\n Investors eye AI spending returns and Powell\u2019s final meeting outcome this week.\n <\/p>\n
US stocks pulled back from record levels Tuesday while futures steadied early evening, as investors weighed renewed concerns about AI growth alongside a critical stretch of earnings and a closely watched Federal Reserve <\/a>decision.<\/p>\n During the regular session, equities moved lower, led by technology shares. The S&P 500 fell 0.49%, the Nasdaq Composite dropped 0.9% (its sharpest daily percentage decline in a month) and the Dow Jones Industrial Average slipped 25.86 points, or 0.05%<\/p>\n The selling pressure followed a report that OpenAI missed internal targets for both revenue and weekly users, reviving doubts about whether massive spending on AI infrastructure can deliver expected returns, according to The Wall Street Journal.<\/p>\n “(OpenAI) is giving investors more food for thought, whether the growth is slowing and what that means for capex spending,” Chuck Carlson, chief executive officer at Horizon \u2060Investment Services in Hammond, Indiana told Reuters. \u00a0“You’ve got major hyperscalers coming out with results tomorrow, which probably gives investors even more reason to take a few chips off the table.”<\/p>\n Mag 7 earnings<\/p>\n Those concerns come at a critical moment, with first-quarter earnings season shifting into high gear. Four members of the Magnificent Seven (Alphabet, Amazon, Meta Platforms and Microsoft) are scheduled to report after Wednesday\u2019s close, with Apple set to follow on Thursday. Together, the companies represent roughly 44% of the S&P 500\u2019s total market capitalization.<\/p>\n Investors are particularly focused on whether those firms can justify aggressive AI-related capital spending.<\/p>\n After the closing bell, stock futures were little changed. Contracts tied to the S&P 500 rose 0.1%, Nasdaq 100 futures gained 0.2%, and Dow futures advanced modestly, reflecting a wait-and-see approach ahead of key catalysts, CNBC reported.<\/p>\n Corporate results outside of Big Tech offered a mixed picture. Starbucks shares jumped after raising its full-year outlook, while Robinhood<\/a> fell following weaker-than-expected quarterly results. Seagate Technology and NXP Semiconductors surged after posting earnings beats and issuing upbeat guidance, according to CNBC.<\/p>\n Geopolitics, oil<\/p>\n