U.S. stock futures dipped Thursday after a record-breaking rally earlier in the week, as investors awaited Friday’s release of the Personal Consumption Expenditures (PCE) index, the Fed’s preferred measure of inflation.

The cautious sentiment reflects uncertainty over whether recent market gains are supported by fundamentals, with analysts warning that hotter-than-expected inflation data could weigh on stocks.

Economic data on Thursday, including existing home sales, jobless claims, durable goods orders, and final Q2 GDP, will further guide market expectations, Reuters has reported.

In individual stocks, Intel rose 3.5% amid reports of talks with Apple over an investment, while Apple gained 0.3%, highlighting ongoing investor interest in tech names.