Markets Slide as Risk-Off Hits Tech While Minerals Buck the Trend
Markets are down over -0.4% in premarket trading as a broad risk-off move pressured equities, commodities and crypto following President Trump’s nomination of Kevin Warsh as the next Fed chair. Tech stocks led the decline after last week’s selloff as Treasury yields edged lower, while gold, silver and oil pulled back sharply on speculative unwinds. Bitcoin also fell below $80,000, weighed down by forced liquidations and thin liquidity.
Nvidia Slips as OpenAI Investment Uncertainty Weighs
Nvidia (NVDA) is down over -1.0% in premarket trading after reports indicated its proposed investment of up to $100B in OpenAI is not finalized. CEO Jensen Huang said the figure was non-binding, later reaffirming NVDA’s commitment to OpenAI while signaling the final amount may be smaller. The mixed messaging left investors focused on near-term uncertainty, even as NVDA maintained confidence in the long-term AI partnership.
Oracle Expands Cloud Ambitions
Oracle (ORCL) is up more than +5.0% in premarket trading after outlining plans to significantly expand its cloud infrastructure to meet accelerating demand from its largest customers. The company will fund the buildout through a mix of debt and equity, expecting to raise $45B to $50B in 2026. Led by Larry Ellison, the strategy underscores ORCL’s intent to scale Oracle Cloud Infrastructure aggressively while maintaining financing flexibility to support long-term growth.
Disney Beats on Parks, Media Lags
Disney (DIS) is down more than -1.0% in premarket trading after delivering a solid FQ1 earnings beat, powered by strong momentum in its Experiences business as parks and cruises drew higher attendance and spending. That strength was partly offset by margin pressure in Entertainment from rising content and marketing costs, and softer results in Sports tied to distribution disruptions. Shares swung after the release as investors weighed resilient demand at DIS’ destinations against near-term profitability challenges across media segments.
Devon and Coterra Agree to $58B Shale Merger
Devon Energy (DVN) and Coterra Energy (CTRA) announced a $58B all-stock merger that will create a large-cap U.S. shale producer with a dominant footprint in the Delaware Basin. The combination brings together complementary acreage and operations, with management targeting higher free cash flow, lower costs, and more resilient dividends and buybacks through commodity cycles. The deal, the largest U.S. shale tie-up since 2024, is expected to close in Q2 2026, with the combined company retaining the Devon name.
