Stock futures are flat in overnight trading following a losing week: Live updates

Stock futures were little changed in overnight trading Sunday following a losing week on Wall Street with the AI trade losing steam.

Futures tied to the Dow Jones Industrial Average edged up 17 points. S&P 500 futures and Nasdaq 100 futures were both flat.

U.S. stocks slipped last week as cracks appeared in a key pillar of the bull market rally — enthusiasm surrounding artificial intelligence buildout. Nvidia’s eye-popping$100 billion partnershipwith OpenAI drew investor skepticism towards the sustainability of the business.

The S&P 500 fell 0.3% last week, its worst week since Aug. 1, and now sits 0.8% off its record high. The Nasdaq dropped 0.7%, also its weakest since early August. The Dow edged down 0.2%, its first loss in three weeks.

“Thenarrative shifted modestly last week in a negative directionas investorsquestioned two key assumptionsunderpinning the rally: thesustainability of the AI infrastructure boomand theinevitability of an aggressive Fed easing cycle,” Adam Crisafulli, founder of Vital Knowledge, said in a note.

Weekly jobless claims came in lower than expected Thursday, while second-quarter GDP was revised up to 3.8%. The stronger data fueled concerns the Fed may be slower to cut rates, threatening one of the bulls’ key catalysts.

All eyes are turning to the September nonfarm payrolls report, which is due Friday morning. Wall Street may need another “goldilocks” numberto keep the bull market going — not too hot as to turn policymakers hawkish and not too cold to indicate a major slowdown.

The market is still poised for modest gains for the month of September. The S&P 500 is up 2.8% this month, while the Dow has gained 1.5%. The tech-heavy Nasdaq has been the outperformer with a 2.9% rally.