US stock futures fell Monday as Anthropic and OpenAI called for slowing AI development, spooking tech traders and sending chip stocks lower. Rising oil prices from Middle East tensions and expectations of a Fed rate hike also pressured markets.
Tech stocks rallied Friday as oil prices fell and a key inflation reading came in higher than expected, pushing markets to bet on a potential Federal Reserve rate hike. Core inflation rose 0.3% month-over-month versus forecasts of 0.2%, lifting Polymarket odds for a rate hike to 81% ahead of next week's Fed meeting. Oracle shares surged on strong AI cloud revenue, boosting the broader tech sector.