4:15pm: Fears mount for Nvidia
US stocks closed lower on Monday, extending a three-day slide as investors grew uneasy about the Federal Reserve’s next move and braced for a pivotal week of economic and tech-sector news.
The Dow Jones Industrial Average fell 1.2% to 46,590, losing 557 points. The S&P 500 dropped 0.9% to 6,672, while the Nasdaq slipped 0.8% to 22,708. The small-cap Russell 2000 tumbled 2% to 2,341, underscoring the broad risk-off mood.
Wall Street’s nerves were already frayed ahead of Nvidia’s earnings on Wednesday, a report that has become something of a market event in its own right. With Big Tech valuations under scrutiny and questions building around whether massive AI spending is sustainable, investors are treating this week’s numbers as a test of confidence. Nvidia shares fell nearly 2% after a filing showed Peter Thiel’s hedge fund, Thiel Macro, exited its position in the chipmaker.
Adding to the caution, traders are still waiting for the delayed September jobs report, now due Thursday. The snapshot of the labor market is expected to carry extra weight as recent comments from Federal Reserve officials have injected uncertainty into the outlook for a December rate cut. Markets are pricing in about a 45% chance of a cut, down from 62% a week ago.
With so many moving parts, from Fed doubts, a critical earnings test, and long-awaited labor data, investors opted to pull back and reassess, setting the tone for what could be a turbulent week.
3:45pm: Proactive news headlines
- HIVE Digital Technologies reported record fiscal Q2 revenue of $87.3 million, driven by stronger Bitcoin mining operations and growing demand for its BUZZ high-performance computing services.
- Replenish Nutrients signed a three-year licensing deal giving Farmers Union Enterprises exclusive rights to manufacture and distribute its SuperKS pellet fertilizer across five U.S. states.
- First Phosphate Corp. closed an oversubscribed private placement, raising $2.18 million from flow-through shares and hard-dollar units.
- NanoViricides advanced its antiviral candidate NV-387 toward Phase II monkeypox trials, supported by new financing detailed in its latest quarterly report.
- Millennial Potash unveiled a major resource upgrade at its Banio project in Gabon, including a large maiden Measured carnallitite resource that will support an upcoming feasibility study.
- Algernon Health entered a strategic agreement with American Molecular Imaging to provide exclusive radiology reading services for its planned U.S. network of brain-focused PET neuroimaging clinics opening in 2026.
- Trust Stamp increased third-quarter recognized revenue by 71% year-over-year while reducing operating expenses as it continued to grow its customer base.
- Medicus Pharma applied for an FDA National Priority Voucher to speed the review of SkinJect, its investigational microneedle patch for treating basal cell carcinoma.
2:55pm: Market movers
- Nvidia Corp shares fell more than 2% after filings showed Peter Thiel’s fund sold its entire 538,000-share stake, nearly $100 million worth, which had previously made up about 40% of the portfolio.
- HIVE Digital Technologies posted record fiscal Q2 revenue of $87.3 million, up sharply on expanded Bitcoin mining and surging demand for its BUZZ HPC services.
- Replenish Nutrients Holding Corp signed a three-year deal granting Farmers Union Enterprises exclusive rights to produce and distribute its SuperKS pellet fertilizer across five U.S. states.
- NanoViricides said new financing is supporting development of its antiviral NV-387, which is designed to resist viral escape and move toward Phase II monkeypox trials.
- Millennial Potash Corp announced a major upgraded resource estimate at its Banio project in Gabon, including 648 million tonnes of maiden Measured carnallitite resources grading 15.7% KCl.
- Alphabet Inc shares rose 3.3% premarket after Berkshire Hathaway disclosed a new US$4.3 billion stake, marking a rare tech investment for Warren Buffett’s firm.
1:55pm: Construction spending higher
Total construction spending edged up 0.2% in August, marking a third straight monthly increase.
The summer’s gains were driven mostly by stronger home-improvement activity in the residential sector, according to analysts at Wells Fargo, while nonresidential spending continued to drift lower.
12:45pm: Investors eye rate signals
Currently, markets see roughly a 50-50 chance of a rate cut in December, with several Fed officials signaling a preference to pause the cutting cycle.
“Given stresses in short-term funding markets in recent weeks, financial markets are likely to closely parse assessments of financial conditions from the Fed staff economists and policymakers,” said Bill Adams, Chief Economist at Comerica Bank, highlighting investor scrutiny ahead of potential Fed actions.
Investors will also watch the long-delayed September jobs report, set for release on November 20, alongside data on industrial production, capacity utilization, housing starts, and building permits. Early forecasts suggest modest gains in industrial output and a slight uptick in homebuilder sentiment, while lower mortgage rates may have supported existing home sales.
