US stocks faltered before the bell on Thursday, pulling back from a bid for fresh records as AI optimism waned and markets waited for more detail on President Donald Trump’s tariff plans.

S&P 500 futures (ES=F) slipped roughly 0.2%, coming off a three-day win streak that saw the benchmark index close Wednesday on the cusp of setting a recent all-time high. Dow Jones Industrial Average futures (YM=F) traded broadly flat with a record still within sight.

Meanwhile, Nasdaq 100 futures (NQ=F) fell 0.5% as tech stocks struggled to regain the momentum that propelled the day past’s gains. Nvidia (NVDA) shares tipped lower in pre-market, as fellow megacap techs Apple (AAPL) and Google parent Alphabet (GOOG, GOOGL) also lost ground.

Investors are still digesting Trump’s early-days policy charge, which brought an AI push that invigorated tech names but left unclear when the outlined tariffs on big trading partners — a risk for inflation and stocks — might hit. The main focus is now on Trump’s speech on the World Economic Forum in Davos later Thursday for more insight into his “shock and awe” trade policy.

Yahoo Finance is on the bottom at Davos. See the newest from the world’s business leaders here.

Shares in Amazon (AMZN) and Tesla (TSLA) edged lower after business shifts by the tech leaders in Canada, a main tariff goal for Trump. The e-commerce giant will close its warehouses in Quebec, with a lack of about 1,700 jobs, while Tesla plans hefty price hikes on all its EV models sold in Canada.

Earnings are providing a brilliant spot for markets, after Netflix (NFLX) blew past Wall Street expectations. GE Aerospace (GE) shares popped after the jet engine maker reported a stronger full-year profit and announced plans to lift its share buybacks and dividend. Quarterly reports from American Airlines (AAL) and Texas Instruments (TXN) are also on the docket on Thursday.

On the economic front, a reading on initial jobless claims prior to now week will feed into expectations for the Federal Reserve’s path on rates of interest.