4:15pm: Another day of losses
Tuesday marked another losing day for Wall Street as AI valuation concerns ahead of Nvidia’s highly anticipated earnings report weighed on sentiment.
Tech stocks led the sell-off, with the Nasdaq down 1.2% at 22,432 points. The Dow Jones was down almost 500 points or 1.1% at 46,091 points and the S&P 500 fell 0.8% to 6,617 points.
Meanwhile, Bitcoin briefly dipped below $90,000 for the first time in seven months.
3:45pm: Proactive news headlines
- Liberty Star Uranium & Metals Corp. (OTCQB:LBSR) is realigning its Arizona-based mining claims, including the Hay Mountain and Red Rock Canyon Gold projects, to improve operational clarity and attract strategic partnerships.
- Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF)’s G-LUBRICANT product helped a Ford Falcon achieve nearly 14% fuel savings during a charity car rally in Australia.
- Midnight Sun Mining Corp (TSX-V:MMA, OTCQB:MDNGF) reported promising copper assay results from its Dumbwa target in Zambia, including up to 1% copper over 22 meters.
- Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF)) completed key milestones integrating its Eventdex registration system with its Map D floor-plan platform, enhancing its event-tech capabilities.
- Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) reported higher Q3 production and revenue from its Segilola gold mine in Nigeria, generating $69.9 million in revenue and $43.1 million in net profit.
2:50pm: Market movers
- Ocado Group shares tumbled over 19% after U.S. partner Kroger said it will shut down three fulfilment centres that use the company’s automated grocery technology.
- Kroger Co announced it will close customer fulfilment centres in Maryland, Wisconsin and Florida by January as part of a network adjustment.
- Klarna Group reported record third-quarter revenue driven by strong U.S. growth and rapid uptake of its Klarna Card, though higher credit-loss provisions deepened losses.
- Home Depot beat revenue expectations but missed on profit as softer home-improvement demand and fewer storm-related projects weighed on margins.
- CellBxHealth shares rose after it announced a collaboration allowing Qiagen to integrate the Parsortix circulating tumour cell platform into its molecular technology projects.
2:10pm: Caution grips Wall Street
The S&P 500 is extending its November slide, weighed down by caution ahead of Nvidia’s earnings and the delayed US nonfarm payrolls report, according to Antonio Di Giacomo, Senior Market Analyst at XS.com.
Di Giacomo said investors are increasingly reassessing whether the sharp run-up in mega-cap tech stocks can last as doubts grow over the durability of the AI investment cycle.
“Distrust toward big tech has intensified, as some analysts warn that the cycle of massive AI investment may be entering a phase of normalization,” he noted, adding that recent volatility suggests fatigue in the tech benchmarks that have led markets higher through 2025.
Di Giacomo said the market’s pullback reflects intersecting pressures — AI uncertainty, mixed consumer trends and limited macro visibility — and warned that forthcoming data and earnings will determine whether the correction stabilizes or deepens.
1:05pm: Choppy start to afternoon
Stocks bounced back from their morning lows but were still deep in the red as the afternoon session began on Tuesday.
Around 1pm ET the Dow was still down 0.6%, the S&P 500 down 0.2% and the Nasdaq was off by 0.5%.
The small-cap Russell 2000 index was bucking the trend in the green, up 0.6%.
12:25pm: 'Macro event of the quarter'
As the AI sector braces for Nvidia Corp (NASDAQ:NVDA, XETRA:NVD)'s quarterly results on Wednesday, market eyes are fixated on the chipmaker that has become the backbone of the artificial intelligence revolution.
Analysts expect a blockbuster quarter, with revenues forecast to hit $55.19 billion, a 57% increase year-over-year, and net income projected at $30.85 billion, up 55% from a year ago.
Nvidia’s influence is so significant that, as Kathleen Brooks, research director at XTB, notes, the results are “the macro event of the quarter.”
The AI trade has faltered in recent weeks, and Nvidia is not immune. Its share price has fallen more than 4% over the past five days, testing its 50-day moving average. Investor sentiment has shifted as some large shareholders, including Softbank and Peter Thiel’s fund, have sold stakes, prompting questions about whether Nvidia can reinvigorate the broader AI market.
As Brooks notes, the wider AI trade has also come under pressure. “The iShares Future AI and Tech ETF is lower by more than 10% since peaking at the end of October. Also, the Magnificent 7 group of mega-cap tech stocks has breached its 50-day SMA and is back at its lowest level for a month.”
Even if short-term volatility persists, analysts see Nvidia as a reliable cash and revenue-generating machine that could emerge from any market turbulence stronger than before.
11:30am: Tech worries weigh
Global stocks extended their decline on Tuesday as investors shunned risk ahead of Nvidia’s earnings, with concerns over lofty tech valuations and weakening U.S. data weighing on sentiment, IG analyst Axel Rudolph said.
