U.S. equity futures moved lower on Monday, with sharp declines in gold and silver weighing on sentiment ahead of a heavy week of high-impact corporate earnings and economic releases. Bitcoin also extended recent losses after slipping below the $80,000 mark over the weekend. Elsewhere, Oracle (NYSE:ORCL) detailed plans to raise fresh capital, while speculation over leadership changes at Walt Disney (NYSE:DIS) intensified ahead of its quarterly results.
Futures edge lower
U.S. stock index futures pointed to a weaker open, suggesting losses could extend from the previous session as the new trading week gets under way.
By 03:11 ET, Dow futures were down 323 points, or 0.7%. S&P 500 futures had fallen 62 points, or 0.9%, while Nasdaq 100 futures slid 291 points, or 1.1%.
Investors are bracing for a wave of quarterly earnings reports in the days ahead, alongside the release of a key monthly U.S. jobs report. Together, these updates could shed light on the underlying health of the American economy and test the durability of a stock market rally now in its fourth year.
Markets are also digesting the implications of President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve Chair. If confirmed by the Senate, Warsh would arrive at the central bank having long advocated a monetary policy “regime change,” a stance that has added to uncertainty around the future policy path.
Gold and silver continue to tumble
A renewed selloff in precious metals further undermined risk appetite. Gold and silver extended the historic declines seen on Friday, with the impact particularly visible across Asian markets, where equities broadly retreated.
After plunging nearly 10% late last week, spot gold fell another 4.9% to $4,626.80 per ounce by 03:27 ET, well below the $5,000 level it had surpassed only days earlier. Silver also remained under pressure, though it stabilised somewhat around $79 an ounce by 03:30 ET after recent heavy losses.
Analysts have pointed to a combination of a strengthening U.S. dollar and widespread profit-taking following months of strong gains as key drivers of the selloff. Concerns have also surfaced around Warsh’s longer-term stance on inflation and monetary policy.
“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,” ANZ analysts wrote in a note.
Bitcoin extends decline
The risk-off tone was evident in digital assets as well, with Bitcoin (COIN:BTCUSD) falling more than 2% to $76,892.4.
The world’s largest cryptocurrency slipped below $80,000 on Saturday, adding to losses from Friday. Some investors are uneasy that a potential push by Warsh for a smaller Federal Reserve balance sheet could drain liquidity from the financial system.
Historically, larger central bank balance sheets have tended to support cryptocurrencies by injecting liquidity into markets, benefiting more speculative assets. The latest move marks another leg lower for Bitcoin after it reached a record high last October. Since then, its value has fallen by roughly a third, reversing gains that were initially driven by expectations of stronger cash flows and a more supportive regulatory environment under Trump.
Reflecting the broader turmoil, Jonas Goltermann, deputy chief markets economist at Capital Economics, said the past few days have been “unusually hectic […] for financial markets.”
Oracle outlines capital-raising plans
Late Sunday, Oracle said it plans to raise significant new funding in 2026 to support the expansion of its artificial intelligence and cloud infrastructure, as demand for computing capacity continues to rise.
The company expects to generate between $45 billion and $50 billion in gross proceeds through a mix of debt and equity financing. About half of the total is set to come from equity-linked instruments and common stock.
Debt financing will take the form of a single issuance of investment-grade senior unsecured bonds in early 2026, with Oracle indicating it does not plan to raise additional debt beyond that transaction.
“The most notable part of the announcement is that approximately half this amount will come via the issuance of equity-linked securities, including a $20B ATM (at-the-market) common equity program,” analysts at Vital Knowledge said in a note.
“As far as the overall AI industry, Oracle’s $20 [billion at-the-market] is the first time a tech giant has been forced to raise equity since the AI boom kicked off and if this marks the start of a trend whereby the industry becomes a bit more fiscally prudent, it could mean a slightly slower pace of aggregate spending.”
Disney earnings and leadership in focus
On the earnings calendar, Walt Disney is due to report results before the opening bell on Wall Street on Monday.
While investors will scrutinise performance across Disney’s streaming operations, theme parks and film studios, attention may also centre on leadership succession. According to media reports, CEO Bob Iger has told associates he plans to step back from day-to-day management and leave the role before his contract ends on December 31.
The company’s board is expected to meet soon to vote on a successor, with several reports naming experiences division head Josh D’Amaro as a leading candidate to take the helm.