Dow, S&P 500, Nasdaq futures pause after Wall Street’s latest record run

US stock futures faltered on Tuesday after Wall Street’s latest record-setting run, bolstered by more artificial intelligence hopes.

Dow Jones Industrial Average futures (YM=F) inched down 0.2%. Contracts on the S&P 500 (ES=F) and on the tech-heavy Nasdaq (NQ=F) slipped 0.1%, on the heels of fresh record high closes for the major gauges.

The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) scored their seventh win in a row on Monday, boosted by news of a multibillion-dollar deal between AMD (AMD) and OpenAI (OPAI.PVT) that sent the chip company’s stock rocketing higher.

Overall, the deal added fuel to the AI-based fire that has powered Wall Street’s bull-market run to records. Strategists are once again lifting their targets for the S&P 500 though much rests on the upcoming earnings season performance by Big Tech names.

Those earnings will take on even greater prominence for markets if the US government remains shuttered, preventing the release of key economic data. Wall Street has already had to go without the September jobs report, and next week’s updates on consumer and producer inflation may also be delayed.

In corporates, Tesla (TSLA) is in focus after a 5% stock gain on Monday, amid speculation around a potential product launch on Tuesday teased in a series of cryptic posts to social media.

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