US stocks steadied ahead of the bell Thursday, as investors regrouped after a Big Tech-led wipeout inspired by AI doubts and turned focus to upcoming data as concerns about the economy crept in.

Dow Jones Industrial Average futures (YM=F) traded flat, while S&P 500 futures (ES=F) slipped 0.1%, both on the heels of steep closing losses. Nasdaq 100 futures (NQ=F) fell 0.2%, coming off the worst day for the tech-heavy index since October 2022.

Stocks are running into a wall as Wall Street starts to question when tech companies' huge investments in AI will start to pay off. Unimpressive earnings from Alphabet (GOOGL, GOOG) and Tesla (TSLA) earlier in the week have dented hopes Big Techs can live up to their AI-fueled sky-high valuations.

The fallout rippled through global stock markets, helped send Europe's benchmark Stoxx 600 (^STOXX) down over 1%. Nikkei 225 (^N225) sank to a 3%-plus loss at the close, though a sudden yen (JPY/USD=X) gain also drove the Tokyo benchmark into technical correction.

At the same time, big-name earnings misses elsewhere have helped stir already emerging concerns about the robustness of the US economy. Given that, traders are nudging up odds the Federal Reserve will lower interest rates sooner than expected, CME FedWatch data showed.

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A first-estimate look at second quarter GDP due later Thursday will feed into those calculations, while the Personal Consumption Expenditure Price Index update for July on Friday will provide a crucial test.

On the corporate front, Ford (F) shares tumbled over 13% in pre-market trade after the automaker posted a quarterly profit miss.