Shares of FuboTV (NYSE: FUBO) they were pulling back today after a surge last week that reached an agreement to merge Disney‘s (NYSE: DIS) Hulu + Live TV.

There was no company-specific news regarding Fubo today, but after digesting the news, investors may think that the rally in Fubo stock was overblown. A risk-on day in the market, fueled by increased bets that the Federal Reserve may not cut interest rates this year, also appeared to fuel the sell-off.

As of 1:10 p.m. ET, shares were down 11.2%.

Investors cheered the announcement of the Fubo/Hulu + Live TV deal last week, as the stock more than tripled in a single day.

In a way, this makes sense, as Disney will own 70% of the new Fubo, as Hulu + Live TV makes up the bulk of the new subscriber base. But many questions remain even after Disney canceled sports streaming joint venture Venu, which was expected to be a competitor to Fubo. Fubo shares declined on Friday after the announcement.

Today, investors seem to continue to question the strategic rationale for the merger. Fubo is currently unprofitable, and Disney is only just breaking even in its streaming division, but it’s unclear whether Hulu + Live TV is profitable.

Also, stocks fell broadly today as hopes of continued Fed rate cuts appear to have faded after a strong jobs report.

The surge following the merger news was a one-time gain for Fubo stock, and the company, or the future combined company, will need to continue to deliver good news for the stock to move higher. With ESPN’s flagship streaming service set to launch this fall, Fubo’s future also looks unclear.

While the merger is better than Fubo remaining a stand-alone company, it is far from a guarantee of success for the streaming stock.

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