US equity futures retreated from the record highs set in the previous session, as surging energy prices and the prospect of a more hawkish Federal Reserve moved back into focus, coinciding with a brief pause in the recent AI-driven rally. S&P 500 futures slipped 1%, Nasdaq contracts fell 1.6%, and Dow futures declined 0.7%.
The pullback was concentrated in AI hyperscalers and infrastructure names, following a run of strong earnings reports and upbeat guidance that had fueled a speculative surge in their share prices. Nvidia, Tesla, Amazon, Oracle, and Alphabet were each down about 2% in premarket trading.
Broader sectors also came under pressure amid renewed worries that higher energy costs could stoke inflation and keep Federal Reserve policy restrictive. A series of robust economic data has bolstered the case for policymakers favoring tighter policy: jobless claims have remained low, the retail sales control group has posted a sharp increase, and producer prices have risen strongly.
Meanwhile, Boeing extended its decline after new aircraft orders from Chinese airlines came in at roughly half of what had been anticipated.
