The market's lukewarm response to the quarterly results from the leading artificial intelligence company was in line with the other ones in the sector this earnings season. With these stocks being highly valued and having made significant gains in a short period, the bar for impressing investors is now exceptionally high. Outside of the Big Tech and AI sectors, U.S. stock futures were either steady or slightly higher after a dip in the previous session. The focus now turns back to the broader economy, particularly with the potential first Federal Reserve rate cut of this cycle anticipated next month. Meanwhile, oil prices continue to remain subdued despite ongoing supply concerns, showing year-over-year losses of up to 7%.

Asia-Pacific Markets
In China, the offshore yuan strengthened to its highest level in over three weeks. However, UBS on Wednesday revised down its 2024 economic growth forecast for China to 4.6% from 4.9%, citing weaker-than-expected property activity as a greater drag on the economy than previously thought.
The Japanese yen is holding steady around the 144.50 mark against the U.S. dollar, while the Australian dollar reached a new local high. Investors are likely to take their time before making any trading decisions in this zone.

European Markets
Inflation eased in six major German states in August, driven by lower energy prices, hinting that Germany's national inflation rate could see a noticeable drop this month. With markets already pricing in a second interest rate cut from the European Central Bank (ECB) this year, even before the Federal Reserve meets next month, the euro fell sharply on Thursday, boosting the dollar index. Additionally, money markets are now pricing in a 70% chance of a third ECB rate cut in October. Currently, the euro remains stable around the 1.3200 level.

American markets
Even Atlanta Fed President Raphael Bostic, known for his hawkish stance, indicated overnight that it might be "time to move" on interest rates, although he reserved the right to assess more data before finalizing his view. The next key indicators include another important labor market report and weekly jobless claims later today, followed by the Fed's preferred inflation gauge, the PCE index, due tomorrow. The futures market is still pricing in a substantial 100 basis points of Fed easing by year-end, leaving room for adjustments depending on the outlook for a potential rate cut in September. Key developments to watch for later today include the U.S. Q2 GDP revision, weekly jobless claims, and comments from Atlanta Fed President Raphael Bostic.