On Thursday, US stock market futures displayed mixed signals as the Dow Jones Industrial Average and S&P 500 experienced declines, while the Nasdaq showed slight gains. The Dow fell roughly 275-280 points, or about 0.5%–0.6%, primarily due to a surge in oil prices, which rose above $120 per barrel, prompting concerns over inflation and cost pressures. In contrast, Nasdaq futures increased by 0.1%–0.2%, buoyed by robust earnings from major tech firms, indicating a strong focus on AI infrastructure with over $130.65 billion in capital expenditures reported in a single quarter. This divergence highlights the tension between rising costs and future growth potential. The Federal Reserve's recent decision to maintain interest rates in the 3.5%–3.75% range, coupled with Jerome Powell's emphasis on patience, suggests that inflation concerns may delay potential rate cuts, further complicating market dynamics. Investors are now balancing optimism in AI growth against skepticism regarding spending efficiency, reflecting a maturation of early-stage megatrends.