The NZX 50 dropped 11 points, or 0.1%, to 13,600 in Thursday's morning trade, down for the second consecutive session, tracking a decline on Wall Street overnight, as traders reassessed the sustainability of the AI-driven rally. Traders anticipated the release of New Zealand's consumer spending data for May, due on Friday, following the release of New Zealand's business confidence data last Tuesday, as well as US jobs data later today. However, easing oil prices capped losses as inflation concerns subsided, reducing expectations of an interest rate hike. Communication services, industrials, utilities, and consumer staples mainly weighed on the index. Freightways Group shed 1.6%, Henderson Far East Income dropped 1.1%, Auckland International Airport fell 0.9%, and A2 Milk went down 0.5%. On the data front, New Zealand's building permits fell 4.0% in May, reversing an upwardly revised 11.1% rise in April.