Futures for the Dow Jones, S&P 500, and Nasdaq indicate a relatively steady start to trading on Thursday, as investors seem hesitant after a mostly positive session on Wednesday.

Lingering doubts over President Donald Trump’s trade tactics continue to keep some market participants cautious. The ongoing threat of increased tariffs on various countries and sectors is making traders more reserved.

“Trump’s constant barrage of changing numbers has made investors skeptical,” said Dan Coatsworth, investment analyst at AJ Bell. “With many announcements being reversed or delayed, the market is shifting focus back to economic indicators and company earnings for guidance.”

After a choppy and flat Tuesday, stocks saw mostly gains on Wednesday. Although early gains were trimmed, all major indexes finished comfortably in the green.

The Nasdaq led the gains, rising 192.87 points (0.9%) to close at an all-time high of 20,611.34. The S&P 500 rose 37.74 points (0.6%) to 6,263.26, and the Dow climbed 217.54 points (0.5%) to end at 44,458.30.

The optimism partly stems from reports that U.S.-EU trade talks are progressing, with the Financial Times noting that negotiators are close to finalizing a deal that would include higher tariffs than those granted to the U.K.

Nvidia (NASDAQ:NVDA), a standout in the AI sector, jumped 1.8%, briefly becoming the first company to hit a $4 trillion market cap.

Trade issues remained in focus as President Trump posted several tariff threat letters on Truth Social, targeting leaders from the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka, adding to the earlier group of 14 countries.

Meanwhile, the Federal Reserve published minutes from its June meeting, revealing broad agreement among officials to maintain a “wait and see” approach, holding off on rate hikes until inflation and economic data become clearer. They characterized monetary policy as moderately restrictive amid steady growth and a strong labor market.

Housing stocks were among the day’s top performers, with the Philadelphia Housing Sector Index climbing 2.9% to its best close in over four months. Gold miners also advanced, as the NYSE Arca Gold Bugs Index rose 1.9%.

Biotech and utilities sectors showed solid gains, while oil services pulled back, with the Philadelphia Oil Service Index declining 1.1% after strong gains the day before.

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