Stock futures moved slightly lower on Thursday as investors paused following the best record-breaking streak since late 1991. 

S&P 500 futures were down 0.22%, Dow Jones Industrial Average futures fell 0.19%, and Nasdaq futures slipped 0.08%.

Stocks ended Wednesday with their fifth record close in a row, the longest record-making streak since a six-session stretch from late 1991 to early 1992. Donald Trump has largely been given credit for recent gains as he continues to tempt investors with details of a forthcoming tax plan. So far, no details of the president's self-described "massive" tax reform have been divulged, though.

Trump again made vague references to a forthcoming tax reform plan on Wednesday. The president said that a "massive tax plan" would be made public in the "not-too-distant future." Trump made the remarks at a meeting with retail executives, which included the heads of Target (TGT - Get Report) and Best Buy (BBY - Get Report) .

Initial jobless claims rose at a slower-than-expected pace in the past week, confirming strength in the U.S. labor market. The number of new claims for unemployment benefits rose by 5,000 to 239,000 in the past week, according to the Labor Department. Analysts expected claims to rise to 245,000. The less-volatile, four-week average climbed by 500 to 245,250. 

Housing starts declined in January, while permits increased. Starts in the U.S. fell 2.6% in January to an annual rate of 1.25 million. Starts were expected to come in at 1.22 million following a rate of 1.23 million in December. Permits rose by 4.6% to 1.29 million. 

Business conditions in the Philadelphia region significantly improved in the past month. The Philadelphia Fed Business Outlook Survey jumped to a reading of 43.3 in February compared to 23.6 in January.  

The chances of a mid-year interest rate hike grow more likely as a string of Federal Reserve members trumpet a hawkish case. The latest, Fed Vice Chair Stanley Fischer, said the Fed is moving toward removing its accommodative monetary policy. The Fed expects the economy to move "closer to the 2% inflation rate and that the labor market would continue to strengthen," he told Bloomberg. "If those two things happen we'll be on the (policy) path that we more or less expected."

The Fed previously predicted three interest rate hikes this year, a possibility becoming more and more likely after hawkish Fedspeak on Wednesday. Futures indicate markets expect a 43% chance of at least three hikes this year, according to CME Group. The chances of at least three moves in 2017 sat at 33% on Monday.

Networking giant Cisco Systems (CSCO - Get Report)  rose more than 1% in premarket trading after beating earnings estimates and raising its dividend. Adjusted earnings of 57 cents a share in its fiscal second quarter came in a penny above estimates. Revenue slid 2% to $11.58 billion, higher than consensus of $11.55 billion. Cisco lifted its quarterly dividend to 29 cents from 26 cents.   

For the April quarter, Cisco guided for revenue to be flat to down 2%, and for earnings in the range of 57 cents to 59 cents a share, in line with consensus estimates.

"All in, while we view the quarter as relatively in line, we believe this was enough to keep investors satisfied with the recent rally in shares when considering the opportunities that lie ahead, not only within the business (the transformation has shown continued strength, driven by software and security) but also in terms of the macro (tax reform and repatriation)," said Jim Cramer and the AAP team, which holds shares of Cisco in Cramer's Action Alerts PLUS Charitable Trust Portfolio.

Wendy's (WEN - Get Report) moved slightly lower in premarket trading as earnings and sales slipped over its fourth quarter. Adjusted earnings of 8 cents a share dipped from 12 cents in the year-ago quarter, while revenue slid 33% to $309.9 million. Analysts were expecting earnings of 9 cents a share on $308.5 million in sales. The fast food chain is working to reduce company-operated stores, having cut locations by 5% over its recent quarter and selling to franchisees. 

CBS (CBS - Get Report) slipped 1% after swinging to a loss in its recent quarter on lower ratings at the network. Advertising revenue slid 2.8% to $1.8 billion, largely tied to three fewer Thursday Night Football airings. The network posted a loss of 26 cents a share over the quarter compared to profit of 55 cents a year earlier. Adjusted earnings of $1.11 a share beat consensus of $1.10.

Kraft Heinz (KHC - Get Report) declined 2.4% in premarket trading after reporting an across-the-board dip in quarterly sales. Revenue in the U.S. slid 3.1% to $4.8 billion, while Canada sales dipped 2.4% and European sales declined 13.3%. Adjusted earnings of 91 cents a share exceeded estimates by 4 cents. 

Kraft Heinz is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer and the AAP team buys or sells KHC? Learn more now.

Kate Spade ( KATE) surged 11% after announcing plans to explore strategic alternatives. The handbag company hired Perella Weinberg Partners as consultants to investigate its options. Kate spade also blew past earnings estimates in its recent quarter. Profit of 66 cents a share came in far higher than consensus of 34 cents. Sales of $470.8 million came in below estimates of $472 million.