Wall Street was poised to open with small gains Wednesday, a day after markets took a break from their relentless record-breaking rally.

Futures for the S&P 500 ticked up 0.1% before the bell, while Nasdaq futures rose 0.2%. Futures for the Dow Jones Industrial Average were unchanged.

Shares of Alibaba soared nearly 10% after the Chinese e-commerce giant announced a partnership with Nvidia and an expansion of data center operations into a handful of countries to bolster its artificial intelligence infrastructure. Alibaba is the latest in a string of companies announcing that they were plowing money into AI, many of which are also partnering with AI-chipmaker Nvidia.

U.S. markets paused from their recent rally on Tuesday after Federal Reserve Chair Jerome Powell said stock prices were “f

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