Dow futures were trading in the red on Thursday, suggesting a slightly cautious start for Wall Street.
Investors seem to be taking a breather, especially with some of the big AI-related stocks looking a bit pricey lately.
Everyone’s also waiting for new economic data that could offer clues about the labor market and where interest rates might be headed next.
This comes after some recent ups and downs in tech stocks, where high valuations and mixed company forecasts have made things feel a bit uncertain.
Still, the drop in futures isn’t as steep as what we saw earlier in the week.
5 things to know before Wall Street opens
1. AI-focused stocks bounced back on Wednesday, after being hit earlier in the week, giving the broader market a bit of a lift.
Shares tied to the AI sector recovered enough to help boost major indexes, with the Nasdaq up 0.6%, the S&P 500 rising 0.4%, and the Dow climbing about 0.5% by the end of the day.
Even though US futures showed a small dip during early European trading, the rebound in AI stocks helped improve overall market sentiment.
A big part of the turnaround came from strong earnings, especially AMD, which posted better-than-expected Q3 results.
2. Earnings season rolls on this Thursday, and all eyes will be on some big names in travel and tech.
Expedia and Airbnb are both set to report, along with Vistra, a company that’s been getting attention for its role in powering AI data centers.
Expedia will post its Q3 2025 results after the market closes, and analysts are expecting earnings of about $6.37 per share, which would be nearly a 23% jump from last year.
Airbnb’s numbers are also highly anticipated, especially as investors look for signs that travel demand is still holding up.
Meanwhile, Vistra is reporting too.
Since it’s involved in both energy and AI-related data center infrastructure, its results are being viewed as a gauge of how stable and sustainable the AI build-out really is.
3. Nvidia CEO Jensen Huang stirred some attention when he suggested that “China is going to win the AI race,” pointing to China’s cheaper energy and lighter regulations as potential advantages.
But he quickly softened that statement, saying China is only “nanoseconds” behind the US in AI, and that it’s still crucial for America to push harder to stay in the lead and attract top global AI talent.
Huang has been pretty vocal about what he sees as obstacles in the West, saying that too much skepticism and regulation can slow down innovation.
He contrasted this with China, where government subsidies help support energy needs for AI development.
At the same time, he acknowledged the geopolitical tension in play, including U. export rules that have limited Nvidia’s ability to sell its most advanced chips in China, cutting into its market there.
4. Jim Cramer says Boeing could be a buy, especially if the stock slips below $200.
He argues the company is finally starting to turn things around.
Cramer pointed to Boeing’s latest quarter, noting that even though there was a charge and another delay with the 777 program, the company still generated strong cash flow.
He also spoke positively about CEO Kelly Ortberg, saying Ortberg is taking a tougher stance and isn’t letting union-related issues derail progress.
In Cramer’s view, this is the moment to consider buying Boeing and holding it for the long haul.
5. Asian markets were mostly higher on Thursday, helped by a strong rally on Wall Street and some upbeat earnings news.
Japan’s Nikkei 225 climbed about 1.34%, while South Korea’s Kospi was up around 0.55% and Taiwan’s Taiex gained roughly 0.7%.
Over in Europe, things were more cautious.
Stocks opened slightly lower, with the STOXX 600 down about 0.2%.
Germany’s DAX and Italy’s FTSE MIB were just slightly positive, but France’s Legrand took a notable hit after missing sales expectations.
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