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**Tech Stocks Drag Down S&P 500 Futures Amid Rate Hike Concerns**

**New York, NY -** S&P 500 futures continued their slide Thursday, weighed down by further losses in tech giants Oracle and Nvidia, and spurred by a rise in Treasury yields. Futures contracts linked to the S&P 500 were down 0.5%, setting the stage for a third consecutive day of losses. Nasdaq-100 futures followed suit, dipping 0.7%, while Dow Jones Industrial Average futures shed 110 points, or 0.2%.

Oracle and Nvidia were particularly hard hit, falling nearly 4% and 1% respectively in premarket trading. Concerns about the sustainability of the artificial intelligence boom are fueling the sell-off. Some analysts believe the market has overvalued Oracle’s potential gains from AI deals, with Rothschild Redburn initiating coverage with a “sell” rating and predicting a 40% pullback.

Adding to the pressure, Treasury yields jumped after better-than-expected jobless claims data were released. Initial claims for unemployment insurance came in at 218,000, well below the expected 235,000, suggesting a resilient labor market. This raises concerns that the Federal Reserve may hesitate to cut interest rates, a key catalyst for the recent market rally.

Investors are also proceeding cautiously ahead of Friday’s personal consumption expenditures (PCE) price index report and are closely monitoring the possibility of a government shutdown, which could lead to mass firings in the federal government.

Other notable movers included Transocean, which plummeted 16.5% after announcing a plan to sell shares at a price significantly below Wednesday’s close. Opendoor Technologies bucked the trend, gaining 3.5% after Jane Street disclosed a 5.9% stake in the company.

In other news, the European Commission has launched an antitrust investigation into German software giant SAP over its software support services, while Barclays raised its price target for Nvidia to $240, citing the company’s potential in the AI sector. Additionally, MoffettNathanson upgraded Chewy to “buy” due to a projected recovery in pet household formation, and Intel shares gained in after-hours trading on reports of potential investment talks with Apple.

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