Stock futures were under pressure Thursday, weighed by the latest batch of corporate earnings as two Dow members are set to drop by more than 10%. Nasdaq-100 futures shed 1.3%, while futures tied to the S&P 500 slipped 0.5%. Dow Jones Industrial Average futures lost 171 points, or 0.3%. Alphabet lost 10% in premarket trading after it missed expectations on adjusted earnings per share and revenue in the third quarter. The Google parent posted negative free cash flow of $9.07 billion. The company kept its full-year capital expenditures forecast at $195 billion to $205 billion. Caterpillar shares slid 9%. While the industrial giant reported better-than-expected revenue and earnings for the third quarter, sales for its construction industries business came in slightly below estimates. In contrast, Microsoft was up 2.6% in premarket trade, after growth in the software giant’s Azure cloud infrastructure business helped it post beats on the top and bottom lines in the fiscal first quarter, per LSEG. Neoclouds fell as Microsoft’s lower-than-expected capital expenditures figure pointed to infrastructure partners taking longer to deliver data center capacity. The results come as the artificial intelligence trade is in focus. AI stocks, such as the iShares Semiconductor ETF (SOXX) and the Roundhill Memory ETF (DRAM), have been through a rough patch for most of October, only to perk up in recent days. However, on Thursday, both funds were lower, with SOXX down more than 2% and DRAM falling more than 3%. On Wednesday, the Federal Reserve decided to hold steady on rates, leaving the central bank’s benchmark interest rate in a range between 3.75% and 4%. The decision to hold was widely expected as the Federal Open Market Committee issued a quarter-percentage-point hike in September. This time, central bank policymakers pointed out that inflation “remains elevated” but also said that it was awaiting the “accumulation of more information” before it takes further steps. The personal consumption expenditures price index—the Fed’s preferred measure of inflation—on Thursday showed that the pace of price increases accelerated in September, though the monthly figure was in line with expectations, while the annual rate came in just below. The Fed’s decision “can be interpreted as mildly dovish at the margin, but we think it is better viewed as an expression of patience rather than a shift away from a tightening bias,” said Daniel Siluk, head of global short duration and liquidity at Janus Henderson Investors. “The door remains open to further tightening, but the Committee appears willing to wait for incoming data to validate the need for additional action.” The 10-year U.S. Treasury yield hovered above 5% Thursday morning following the latest inflation data and a strong reading on economic growth. The yield on the 10-year Treasury—used as a benchmark for borrowing costs ranging from mortgages to credit cards—was 3 basis points lower at 5.011%. The 2-year Treasury yield, which more closely tracks short-term Federal Reserve policy, lost 3 basis points to trade at 4.693%, while the yield on the 30-year Treasury was down by 2 basis points at 5.334%. Japan’s Nikkei 225 closed 1.10% higher at 64,659.47, while the Topix gained 0.29% to 4,003.28. South Korea’s Kospi fell 1.24% to 5,937.66, and the tech-focused, small-cap Kosdaq declined 2.34% at 753.23. Australia’s benchmark S&P/ASX 200 ended 0.5% higher at 8,891.80. Hong Kong’s Hang Seng index was up 0.24% in its last hour of trade, while mainland China’s CSI 300 closed 1.03% higher at 4,041.84. Oil prices declined Thursday as prospects of renewed peace negotiations eased fears of supply disruptions stemming from escalating tensions in the Middle East. Brent crude futures fell 1.73% to $113.32 per barrel, while U.S. West Texas Intermediate crude futures slipped 2.06% to $100.66 per barrel. The pullback followed reports that U.S. Vice President JD Vance had reached out to Iranian Security Council chief Mohsen Rezaei in an attempt to restart peace negotiations, according to the Wall Street Journal, which cited U.S. officials and people familiar with the discussions. Gold prices slid on Thursday ​as sticky inflation fueled bets ​of a potential ​interest rate hike by the U.S. Federal Reserve later this year, while investors awaited a U.S. inflation report for insight into the central bank’s next policy ⁠moves. Spot ‌gold slid 0.8% to $4,035.28 an ounce, while ⁠U.S. gold futures for December delivery fell 0.1% to $4,047.10 an ounce. Bullion is on track for its second straight monthly decline.