Stock market today: Dow, S&P 500, Nasdaq futures slide as Oracle earnings reignite AI spending fears

2 days ago 2

Updated Thu, December 11, 2025 astatine 6:02 AM CST 1 min read

US banal futures sank connected Thursday aft Oracle (ORCL) net revived AI overspending worries, denting the Wall Street rally that followed the Federal Reserve’s latest interest-rate cut.

Contracts connected the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) were down astir 0.5% and 0.8%, respectively, paring deeper declines from earlier successful premarket. Dow Jones Industrial Average futures (YM=F), which see less tech names, nudged 0.1% lower.

CBOT - Delayed Quote USD

48,086.00

-21.00

(-0.04%)

As of 7:10:25 AM EST. Market Open.

YM=F ES=F NQ=F

Oracle's after-hours net brought AI spending fears backmost with a vengeance, sidesplitting disconnected the bullish temper that took the S&P 500 (^GSPC) to the cusp of a caller grounds high. The bundle elephantine missed connected unreality income and hiked its already assertive information halfway spending by $15 billion. Its banal mislaid much than 10% amid caller concerns astir tech valuations, indebtedness burdens, and the hazard that hefty AI investments won't wage off.

The broader marketplace finished higher Wednesday aft a divided Fed voted to little rates for the 3rd clip this year, taking the national funds people scope to 3.5%–3.75%. Policymakers signaled a much gradual way of easing successful the months ahead, but Chair Jerome Powell hinted that a complaint hike would beryllium disconnected the array for January, portion broadly talking up the US economy's strength.

Powell said the Fed is "well positioned to hold and see" however economical conditions evolve, adding that tariffs imposed nether President Trump person contributed to ostentation pressures.

The puts the spotlight connected a play update connected jobless claims connected Thursday, portion delayed readings connected wholesale inventories and commercialized income could gully much scrutiny than usual.

Meanwhile, net reports proceed with Broadcom (AVGO), Costco (COST) and Lululemon (LULU) each acceptable to merchandise results.

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AM scan: Magnum, Netflix, Marvell and Strategy

The Magnum Ice Cream Company (MICC) banal roseate 5% earlier the doorbell connected Thursday. A Unilever (UL) spin-off, Magnum Ice cream, made its trading debut connected Monday.

Netflix (NFLX) banal roseate much than 1% successful premarket trading connected Thursday. The streaming work is presently progressive successful a bidding warfare for Warner Bros Discovery (WBD) with Paramount Skydance (PSKY), and present President Trump has said that the merchantability indispensable see CNN.

Marvell (MRVL) stock fell 2% earlier the doorbell connected Thursday aft a study successful the Information claimed the chipmaker faced the hazard of losing orders to Microsoft (MSFT) and Amazon Web Services (AMZN).

Strategy (MSTR) stock fell 2% successful premarket trading Thursday. The driblet follows bitcoin (BTC-USD)'s diminution this morning. Strategy is 1 of the largest firm holders of bitcoin.
Oracle woes ruin cross-asset enactment arsenic traders flock to safety

Bloomberg reports:

A marketplace enactment aft the Federal Reserve’s argumentation determination came to an abrupt halt wrong hours arsenic a plunge successful Oracle Corp.’s (ORCL) shares reawakened concerns implicit tech-stock valuations. Now investors are near to ponder whether they volition inactive get a Christmas rally.

The MSCI All Country World Index had been a whisker distant from its highest earlier changing course, portion golden snapped what would person been a three-day winning streak. The earlier gains were a reflection of enthusiasm pursuing the Fed’s latest involvement complaint chopped and Chair Jerome Powell’s upbeat appraisal of the US economy.

The upbeat temper faded aft Oracle’s banal plunged connected the company’s below-consensus income and spending summation that rekindled worries implicit tech shares’ costly valuations. That caused Nasdaq (NQ=F) futures to slump arsenic overmuch arsenic 1.6% and 10-year Treasury yields (^TNX) to driblet by 3 ground points astatine 1 point.

The speedy sentiment reversal underscores however stubbornly the fears of an artificial quality bubble are weighing connected capitalist minds, contempt a little instrumentality of hazard appetite induced by expectations of further Fed easing successful caller weeks. The caller doubts connected AI, arsenic good arsenic Powell’s latest proposition that the Fed had acted sufficiently to assistance stabilize the labour market, are ramping up uncertainties successful the last weeks of the year.

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Novo Nordisk is trading arsenic if the obesity cause craze ne'er happened

Bloomberg reports:

Novo Nordisk A/S (NVO, NOVO-B.CO) shares person fallen truthful overmuch this twelvemonth that it’s astir arsenic if the frenzy astir weight-loss drugs that propelled the Danish pharmaceutical company’s meteoric emergence ne'er happened.

The shares person plunged much than 50% truthful acold successful 2025, connected way for their worst-ever year, amid disappointing objective proceedings results, aggregate nett warnings and aggravated contention successful the obesity-drug market. The slump has virtually wiped retired respective years of stellar gains that came aft Novo’s Wegovy cause was approved arsenic a weight-loss attraction successful 2021.

It’s a stunning reversal of fortunes for a institution that started this twelvemonth arsenic Europe’s astir invaluable listed firm. And with the main compound patent for semaglutide — the cardinal constituent successful Wegovy and Ozempic — acceptable to expire successful 2032 successful the US, immoderate investors are disquieted astir wherever aboriginal income maturation volition travel from.

“When I look astatine it close now, organically, their pipeline doesn’t person maine that this concern is manageable,” said Paul Major, a portfolio manager astatine Bellevue Asset Management. Major, who sold shares successful Novo earlier this year, said the banal volition astir apt proceed to de-rate until investors spot a compelling catalyst to reassure them connected Novo’s aboriginal growth.

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Bitcoin drops beneath $90,000 threshold arsenic fears of an AI bubble redirects risky investment

Reuters reports:

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Cisco reaches pre-dot-com clang levels for archetypal clip successful 25 years

Bloomberg reports:

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Wed, December 10, 2025 astatine 11:51 PM UTC

Oracle sinks pursuing tepid net study arsenic gross disappoints

Yahoo Finance's Laura Bratton reports:

Read much here.