Stock market today: Nasdaq, S&P 500 futures pop while Dow holds steady as Alibaba spreads AI cheer

Group 1: Market Overview - US stocks experienced a rise before the market opened, driven by positive developments from Alibaba and Micron Technology, which bolstered expectations for an AI boom [1][3] - Nasdaq 100 futures increased by approximately 0.3%, while S&P 500 futures rose by 0.1%, indicating a slight recovery in the tech sector [1][2] - The major stock indexes had previously ended a winning streak, with the "Magnificent Seven" tech stocks facing losses [2] Group 2: Company Developments - Alibaba's stock surged over 9% in premarket trading after the company announced plans to increase its AI spending beyond the initial target of $50 billion, aligning with a global AI investment surge projected to reach $4 trillion [3][12] - Micron Technology reported stronger-than-expected quarterly earnings, contributing positively to the sentiment surrounding AI investments [3][5] - Micron's executives highlighted a growing demand for storage capabilities from large hyperscalers, predicting an increase in NAND SSD deployment in data centers by 2026, which is expected to improve industry conditions [5] Group 3: Economic Context - The Federal Reserve's cautious stance on interest rate cuts is influencing market sentiment, with Jerome Powell indicating that the Fed would proceed carefully, despite leaving the possibility for further easing open [4] - The market is awaiting the release of the Personal Consumption Expenditures index, which is the Fed's preferred inflation gauge, to assess inflation risks [4]