Preliminary PMI surveys from S&P Global are expected to show a small November decline, while the University of Michigan’s consumer survey may reflect improved sentiment following the end of the government shutdown.
11:55am: Apple succession rumors grow
Apple Inc (NASDAQ:AAPL, ETR:APC) is rumored to be stepping up its CEO succession planning as Chief Executive Tim Cook considers stepping down within the next year after 14 years at the helm, media reports said.
John Ternus, Apple’s senior vice president of hardware engineering, is reportedly the frontrunner to succeed Cook, with an official announcement expected after the company’s earnings report in late January.
Cook’s tenure transformed Apple into one of the world’s most valuable companies. If Ternus assumes the CEO role, he would inherit a company that has grown by $3.68 trillion under Cook.
11:20am: Fed faces tough choice
UBS analysts say the US economy’s expansion is “very narrowly driven,” with residential and structures investment, along with government spending, all in retreat.
Much of the current growth, they say, seems to be riding on the back of artificial intelligence. They added that “tariff headwinds fight fiscal policy support in a central tension for the growth outlook next year,” noting that tariffs are also pushing up inflation.
Labor demand has slowed more than labor supply, leaving the Fed in a tricky spot. UBS expects that, partly under new leadership, the federal funds rate will land at 3% to 3.25% by the end of next year.
Looking further out, the analysts remain upbeat, seeing the potential for a boost in structural growth if trade tensions and policy uncertainty can be resolved.
10:45am: Week Ahead
Wall Street is gearing up for a busy week as investors turn their attention to a trio of market-moving events: Nvidia’s earnings report, major retailer results, and the return of US economic data following the longest government shutdown in history.
Nvidia Corp (NASDAQ:NVDA, ETR:NVD), the world’s largest AI-focused company, is set to report its latest quarterly results on Wednesday. The tech giant has become a bellwether for the AI trade, and after recent weakness in the sector, all eyes are on whether the company can reassure investors.
Analysts are expecting strong numbers: revenues of around $55.1 billion and net income of $30.8 billion, fueled by the ongoing demand for its Blackwell and Reuben chips. Gross margins, expected to sit between 70–75%, will also be closely watched.
Retailers also take center stage this week. Walmart Inc (NYSE:WMT, ETR:WMT), Home Depot Inc (NYSE:HD, ETR:HDI), and Target Corp (NYSE:TGT) will report quarterly results, providing the latest insight into the health of the US consumer ahead of the holiday season. With the economy slowly recovering from government disruptions, investors will be eager to hear how consumers are spending.
Adding to the week’s significance is the return of US economic data. The long-delayed September nonfarm payrolls report is expected Thursday, along with other key releases that could influence Federal Reserve policy.
9:55am: Stocks wobble
Stocks wavered at Monday’s open, with the Dow slipping 38 points to 47,109, the S&P 500 down 10 points at 6,724, and the Nasdaq edging lower by 39 points to 22,862.
The Russell 2000 was largely flat, dipping just one point to 2,387.
Investors started the week cautiously, grappling with lingering doubts over potential interest rate cuts and looking ahead to a packed week for market-moving events. All eyes are on Nvidia, which reports earnings Wednesday — a closely watched moment for Big Tech amid concerns over lofty AI-driven valuations and heavy spending in the sector.
Adding some early-week excitement, Berkshire Hathaway disclosed a nearly $5 billion stake in Alphabet, marking one of the few tech bets under Warren Buffett’s leadership. The announcement sent Google-parent shares up about 6% in early trading. Meanwhile, Nvidia shares pulled back after filings showed Peter Thiel’s hedge fund, Thiel Macro, sold its stake in the chipmaker.
Investors are also gearing up for Thursday’s long-awaited September jobs report, hoping it will provide a clearer read on the US labor market after the federal shutdown delayed key economic data.
8am: Wall Street trying to shake off the funk
Wall Street is trying to shake off last week’s wobble, but the tone ahead of the open is more uneasy shuffle than confident stride. Stock futures were mixed as traders weighed stretched valuations, a rapid sector rotation and the market’s latest rethink on how generous the Federal Reserve might be with rate cuts.
S&P 500 futures inched up 0.5%, the Nasdaq-100 added 0.15%, while the Dow wa flat.
The early action belonged to Alphabet, which jumped more than 4% in premarket dealings after Warren Buffett’s Berkshire Hathaway disclosed a new stake worth over $4 billion.
Berkshire trimmed its Apple holding by 15%, which will set tongues wagging on the tech reshuffle.