Quick Read
Oil futures are rattling the markets on Sunday night. NVIDIA (NVDA) shares are down 1.66% as of 8:15 p.m. ET while Amazon (AMZN) is down 2.3% and Meta Platform (META) is down 2%. While all these stocks aren’t connected to oil, they are dependent on the global economy. With oil prices up 18% in premarket trading, there are fresh concerns of an economic slowdown. That could cause extra harm to advertising reliant companies like Amazon and Meta Platforms.
Oil futures have rocketed past $100 per barrel tonight, and Wall Street is already flinching. Nasdaq futures are down more than 400 points, off 1.7% as of Sunday evening. The question: why are NVIDIA (NASDAQ:NVDA), Amazon (NASDAQ:AMZN), and Meta (NASDAQ:META) in the crosshairs? None of them drill for oil. The answer is transmission: consumer confidence, advertising budgets, and corporate spending freezes.
We’re taking a deeper look at stock futures headed into Monday, March 9th. The Nasdaq could see a major sell-off for reasons that feel disconnected from Magificent 7 stocks. Yet, many will likely open in the red tomorrow. Let’s examine what’s going on.
The Consumer Confidence Threat
Gas prices are the most visible economic signal most Americans encounter daily. The national average is already $3.45 per gallon according to AAA, and I’ve warned repeatedly tonight that prices could push toward AAA’s all-time record of $5.02 set on June 14, 2022. When pump prices surge, consumer confidence collapses and discretionary spending contracts. Put simply, the economy is in a delicate state. Recent GDP numbers have been very good, but inflation remains elevated above numbers the Federal Reserve is comfortable with.
Gas prices surging could lead to more inflation (bad for the economy and troubling for the Fed), and beyond macro worries – the downstream impacts could be large. For example, Meta is a major advertiser and Amazon is increasingly becoming an advertising giant.
What industry sees budgets hammered in a pullback? That’s advertising.
So as you can see, while technology companies feel disconnected from oil prices, the economy is an interconnected web. Let’s dive into what NVIDIA, Amazon, and Meta shares are doing Sunday night in premarket trading.
NVIDIA
NVIDIA shares are down 1.66% on Sunday night.
NVIDIA already sits in a fragile spot. Despite expectations of doubling profits year-over-year, the stock trades at a forward P/E below market averages — a sign the market doubts the AI buildout can sustain its pace. The bull case to $500 by 2030 depends entirely on hyperscaler spending holding firm. If oil shocks tighten corporate budgets, AI capex becomes vulnerable. NVIDIA’s supply commitments alone stand at $95.2 billion.
Amazon
Amazon shares are down 2.3% tonight.
Amazon has guided to $200 billion in capex for 2026, a figure that already rattled investors. The deeper risk is advertising. Advertising services generated $21.3 billion in Q4 2025 and have become a core profit engine. In a slowing consumer environment, ad budgets shrink fast. Amazon’s own filings explicitly list “energy prices” and “resource and supply volatility” as risk factors.
Meta
Finally, Meta shares are down about 2% in extended trading tonight.
Meta faces pressure from both sides. The company has committed $115 to $135 billion in capex this year to build AI infrastructure while ad revenue reached $58.1 billion in Q4 2025 represents nearly its entire business. Oil shocks historically compress advertising markets. Rising energy costs inflate the infrastructure build while the revenue base shrinks.
None of these companies produce or consume oil meaningfully. But indirect transmission through consumer confidence, ad spending, and corporate budget tightening makes them among the most exposed mega-cap names to a sustained oil shock. The Nasdaq futures tonight are already saying what the market thinks.
