Markets Slide as Traders Brace for Nvidia Earnings and Key Jobs Report – US Market Wrap

Wall Street traders preparing for Nvidia’s earnings and the jobs report avoided riskier assets, since both events will shape the global financial outlook for the remainder of 2025.

Equities and cryptocurrency tumbled just before testing of the stock bull market’s two main pillars, forecasts for artificial intelligence and Federal Reserve rate cuts. The S&P 500 fell over 1%, breaking a technical barrier that many saw as a precursor to further losses. The gauge remained above the 50-day moving average for 138 sessions, the second-longest span this century.

Nvidia’s report V/ednesday will be released amid investor concerns about skyrocketing AI valuations, despite the fact that the chipmaker is likely to achieve another earnings beat. The September jobs report will be released on Thursday, following a delay caused by the US government shutdown.

Fed Vice Chair Philip Jefferson said risks to the labour market are tilted to the downside, but officials should approach cautiously. Fed Governor Christopher Waller supports a December rate drop, citing weak labour market conditions.

The S&P 500 declined by more than 400 shares, closing near 6,670. Nvidia fell when Peter Thiel’s hedge fund sold out its entire interest in the chipmaker last quarter. Alphabet rose as Warren Buffett’s Berkshire Hathaway invested $4.9 billion in the third quarter.

The yield on 10-year Treasuries fell two basis points to 4.13%. Amazon plans to raise $15 billion through its first US dollar bond sale in three years. The dollar climbed.