Stock market today: Dow, S&P 500, Nasdaq futures pause with Supreme Court tariff hearing, Tesla vote in focus

US stocks stalled before the bell on Thursday as concerns over lofty tech valuations eased and a Supreme Court hearing fed optimism for a shift in President Trump’s aggressive tariff push.

Futures on the Dow Jones Industrial Average (YM=F) and the S&P 500 (ES=F) wobbled around the flat line. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were also little changed on the heels of Wednesday’s comeback for major US gauges, fueled by upbeat jobs data and a revival in tech stocks.

The market took note of skepticism from several Supreme Court justices on the legality of Trump’s sweeping trade tariffs, even though Treasury Secretary Scott Bessent said he was “very, very optimistic”, A ruling against the policy could roll back the duties, with enormous impact on international trade as well as domestic spending.

Investors will monitor Tesla’s (TSLA) shareholder meeting, scheduled to start at 4 p.m. ET. A vote on Elon Musk’s proposed trillion-dollar pay package is the main event, amid worries he will quit as the EV maker’s CEO if the plan is rejected. The outcome will be closely watched amid questions over whether the “Magnificent Seven” tech megacaps that include Tesla can continue to power this year’s rally in stocks.

A rebound in AI-linked names on Wednesday helped the broader market recover from early-week weakness that left all three major indexes on pace for weekly declines. But fears of a bubble have not fully abated, given signs show AI expenditure still at sky-high levels.

Earnings season rolls on, with results from Warner Bros. Discovery (WBD), Airbnb (ABNB), and Moderna (MRNA) the standouts on Thursday’s docket.

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