Wall Street pointed to a weaker open on Tuesday as technology stocks that fuelled early-week gains retreated, with investors scaling back expectations of another Federal Reserve rate cut this year amid persistent inflation concerns.Futures for the S&P 500 slipped 1%, while those for the Dow Jones Industrial Average were down 0.6%. Nasdaq futures fell the most, tumbling 1.4%, reflecting pressure on high-growth tech names, AP reported.Palantir Technologies led the decline, dropping 7% overnight despite posting third-quarter results that beat Wall Street estimates. The data analytics firm has gained 176% so far this year, riding the wave of investor enthusiasm around artificial intelligence. Nvidia also reversed course, shedding 1.7%, while Amazon slipped 1.3% after a sharp rally on Monday following its $38 billion AI computing deal with OpenAI.Analysts have warned that AI-related stocks are showing signs of overvaluation, with comparisons being drawn to the dot-com bubble of 2000. “There’s growing concern that parts of the market, particularly AI-linked firms, have become detached from fundamentals,” a trader said.Adding to the caution, Federal Reserve officials signalled they may hold rates steady longer than expected. Chicago Fed President Austan Goolsbee said he was “nervous about the inflation side of the ledger,” while Fed Governor Lisa Cook remarked that “every meeting, including December’s, is a live meeting,” suggesting no firm commitment to near-term rate cuts.In other corporate moves, Getty Images slumped 8.2% after a British court ruled largely against it in the first major copyright lawsuit involving generative AI. The company had sued Stability AI over alleged misuse of its image database to train AI models.Tesla shares also fell 2.7% after Norway’s $1.6 trillion sovereign wealth fund — one of the company’s largest investors — said it would vote against CEO Elon Musk’s proposed $1 trillion compensation plan. The controversial pay package will be put to vote at Tesla’s annual meeting on Thursday.European markets were weak at midday, with France’s CAC 40 down 1.3%, Germany’s DAX off 1.5%, and London’s FTSE 100 lower by 0.8%.In Asia, Japan’s Nikkei 225 fell 1.7% after reopening from a holiday, while South Korea’s Kospi dropped 2.4% following recent record highs. Hong Kong’s Hang Seng slipped 0.8%, and Shanghai’s Composite Index lost 0.4%.Crude prices extended losses as supply concerns faded. US benchmark oil fell 85 cents to $60.20 a barrel, while Brent crude declined 79 cents to $64.10.