U.S. equity futures were trading lower on Monday as the market opened, with weakness in precious metals and cryptocurrencies contributing to a cautious tone ahead of a congested slate of corporate earnings and economic data later in the week.
By 03:11 ET (08:11 GMT), futures tied to the major U.S. averages were down: the Dow futures contract had fallen by 323 points, or 0.7%, S&P 500 futures were lower by 62 points, or 0.9%, and Nasdaq 100 futures were off 291 points, or 1.1%.
Traders cited two overlapping themes shaping market action. First is the heavy calendar of quarterly company results that will roll in over the coming days. Second is scheduled economic information including a fresh monthly jobs report. Together, those corporate returns and macro releases could provide a clearer picture of the underlying condition of the U.S. economy and will be watched for evidence that the four-year-old bull market in stocks still has legs.
Alongside the earnings and data flow, market participants are also assessing broader policy and technological dynamics. Hopes and questions surrounding the durability of investor enthusiasm for artificial intelligence remain part of the backdrop. And political developments have added a monetary policy angle - President Donald Trump has nominated Kevin Warsh to be the next Federal Reserve Chair. If confirmed by the Senate, Warsh would bring with him long-running calls for what he describes as a monetary policy "regime change" to the Federal Reserve.
Precious metals plunge
Gold and silver sustained steep pullbacks that began late last week, pressuring sentiment in Asian trading hours. Spot gold, which recorded an almost 10% decline late last week, had dropped another 4.9% to $4,626.80 per ounce by 03:27 ET - a level notably below the $5,000 mark it had pierced just days earlier. Silver, which had recently attracted speculative demand in addition to industrial interest, was somewhat steadier but still under pressure at roughly $79 an ounce as of 03:30 ET.
Analysts pointed to a combination of a firmer U.S. dollar and large-scale profit-taking after a sharp rally in recent months as drivers of the metals' collapse. Market commentary also tied part of the selling into shifts in expectations around future Fed policy under the Warsh nomination. While the nominee has publicly aligned with calls for sharply lower interest rates, he has expressed reservations about the Fed’s asset purchases. ANZ analysts encapsulated this dynamic, writing: "Warsh is considered the toughest on inflation among the candidates for the role, lessening the likelihood of a dramatic easing of monetary policy. This triggered a wave of selling, with gold suffering its biggest slide in four decades."
Crypto weakness continues
Cryptocurrencies reflected the broader risk-off mood. Bitcoin fell more than 2% to $76,892, extending a slide that saw the token slip below the $80,000 threshold on Saturday. The currency’s recent drop was framed in part by concerns that a potential Fed chair who favors a smaller central bank balance sheet could lead to less liquidity in financial markets. Market observers noted that larger central bank balance sheets have historically supported speculative assets by adding cash into markets.
The latest move marks an additional leg down for Bitcoin from the heights it reached last October. The cryptocurrency’s value, after rising on hopes for increased inflows and a friendlier regulatory stance under the new presidential administration, has declined by roughly a third since that peak.
Commenting on the market backdrop, Jonas Goltermann, Deputy Chief Markets Economist at Capital Economics, described the recent period as "unusually hectic [ ... ] for financial markets," highlighting the wide-ranging disruption across equities, commodities, and crypto markets.
Oracle plans large 2026 capital raise to fund AI and cloud expansion
In corporate finance news, Oracle Corporation announced on Sunday evening that it intends to raise significant new capital in 2026 to finance investments in AI and cloud infrastructure amid rising demand for compute capacity. The company said it expects gross proceeds of between $45 billion and $50 billion in 2026 through a combination of debt and equity financing.
Oracle specified that about half of the total funding will come via equity derivatives and common equity. Its debt component is to be raised through a single, one-time issuance of investment-grade senior unsecured bonds early in 2026. Oracle stated it does not expect to issue any further debt after this transaction.
Analysts at Vital Knowledge highlighted a notable aspect of Oracle’s plan: approximately half of the raise will be via equity-linked securities, including a $20 billion at-the-market common equity program. The analysts observed that Oracle’s $20 billion at-the-market program is the first significant equity raise by a major technology company since the onset of the AI-driven market surge. They suggested that if this marks a shift toward greater fiscal caution across the industry, aggregate AI spending could moderate, potentially slowing the pace of overall investment.
Disney earnings and leadership talk
Walt Disney is scheduled to report quarterly results before the opening bell on Monday, and its earnings release is expected to refocus attention on the company’s streaming initiatives as well as its parks and studios operations. However, speculation about leadership succession at the top of the company could eclipse some of the operational detail.
Reports cited in the market conversation suggest that CEO Bob Iger has informed associates that he plans to step down and reduce his day-to-day management role before his contract expires on December 31. Board members are reportedly preparing to meet to vote on a successor. Several media reports have namedJosh D’Amaro, the company’s experiences division chair, as the leading candidate to assume the CEO role.
What investors are watching
- Corporate earnings across multiple sectors during the week - results and commentary could shift near-term market positioning.
- Monthly U.S. jobs data - the report will be observed for signs about the labor market that could inform Fed policy expectations.
- Developments tied to the potential Fed chair nomination - views on Kevin Warsh’s likely approach to inflation and balance sheet policy are affecting trading in rates-sensitive assets such as gold and crypto.
Markets arrived at the new trading week with a mix of headline-driven volatility and underlying positioning changes that reflect both profit-taking and reassessment of policy risk. With a heavy flow of company reports and a key macro release on the horizon, traders and investors will be watching for fresh signals about earnings trends, consumer and business demand, and the evolving stance of monetary policy.