipped 34 points, or 0.1%.
The move followed Wednesday's session. All three major indexes closed in the green, as cooler-than-expected wholesale inflation data helped offset a selloff in chip makers. Investors are questioning how long the AI boom will last, yet they are still finding places to put money to work.
Earnings and data set the next test
Earnings season has helped push stocks higher, and any pullback may prove short-lived. UnitedHealth and GE Aerospace are among the companies set to report before the opening bell, and retail sales figures could act as another catalyst. According to Barron's, UBS Global Wealth Management CIO Mark Haefele said: "Earnings should remain the key driver of performance for the remainder of the year".
Benzinga reported a similar futures picture, with S&P 500 futures off 0.08% and Nasdaq 100 futures down 0.36%. It also flagged a fuller data slate, including June's retail sales, July's Philadelphia Fed survey and initial jobless claims for the week ending July 11.
Oil and Iran headlines add uncertainty
Oil struggled for direction as investors tried to gauge the flare-up between the U.S. and Iran. Brent futures slid 0.6% to $84.37 a barrel, while West Texas Intermediate fell 0.2% to $79.50 a barrel. Benzinga reported that President Donald Trump said Iran wants to negotiate.
The dollar was unchanged against a basket of peers, and the 10-year Treasury yield ticked up 2 basis points to 4.57%.
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