Traders work on the floor of the New York Stock Exchange (NYSE) on October 01, 2025, in New York City.
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U.S. stock futures were little changed on Tuesday night, after the S&P 500 capped a seven-day win streak because of a drop in Oracle that called to question the sustainability of the artificial intelligence trade. The government shutdown is also in its second week.
Dow Jones Industrial Average futures rose by 36 points, or 0.08%. S&P 500 futures and Nasdaq 100 futures climbed 0.09% and 0.11%, respectively.
Wall Street is coming off a losing session for the major averages. The Dow Jones Industrial Average fell 91.99 points, or 0.2%. The broad market index pulled back 0.4%, while the Nasdaq Composite slid 0.7%.
Those moves came after The Information reported Oracle’s margins from its cloud business are weaker than analysts are currently forecasting, and that the enterprise software company is losing money on some of its deals to rent out Nvidia’s chips. Oracle shares lost 2.5% as a result.
The report added to fears that the stock market is currently caught up in an AI bubble that harkens back to the late 1990s, when a feeding frenzy on early internet companies eventually led to the bursting of the dot-com bubble. Many market observers are urging investors to rebalance their portfolios, while also acknowledging there could be further upside before the AI rally exhausts itself.
“We had a long rally. Everything feels extended. It feels exciting. It feels euphoric,” Liz Thomas, head of investment strategy at SoFi, told CNBC’s “Closing Bell” on Tuesday. “In reality, I still think that the euphoria can get even more euphoric before something has to actually turn.”
The shutdown also weighed on traders after stretching into its seventh day Tuesday. The stoppage has weighed little on equities thus far, but poses a greater risk to sentiment the longer it wears on.
Wall Street will also be awaiting the latest Federal Reserve minutes on Wednesday, which could give investors insight into the makeup of the Fed following a highly divisive September meeting.
