Ahead of the U.S. trading session, investors are focused on five key factors: big-tech earnings including Apple Inc. and Amazon.com, Inc., cap-ex build-out in AI, the Federal Reserve’s policy path after its recent rate cut, U.S.–China trade developments, and the breadth of the current rally. Analysts warn that despite high index levels, market leadership remains narrow and risk is tilted toward disappointment in spending discipline. The memo emphasises that even though the fall in rates was expected, the caveats around future cuts are triggering renewed scrutiny.