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1h ago

Tech-Led Selloff Deepens as Wall Street Waits for Nvidia and Delayed U.S. Jobs Data

Cooling rate-cut odds sharpen focus on Nvidia’s results ahead of long-delayed jobs data.

U.S. dollar, Euro, Yen and Pound banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration
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The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren

Overview

  • The S&P 500 and Nasdaq closed below their 50-day moving averages for the first time since late April, with the Dow, S&P 500 and Nasdaq all finishing lower on Monday.
  • AI and chip names led declines as investors questioned rich valuations and the payoff from massive AI spending, with Nvidia down nearly 2% ahead of Wednesday’s earnings.
  • Traders now see roughly a 40%–45% chance of a December Fed rate cut, a sharp pullback from a month ago, after Fed Vice Chair Philip Jefferson urged moving slowly and Governor Christopher Waller signaled support for another cut.
  • The long-delayed September nonfarm payrolls report is scheduled for Thursday after the shutdown, a key input for rate expectations alongside retailer results from Home Depot, Target and Walmart.
  • Risk-off moves widened beyond equities: the VIX jumped, bitcoin hovered just under $92,000 after a >25% slide from October’s peak, and 10-year Treasury yields edged down to about 4.13% as global markets softened.