“Traders stayed risk-averse as worries over stretched tech valuations and upcoming Nvidia earnings dragged major tech names lower, while delayed economic releases and soft US labour data fuelled concerns the Fed may pause rate cuts,” Rudolph noted, adding that the S&P 500 and Dow were heading for a fourth straight day of losses.
Rudolph said even pockets of upbeat U.S. data failed to lift the mood. “US homebuilder sentiment edging up and a rebound in August factory orders were ignored by financial markets as the fear of disappointing Nvidia earnings dominated,” he said.
Bitcoin, meanwhile, briefly touched $90,000 as crypto markets bucked the broader risk-off tone.
10:40am: Safe havens falter
Global equity markets fell sharply on Tuesday. Even traditional safe havens struggled, with gold dropping $23 per ounce to hover near $4,000.
Kathleen Brooks, research director at XTB, highlighted that the sell-off is broadening beyond tech. “This is a broader sell-off reflecting deep concerns about the US and the global economy, not merely a correction in highly valued tech stocks," Brooks wrote.
Brooks added that while mega-cap tech stocks like Alphabet are holding up, weaker performers such as Expedia illustrate the wider market pressure.
Investors are eyeing key events this week for signs of stability, including US labor market data and Walmart’s quarterly earnings on November 20, which could provide a gauge of consumer strength ahead of Thanksgiving and Black Friday.
9.55am: Stocks open sharply lower
New York has joined the fourth day of the global sell-off, with initial losses larger than futures had been predicting.
The Dow Jones has dropped 514 points or 1.1% and the S&P 500 has slid 1.15%.
Larger losses are seen at the Nasdaq, which has slumped 1.8%.
The domestically focused Russell 2000 small cap index is calmer than yesterday, down 0.2% only.
Top fallers on the S&P are led by AMD and Micro, both down over 4%, while the top 10 includes Home Depot after its earnings, UnitedHealth, Nvidia and Tesla.
7.50am: More selling expected as bitcoin and Japan contribute to mood
US stocks are set to extend their decline into a fourth successive day on Tuesday, while bitcoin fell to a seven-month low.
Futures for the Dow Jones and the Nasdaq 100 were down 0.7%, while those for the S&P 500 pointed to a 0.5% decline.
The day before, Wall Street saw a broad-based sell-off, with the Dow plunging 557 points or 1.2% to 46,590, the S&P dropping 0.9% to 6,672 (with 407 decliners out of 500 – the most in five weeks), and the Nasdaq 0.8% to 22,708.
The worst performer was the Russell 2000, the more domestically focused small-cap index, which tumbled 2% to 2,341, underscoring the broad risk-off mood as it fell to the lowest level since August, with a similar story for the equal-weighted S&P 500.
For the first time in around six months, the S&P 500 slipped below 50-day moving average, something that's often viewed as an important technical threshold, analysts at Deutsche Bank noted. The run of 139 trading sessions above the average was the longest since 2007, they added.
"Markets have been under intense pressure in recent days across the world," said Fawad Razaqzada, market analyst at Forex.com, "with the risk off sentiment also hurting cryptocurrencies, copper and commodity dollars. Even gold has been forced lower despite being a haven asset."
Many analysts pointed to nervousness ahead of Nvidia’s upcoming earnings report on Wednesday as a trigger behind the tech sector drop, while others pointed to the crypto market.
Bitcoin plunging below several key levels in recent days, which Razaqzada said was "putting pressure on leveraged positions in other markets like stocks and bullion", also merging with intensifying concerns about growing debt problems in Japan and other economies.
"While the trigger behind the drop in risk appetite could be any of the above, I think the Japanese situation is where the real concern is," he says.
A "conflicting stance", where the government plans to implement a massive fiscal stimulus package while opposing monetary policy normalisation by the Bank of Japan, has led to a sharp decline in both the yen and bond prices, pushing Japanese yields higher to record or multi-year highs.
This matters for US stocks, Razaqzada says, as turbulence in Japanese markets may be "triggering a carry trade unwind, similar to what happened in the summer of 2024", where investors borrow funds from countries with very low interest rates like Japan, and invest them in higher-yielding assets such as stocks, gold, or cryptocurrencies denominated in stronger currencies like the US dollar.
"As Japanese yields climb, the cost of maintaining these trades rises. With yields now becoming uncomfortably high, traders are being forced to reduce leveraged positions across markets, including US stocks."
A day ahead of the must-watch Nvidia earnings, a delayed weekly jobless release came out in the early hours, showing claims hit 232k in the week ending October 18.
This highlighted the gradual deterioration many are expecting to see in the fourth quarter, said analyst Joshua Mahony at Scope Markets.
Also today, ADP payrolls data is due, ahead of Thursday’s official jobs report.
Fed funds futures now imply just a 41% probability of a December rate cut, down from 43% on Friday.