Why Are Nasdaq Futures Tumbling Premarket? MU, AMD, NVDA, ORCL, RUM, TSLA, SPCX Stocks In Focus

• Over the weekend, Anthropic CEO Dario Amodei's call to slow AI development rattled the tech trade. 
• President Donald Trump pushed back, saying the U.S. must maintain its AI lead over China.
• Rising oil prices and Treasury yields add another layer of pressure ahead of the Federal Reserve's policy decision this week, with markets now pricing in an increasingly likely quarter-point rate hike.

U.S. stock futures were sharply lower early Monday as markets digested a clash among tech leaders over the trajectory of artificial intelligence (AI), amid surging crude oil prices and Treasury yields ahead of the Federal Reserve's interest rate decision this week. 

As of 4:00 a.m. ET, Nasdaq futures fell 1.5%, S & P 500 futures declined 0.6%, Dow futures were down 0.2%, and Russell 2000 futures fell 0.3%. 

On Stocktwits, retail sentiment for the SPDR S & P 500 ETF (SPY), an exchange-traded fund that tracks the S & P 500 Index, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has deteriorated to 'extremely bearish' from 'bearish' last week. 

AI Trade Faces A Fresh Reality Check

Over the weekend, a blog post by Anthropic CEO Dario Amodei called for the AI industry to“pace” the development of frontier models, saying that companies need more time to address safety risks. OpenAI CEO Sam Altman and Elon Musk broadly backed the idea, while Microsoft CEO Satya Nadella stressed that AI development should remain under human control.

President Donald Trump dismissed calls for an AI slowdown, saying the U.S. is leading China and that“whoever wins AI wins.” Tech investor Dan Ives similarly added that the safety debate does little to change the trillions of dollars of AI infrastructure spending expected over the coming years.

Fed Week Takes Center Stage Amid Oil Shock

Investor focus remains firmly on the Federal Reserve's interest rate announcement scheduled for later this week. Traders are currently pricing in an 86.5% probability of a 25-basis-point rate increase, up significantly from 59.4% last week.

Adding to inflationary concerns, Brent crude futures surged past $107 per barrel following an attack on a Saudi oil pipeline. The spike in energy costs pushed long-term U.S. bond yields higher, with the 10-year Treasury yield touching 4.977%, its highest level since 2007, and the 30-year yield hitting 5.367%.

Meanwhile, on Sunday, Trump also said that the U.S. could potentially remain engaged in Iran and“keep the oil,” while reiterating that he expects the conflict to end this year.

Tech Stocks To Watch 

Anthropic and OpenAI CEOs rattle the AI trade. Micron Technology (MU), SanDisk (SNDK), AMD, Intel (INTC), SK Hynix (SKHY) crack over 5% in early premarket trade.

Nvidia (NVDA): The chipmaker is reportedly in talks to anchor Anthropic's upcoming IPO with an investment of up to $10 billion.

Oracle Corp. (ORCL):Shares slide over 3% alongside tech peers, though retail sentiment remains bullish after Executive Chair Larry Ellison officially canceled his 10b5-1 plan to sell up to $7.5 billion in company stock.

Rumble Inc. (RUM): Shares soared over 20% in early premarket trade following reports that Anthropic is the unnamed $13.7 billion compute customer behind Rumble's expanding neocloud infrastructure.

Trending Stocks

Tesla (TSLA): Shares fell 2% in early premarket despite Elon Musk announcing an October 1 unveiling for the new Tesla Roadster. Traders weigh near-term execution against Morgan Stanley's bullish $840 price target upgrade for autonomous trucking potential.

SpaceX (SPCX): Drawing retail interest after Elon Musk stated high confidence that SpaceX will launch Nvidia NVL72 AI compute clusters into orbit next year.

Rocket Lab USA (RKLB): Shares fell 3% in early premarket trade after protesting NASA's decision to award a $700 million Mars telecommunications contract to Blue Origin. 

Summit Therapeutics (SMMT): Shares rose over 4% in early premarket after reporting that its Phase III trial for lung cancer treatment ivonescimab demonstrated a 27% reduction in mortality compared to Keytruda.

Definium Therapeutics (DFTX): Up nearly 1% in early premarket trade ahead of key Phase 3 clinical trial presentations for its LSD-based generalized anxiety disorder pipeline at Psych Congress 2026.

Novo Nordisk (NVO): Shares rose marginally in early premarket following an official corporate rebranding to“Novo” and some realignments to expand its footprint in the global obesity market.

Rare earth stocksare in the limelight (USAR, MP, UUUU, CRML) after reports surfaced that China may scrap an upcoming summit between President Xi and President Trump over U.S. arms sales to Taiwan.Robinhood Markets (HOOD): CEO Vlad Tenev pushed back against AMC CEO Adam Aron's criticism of tokenized stocks. He said that issuers, not third parties, should control stock rights.

Crypto equitieswill be in focus (CRCL, MSTR, COIN) as Senate Republicans released their“last, best, and final” draft of the Crypto Clarity Act, including an ethics proposal backed by President Trump. The legislation heads for a critical Senate vote Tuesday and will need 60 votes to advance.

Other tickers trending on Stocktwits at the time of writing included Coreweave (CRWV), Western Digital (WDC), and Dell Technologies (DELL).

What Else To Watch Monday

On the earnings front, Immersion (IMMR), Dave and Buster's Entertainment (PLAY), and U.S. Gold (USAU) are among those reporting.

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