U.S. stock futures today are flat as investors tread cautiously. The Dow, S&P 500, and Nasdaq show little movement. Market attention is on tech stocks and gold. AI bubble concerns continue to weigh on investor sentiment. Oracle’s shares dropped 2.5% after weaker-than-expected cloud margins and costly Nvidia chip deals.
Gold prices climbed past $4,000, hitting a fresh milestone. Spot gold trades near $4,014 per ounce, a 50% rise year-to-date. Investors are flocking to safe havens amid inflation fears and geopolitical tensions. Analysts warn the rally may face corrections if economic pressures intensify.
The U.S. government shutdown enters its second week. Its impact on equities has been limited, but prolonged uncertainty could hurt sentiment. Traders are also watching the Federal Reserve’s minutes from September’s meeting. These could offer clues on future interest rates and monetary policy direction.
Pre-market movers highlight mixed investor sentiment. Galecto (GLTO) surged almost 570% on promising biotech news. Trilogy Metals (TMQ) gained 247% after a 10% government stake and Alaskan road approval. Envoy Medical (COCH) jumped 100% on new hearing implant optimism. Spruce Biosciences (SPRB) rose 71% on rare-disease drug excitement.
On the downside, Dollar Tree (DLTR) fell 3.05%, Hilton (HLT) slipped 2.9%, and Ball Corporation (BALL) dropped 2.8%. Consumer spending concerns, higher costs, and weaker demand affected these sectors.
Overall, U.S. stock futures are steady but cautious. Investors balance AI-driven tech excitement with rising gold and economic uncertainties. Upcoming earnings reports and CPI data will guide market direction. Traders remain alert for shifts in sentiment and potential volatility.
U.S. Stock Futures Today:
Dow Jones Industrial Average futures rose 72 points, or 0.2%, while S&P 500 and Nasdaq 100 futures climbed 0.2% each. Wall Street’s previous session saw losses, with the Dow down 91.99 points (0.2%), the S&P 500 slipping 0.4%, and the Nasdaq Composite falling 0.7%. The pullback came after a report from The Information revealed that Oracle’s cloud margins are weaker than expected and that the company is losing money on certain Nvidia chip rental deals. Oracle shares sank 2.5%, extending a nine-day decline in the last 11 trading sessions.
Pre-Market Movers: Top Gainers and Losers
Top Gainers:
- Galecto Inc. (GLTO): Surged nearly 570% in pre-market trading after announcing new progress in its fibrosis treatment trials.
- Trilogy Metals (TMQ): Jumped more than 247% following the U.S. government’s decision to buy a 10% stake in the company and approve road construction to connect its Alaskan mining district.
- Envoy Medical (COCH): Gained over 100% due to investor optimism surrounding its new hearing implant approval.
- Spruce Biosciences (SPRB): Added about 71%, supported by renewed interest in its rare-disease drug pipeline.
Top Decliners:
- Dollar Tree (DLTR): Fell 3.05%, pressured by ongoing concerns about shrinking consumer spending and higher inventory costs.
- Hilton Worldwide (HLT): Slipped 2.9%, reflecting weakness across the travel and leisure sector as rising energy prices weigh on profit outlooks.
- Ball Corporation (BALL): Dropped 2.8%, hit by a combination of weaker aluminum demand and cautious corporate guidance for the fourth quarter.
Are AI stocks entering bubble territory?
The sharp sell-off in Oracle triggered renewed concern that markets may be caught in an AI-driven speculative bubble reminiscent of the late-1990s dot-com boom. Analysts caution that while AI remains a powerful long-term trend, valuations in some tech names have surged far beyond fundamentals.
Liz Thomas, head of investment strategy at SoFi, said on CNBC’s Closing Bell that markets are showing signs of excessive optimism. “Everything feels extended. It feels exciting. It feels euphoric. In reality, I still think that the euphoria can get even more euphoric before something has to actually turn,” she said.
Ritholtz Wealth Management CEO Josh Brown echoed a similar view, noting that while some AI hype may be inflated, there are still “real projects” and solid opportunities for investors who stay selective.
Investors shift toward safety as gold hits $4,000
As AI valuations continue to climb, gold prices surged past $4,000 a troy ounce—a record high—reflecting a growing flight to safety. The move came as traders weighed uncertainty around the government shutdown, persistent inflation pressures, and geopolitical tensions.
Meanwhile, Bitcoin briefly neared its record intraday high above $126,000 before pulling back 3%, and silver dipped 1.9% after approaching its 1980 record. Analysts say these shifts indicate growing investor caution amid mixed economic signals and elevated market valuations.
Trump–Carney trade talks end without agreement
Trade tensions added another layer of uncertainty after President Donald Trump met with Canadian Prime Minister Mark Carney, but the high-stakes meeting ended with no deal. Carney pushed for tariff relief on key Canadian exports such as autos and steel, but negotiations failed to produce a breakthrough.
Elsewhere, Trilogy Metals shares tripled after the Trump administration announced it would acquire a 10% stake in the company and approve a new road project connecting its remote Alaskan mining district. The move underscores Washington’s push to expand domestic resource access amid rising commodity prices.
The market now turns its attention to the Federal Reserve’s September meeting minutes, expected later today, for insight into internal divisions over the next policy move. With the AI sector under scrutiny and safe-haven assets surging, investors appear to be entering a more cautious phase heading into earnings season.
Overall, U.S. stock futures remain steady as Wall Street navigates competing forces: an AI-fueled tech rally, soaring gold prices, and lingering trade tensions between the U.S. and Canada following the Trump–Carney meeting. With the Federal Reserve’s minutes set to release later today, traders are bracing for possible clues on future rate cuts. For now, market sentiment remains cautiously positive, though analysts warn that volatility could return as earnings season approaches.