US stock futures were in a holding pattern on Thursday as investors paused to assess the optimism around AI and interest-rate cuts that has buoyed markets amid the government shutdown.
S&P 500 futures (ES=F) were little changed, coming off another record close for the broad benchmark on Wednesday as Wall Street returned to rally mode. Contracts on the Dow Jones Industrial Average (YM=F) and on the tech-heavy Nasdaq 100 (NQ=F) also drifted just below the flat line.
Meanwhile, the torrid rally in gold (GC=F) showed signs of faltering amid profit-taking, even as it held near record territory above $4,040 an ounce.
The mood is muted as the ongoing federal shutdown puts paid to scheduled data releases, including the jobless claims update due Thursday. That has put the focus more firmly on coming earnings, watched for insight into the economy’s health and to test high-running hopes for an AI boom.
PepsiCo (PEP) eked out quarterly profit and revenue beats, ushering in the third-quarter earnings season, which kicks off in earnest with big bank reports next week. Delta Air Lines (DAL) results are also on Thursday’s docket.
Investors will also listen out for what Chair Jerome Powell has to say at an event later, after minutes from the Federal Reserve’s September policy meeting out Wednesday boosted spirits. The minutes confirmed that most officials agree that at least two more rate cuts are likely this year.
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