The U.S. stock market is holding steadier, but the modest moves are masking some sharp swings underneath the market’s surface.

After mounting scrutiny of stratospheric tech investments, as well as a blackout of federal data during the longest government shutdown in U.S. history, Wall Street awaits two reports that stand to reshape its outlook for the months ahead.

The futures are trading lower for the fourth consecutive day, following deep selling on Monday, particularly in some of the major technology names, such as NVIDIA Corp. (NASDAQ: NVDA), after it was disclosed that billionaire Peter Thiel had sold his entire position in the stock during the third quarter.

So, Burry is worried about valuations, and his Nvidia and Palantir moves suggest this concern applies to some of the biggest AI stocks. His message to Wall Street has rung out loud and clear: Valuations today represent a risk for the market and investors.

Warnings about Wall Street's excessive optimism, concentration risk, and frothy valuations have fallen on deaf ears for most of this year, leaving market-watchers wondering what, if anything, will cool the tech and artificial intelligence frenzy.

The Cboe Volatility Index, or VIX, pushed higher as concerns over artificial-intelligence valuations and the Federal Reserve's next interest-rate move assailed markets. The VIX measures expected stock-market volatility and is widely known as [Wall Street's "fear gauge.

Wall Street's major averages closed mixed, with the Nasdaq Composite (COMP:IND) scrawling up, although ending the week with loses after investors sold off over worries about lofty valuations. The benchmark S&P 500 ( SP500) closed -0.1%, while the Nasdaq Composite ( COMP:IND) ended +0.1%, and the Dow ( DJI) finished -0.7%.

Michael Hartnett, Chief Investment Strategist at BofA Merrill Lynch Global Research, sees stocks maintaining their momentum into the spring, with support from the Fed, Trump administration, and dip-buyers.