Stock futures are little changed Tuesday as investors monitor the risks of a stock market at all-time highs. Futures tied to the Dow Jones Industrial Average were up 18 points, or 0.04%. S&P 500 futures fell 0.1%, as did Nasdaq-100 futures. The three major averages closed at all-time highs — marking three consecutive winning sessions for the S&P 500 — and recorded fresh intraday records on Monday. Gains accelerated in the latter half of the trading session after Nvidia shares jumped nearly 4% higher on the back of an announcement from the chipmaker that it will invest $100 billion in OpenAI for the buildout of data centers. Questions remain on whether the AI trade can continue powering U.S. equities, particularly given the risks tied to elevated market valuations. Joe Davis, Vanguard chief global economist, noted that the explosive growth and adoption in AI, coupled with the Federal Reserve’s latest interest rate cut, are the two notable factors that have led to higher multiples while “fundamentals are okay.” “When you’re a little bit at a richer levels, cracks are exposed to bad news,” Davis said on CNBC’s “Closing Bell: Overtime.” “That’s not to say that it’s going to materialize, but I think we need to see acceleration and growth in the back half of the year or some progress on inflation, which remain stubborn. And I think either of those dimensions would help.” The latest reading of the personal consumption expenditures price index — which is the Fed’s preferred inflation measure — will be released Friday and is expected to give clues on the path of monetary policy for the remainder of the year. Investors are also watching the increasing chance of a government shutdown ahead of a Sept. 30 deadline after the Senate last week rejected Republican and Democratic proposals to at least temporarily fund the federal government. The stock market has historically brushed off concerns tied to government shutdowns, but this time around could be different as the economic backdrop heading into a shutdown is the weakest in more than two decades. U.S. Treasury yields slipped on Tuesday, as investors look ahead to remarks due out from central bank officials this week, including a speech by Fed Chair Jerome Powell expected later in the day. The 10-year Treasury yield was more than one basis point lower at 4.133%. The 2-year Treasury yield was flat at 3.601%. The 30-year Treasury bond yield dropped less than one basis point to 4.753%. Taiwan benchmark Taiex rose 1.42% to a record high Tuesday, amid broader gains in Asia, fueled by a tech rally on Wall Street after Nvidia announced a partnership with OpenAI. The index closed at 26,247.37. Australia’s ASX/S&P 200 rose 0.4% to 8,845.9. South Korea’s Kospi climbed 0.51% to close at 3,486.19 while the small-cap Kosdaq slipped 0.25% to 872.21. Hong Kong’s Hang Seng Index slipped 0.99%. Hong Kong is bracing for a severe typhoon. Mainland China’s CSI 300 was flat at 4,519.78. Japan markets are closed for the holiday. Oil prices edged higher on Tuesday even as investors weighed the global supply outlook after Iraq and Kurdish regional governments reached a preliminary agreement to restart an oil pipeline. Brent crude futures rose 14 cents to $66.71 a barrel by 0919 GMT, while U.S. West Texas Intermediate crude gained 21 cents at $62.49 a barrel, both recouping modest earlier losses. Brent and WTI had fallen for the previous four sessions, dropping around 3%. Gold prices climbed to a fresh record high on Tuesday, bolstered by increased expectations of further U.S. rate cuts, as investors awaited Federal Reserve Chair Jerome Powell’s speech later in the day for further policy cues. Spot gold rose 0.6% at $3,769.48 per ounce, as of 0840 GMT, a fresh record high. U.S. gold futures for December delivery rose 0.7% to $3,801.70.