Stocks Stumble Again as Oracle Drags Tech

Stocks are once again swimming in red ink. After a triple-digit pop at the open, the Dow Jones Industrial Average (DJIA) is now lower midday and eyeing a fourth-straight loss. The S&P 500 Index (SPX) has breached 6,800 and is heading for its own fourth-straight drop, while Oracle (ORCL) is dragging the Nasdaq Composite (IXIC).

Defense stocks have also taken a hit, after reports surfaced the Trump administration is planning to enter an executive order to cap stock buybacks and dividend payouts, thus limiting executive compensation. Oil prices are bouncing back though, with WTI January-dated crude last seen 1.7% higher.

Birkenstock Holdings PLC (NYSE:BIRK) is seeing unusual options activity today. At last look, 12,000 contracts have changed hands, volume that's 16 times the average intraday amount. The bulk of this comes from the December 42.50- and 50-strike calls, though new positions are also being opened at the January 2026 50 call. BIRK is up 0.5% to trade at $47.52, testing $48 for the first time since September. The footwear company will report fiscal fourth-quarter earnings before the open tomorrow.

Atlassian Corp (NASDAQ:TEAM) stock is among today's strong performers, last seen 2.9% higher to trade at $164.24 after BTIG assumed coverage on the software company with a "buy" rating and $220 price target. The analyst in coverage waxed bullish on the company's AI integration strides. TEAM is still down 32% in 2025, and today's gains are testing the overhead 100-day moving average.

Oracle Corp (NYSE:ORCL) is among today's notable laggards, down 5.9% to trade at $177.25. The Financial Times reported Oracle's $10 billion Michigan data center deal with Blue Owl Capital is now in jeopardy after talks reportedly stalled, though Oracle has denied the reports. The stock is currently trading at its lowest levels since June 11, and after a 36% quarterly drawdown, ORCL is 7.8% higher on the year.