Oracle Sends Force Majeure Notice on New Mexico Data Center as Broader Market Slides on Treasury Yield Fears

Oracle shares fell more than 5% on Thursday after Bloomberg News reported the company sent a force majeure notice to the developer of its massive New Mexico data center project, known as Project Jupiter, seeking to delay payments if the facility does not come online by 2028. The project has faced sustained regulatory hurdles and local opposition, and the force majeure filing signals Oracle may try to shield itself from cost overruns tied to those delays. The news made Oracle the leading drag on the Nasdaq Composite.

The broader market was already under pressure before the Oracle news broke. As of Thursday morning, Nasdaq futures were down 0.6%, S&P 500 futures were off 0.4%, and Dow futures were lower by 0.2%, with elevated Treasury yields reviving expectations for another Federal Reserve rate hike. Investors were also watching a scheduled meeting between President Donald Trump and Chinese President Xi Jinping in Washington. The Nasdaq Composite fell 0.8%, the Dow dropped 349 points or 0.7%, and the S&P 500 slid 0.5%.

Among individual movers, Arm Holdings shares slid while Meta Platforms gained ground. Asian equities traded as American depositary receipts broadly declined on the session. Yahoo Finance anchor Brian Sozzi pushed back on concerns that a falling price-to-earnings multiple for Nvidia represents a warning sign, arguing it reflects Wall Street earnings estimates lagging behind the company's actual growth pace rather than a fundamental problem with the business. Nvidia reported second-quarter fiscal 2027 revenue of 96.2 billion dollars in August, up 106% from a year earlier.

Several Nasdaq-published brokerage recommendation pieces highlighted buy-rated stocks including Honeywell, Halliburton, GE, Lowe's, American Tower, Adma Biologics, AppFolio, Badger Meter, and CleanSpark, though the analyses cautioned that Wall Street analyst recommendations tend to skew optimistic. Quanta Services was flagged as carrying a consensus analyst price target implying a 26.45% upside, supported by broad upward earnings estimate revisions.