Morning Movers: Oracle continues to slide despite earnings beat

Markets are under pressure this morning as index futures slide following disappointing corporate news and lingering concerns over the technology sector. Oracle’s shares are sharply lower after a downbeat forecast and heavy capital spending tied to its AI business. This drag on tech names like Nvidia, Microsoft, Broadcom and other AI-linked equities has knocked futures lower and put a cooler tone on the market.

Globally, markets are mixed. Some Gulf markets are holding modest gains in response to the Fed easing, while Asian and European tech-heavy indices have softened in the wake of the tech selloff. Currency and bond markets are also reacting to the Fed’s messaging and macro dynamics.

In pre-market trading, S&P 500 futures fell 0.4%, Nasdaq futures fell 0.62% and Dow futures were flat.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. 

HIGHER –

• Gemini (GEMI) up 9% after receiving a designated contract market license from the Commodity Futures Trading Commission, which will allow Gemini to begin offering prediction markets to U.S. customers
• Corbus Pharmaceuticals (CRBP) up 8% after completing the single ascending dose and multiple ascending dose Phase 1a study of CRB-913
• Eli Lilly (LLY) up 1% after reporting each dose of retatrutide met all primary and key secondary endpoints in its TRIUMPH-4 clinical trial

UP AFTER EARNINGS –

• Ciena (CIEN) up 8%

DOWN AFTER EARNINGS –

• Oracle (ORCL) down 13%
  
• Oxford Industries (OXM) down 21%
• Lovesac (LOVE) down 16%
• Hooker Furniture (HOFT) down 14%
• Manchester United (MANU) down 2%
• Vera Bradley (VRA) down 1%