Dow futures ticked up roughly 0.1%, while S&P 500 futures slipped 0.1%. Nasdaq-100 futures fell nearly 0.3% as traders continued rotating out of megacap tech.
Dow futures ticked up roughly 0.1%, while S&P 500 futures slipped 0.1%. Nasdaq-100 futures fell nearly 0.3% as traders continued rotating out of megacap tech.
The whiplash came just hours after Nvidia’s blowout fiscal Q3 results briefly ignited a powerful morning rally.
The Dow jumped as much as 718 points and the S&P 500 gained nearly 2% at intraday highs. But enthusiasm faded quickly, and Nvidia’s stock — up earlier on strong guidance — reversed to close down 3.2%.
The AI bellwether is now on pace for a roughly 11% drop in November, its worst monthly performance since March.
By the closing bell, the Dow had shed 386 points (-0.8%), the S&P 500 fell 1.6%, and the Nasdaq slid 2.2%. Bitcoin also dropped to its lowest level since April 21.
The sell-off was compounded by delayed September jobs data showing stronger-than-expected hiring but a weaker unemployment rate, adding ambiguity to the labor narrative and clouding expectations for the Federal Reserve’s December meeting.
Markets continue to price only a roughly 40% chance of a quarter-point rate cut next month, according to CME’s FedWatch tool.
All three major indexes are on track for weekly losses as investors lock in profits from this year’s outsized tech gains. The S&P 500 is down 2.9% for the week, the Dow nearly 3%, and the Nasdaq 3.6%.
Still, some analysts view Thursday’s reversal as a healthy, even necessary, reset.
TechEchelon Staff bylines are produced collectively by the newsroom for short, breaking, and wire-style coverage. Longer-form reporting is published under the responsible reporter's name.
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