US stock futures eased after a tech-fueled rally in the S&P 500, as traders look ahead to a slate of economic data to gauge whether optimism over a potential Federal Reserve interest-rate cut can hold up. 

Contracts on the US benchmark were 0.2% lower after the biggest two-day advance since May. Nasdaq 100 futures slipped 0.3%. Alphabet Inc. rose 2% in premarket trading after a?report?said the Google parent is stepping up efforts to challenge Nvidia Corp. in the AI chip market. Nvidia fell more than 3%. 

In Europe, the Stoxx 600 was little changed. Asia’s regional benchmark climbed 0.6%, buoyed by gains in Chinese shares after Presidents Donald Trump and Xi Jinping held their?first talks?since agreeing to a tariff truce last month. SoftBank Group shares?tumbled?10% on concern Alphabet’s Gemini AI model could boost competition for OpenAI, a key SoftBank investment. 

Traders are watching US data ahead of the Thanksgiving holiday, including September retail sales and producer prices due later Tuesday. Though dated by the shutdown, the reports may still matter with little fresh data before the Fed meets next month. 

“The market reaction could be larger than usual and may very well affect sentiment surrounding the FOMC December meeting,” Danske Bank A/S analysts wrote in a note. 

US Treasuries eased ahead of the data, with the 10-year yield rising one basis point to 4.03%. Gold and the dollar slipped, while Bitcoin fell below $87,000. 

Money markets are pricing in about a 75% chance of a Fed rate cut at the December meeting. The odds have fluctuated in recent weeks, though climbed steadily after dovish remarks from policymakers signaling support for the labor market. 

Markets are taking a breather Tuesday after a volatile stretch, amid growing concern that this year’s AI-fueled rally may be drifting into bubble territory. A lack of economic visibility due to the data blackout, along with widening divisions between Fed doves and hawks, have also kept traders guessing about the central bank’s next move.