U.S. equity futures traded lower on Thursday, extending a mild pullback as investors weighed key policy and corporate events. The Supreme Court’s upcoming tariff case — potentially redefining presidential authority over trade — and Tesla’s annual shareholder meeting were both seen as pivotal to market sentiment heading into mid-November.

Wall Street Futures Slip Ahead of Policy and Corporate Events

Dow Jones Industrial Average futures fell about 0.2%, while S&P 500 and Nasdaq 100 futures were down roughly 0.3% each in early trading. The modest declines followed a mixed session Wednesday, when equities wavered after recent gains driven by lower Treasury yields and optimism around softening inflation trends.

Market analysts noted that investors are taking a “wait-and-see” approach as key risk events line up. The Supreme Court case, centered on the limits of executive power in setting tariffs, could have broad implications for trade policy and U.S. relations with China. “The ruling could influence the next administration’s ability to impose or remove tariffs unilaterally,” said one strategist, calling it a “quiet but meaningful legal event” for markets.

Tesla Shareholder Meeting Tests Investor Confidence

Tesla (TSLA) shares edged higher premarket as the company prepared for its closely watched shareholder meeting, which will revisit CEO Elon Musk’s compensation package and strategic growth outlook. The automaker’s stock has gained over 20% in the past month amid renewed enthusiasm for its AI and robotics roadmap, though analysts remain divided on valuation.

Investors are expected to focus on Musk’s commentary about production timelines for the Cybertruck and expansion plans for energy storage and autonomous driving units. Any updates on profit margins or delivery targets could sway sentiment in the broader EV sector, including Rivian and Lucid, both of which have lagged in recent months.

Broader Market Outlook and Fed Dynamics

Beyond corporate headlines, investors continue to monitor signals from the Federal Reserve regarding the path of interest rates. Several Fed officials have reiterated a “data-dependent” stance, suggesting that policy easing remains unlikely before early 2025. The yield on the 10-year Treasury hovered near 4.6%, maintaining pressure on equity valuations.

Meanwhile, the U.S. dollar strengthened slightly against major peers, while oil prices steadied after a week of declines. In Asia and Europe, trading was subdued, with investors similarly awaiting clarity from U.S. policy developments.

Looking ahead, the next major catalysts include Friday’s University of Michigan consumer sentiment survey and next week’s October inflation data. Investors will also watch for corporate commentary on trade and global supply chains as the Supreme Court decision approaches.