U.S. stock futures point to a lower open, a day after stocks rallied on hopes of a thaw in the U.S.-China trade war and that Fed Chairman Jerome Powell will get to keep his job.

Stock futures were pointing to losses on Thursday, with investors still trying to make sense of the U.S.-China trade war after Treasury Secretary Scott Bessent signaled that Washington and Beijing were yet to start negotiations on tariffs.

The market rallied yesterday after President Donald Trump clarified that he does not intend to fire Federal Reserve Chair Jerome Powell. He also made it clear that tariffs on China would come down and would not stay at 145%.

Wall Street's main indexes rallied at the open on Wednesday after U.S. President Donald Trump dialed back on his threats to fire Federal Reserve Chair Jerome Powell and raised hopes for a trade deal with China.

US stocks continued to rally as President Donald Trump indicated he would “substantially” cut tariffs on China and doesn’t plan to fire Federal Reserve Chair Jerome Powell.