U.S. futures steady as traders weigh earnings run and rate-cut odds

U.S. equity futures were little changed ahead of the open, with investors balancing a powerful October rebound against questions on sustainability. Options positioning and breadth point to a consolidation bias unless fresh catalysts emerge from mega-cap earnings, guidance on capital returns, and upcoming macro prints. Desk chatter highlights rotation risk between cyclicals and defensives if yields back up, while AI-hardware names remain a swing factor. Traders are scanning early movers for gaps that hold above VWAP, watching Treasury term premium, dollar strength and crude’s range for cross-asset cues.