Stock futures were relatively unchanged on Tuesday following a winning day on Wall Street thanks to gains in artificial intelligence-linked names and renewed hopes of a Federal Reserve interest rate cut. Futures tied to the Dow Jones Industrial Average traded around the flatline, as did S&P 500 futures. Nasdaq 100 futures lost 0.2%. Nvidia shares were down more than 4% after The Information reported, citing sources, that Meta Platforms was considering spending billions of dollars on Alphabet’s AI chips. Alphabet shares were up more than 4% on the back of the report. Monday marked a strong session for the three major averages. The S&P 500 gained about 1.6%, while the Nasdaq Composite jumped 2.7% and recorded its best day since May 12 as major tech names rebounded after what’s been a tough month for the sector. The Dow Jones Industrial Average closed higher by more than 200 points, or 0.4%, meanwhile. Google parent Alphabet was a standout name in the previous session, ending the day 6.3% higher and scoring a new record high. Chipmaker Broadcom was the S&P 500′s biggest gainer after the stock surged more than 11%. Investors have rallied behind both companies, which are related through their high-performance, application-specific chips, or ASICs, businesses. Although stocks saw some recovery from the sell-off from the previous week, the three U.S. indexes are still tracking for a losing month. AI stocks have been responsible for much of this year’s gains, and investors are questioning tech stock valuations and whether the market will see a year-end rally or a reversal in momentum. The S&P 500 is down about 2% in November, while the Nasdaq has lost 3.6%. The 30-stock Dow has shed 2.3% month to date. “You saw a lot of that washout, and it really started at the end of October as we had some liquidity that came out of out of the market,” Abby Yoder, U.S. equity strategist at JPMorgan Private Bank, said Monday on CNBC’s “Closing Bell” referring to the recent pullback. “But within this technical-driven move in terms of the AI and tech-related names, you still had this really solid fundamental backdrop in terms of the AI story and the AI spending story,” Yoder continued. “Now, I think going forward, it sets up nicely as we head into the end of the year, but I think there’s going to be a little bit more of a discerning eye.” Separately, traders continue to watch for any news that can affect the Federal Reserve’s upcoming monetary policy decision. Markets are pricing in a more than 80% chance of a quarter percentage point cut from the Fed in December, per the CME FedWatch Tool. The probability has soared since New York Fed President John Williams said on Friday that there was room to lower rates “in the near term.” San Francisco Fed President Mary Daly told the Wall Street Journal on Monday that she supports lowering rates due to labor market concerns. U.S. Treasury yields were little changed on Tuesday as investors monitored clues about whether the Federal Reserve will cut interest rates again in December. The 10-year Treasury was less than a basis point lower at 4.027%, as was the 30-year bond at 4.67%. The 2-year note yield was also down less than 1 basis point to 3.487%. Asia-Pacific markets traded mixed Tuesday, after Wall Street’s tech stocks rebounded on a rally in Google parent and hopes of a Fed rate cut. Japan’s benchmark Nikkei 225 index closed flat at 48,659.52, and the Topix index fell 0.21% to end at 3,290.89. South Korea’s Kospi index rose 0.3% to close at 3,857.78, while the small-cap Kosdaq pared earlier gains to close flat at 856.03. Australia’s ASX/S&P 200 closed 0.14% higher in volatile trading, at 8,537. Hong Kong’s Hang Seng Index and the Hang Seng Tech index pared gains to 0.22% and 0.42%, respectively. The mainland’s CSI 300 climbed 0.99%. Oil prices eased Tuesday as concerns that supply will exceed demand next year outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive. Brent futures fell 26 cents, or 0.4%, to $63.11 a barrel. West Texas Intermediate (WTI) crude declined 24 cents, or 0.4%, to $58.60. Both crude benchmarks gained 1.3% on Monday as rising doubts about a peace deal to end the Russia-Ukraine war reduced expectations for the unfettered flow of Russian crude and fuel supplies, which are under sanctions from Western nations. Gold prices eased on Tuesday, slipping from an over one-week peak as the dollar held firm, while investors awaited a batch of delayed U.S. economic data that could help refine expectations for future Federal Reserve rate cuts. Spot gold dipped 0.2% to $4,129.89 per ounce, after surging more than 2% in the previous session. Prices earlier in the day hit their highest level since November 14. U.S. gold futures for December delivery were 0.8% higher at $4,126.60 per ounce. The dollar hovered close to last week’s near six-month high, tempering bullion’s upside as a stronger greenback makes gold more expensive for other currency holders.