(Reuters) -Wall Street futures stalled near record levels on Thursday, as traders digested a tempered U.S. rate-cut outlook, a spate of Big Tech earnings and a newly announced U.S.–China trade deal.

The Fed delivered the expected quarter‑point cut on Wednesday, but its statement flagged gaps in official data amid the federal shutdown. Chair Jerome Powell said policymakers may turn more cautious if jobs and inflation data stay scarce.

Powell’s comments prompted traders to unwind some bets on another similar-sized move at Fed’s December meeting to about 70% from 90% earlier this week.

Among tech giants, Meta Platforms dropped 7.4% in premarket trading and Microsoft fell 2.8% on concerns of mounting spending on AI.

The Instagram-parent stunned investors with a near-$16 billion one-time ch

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