US stock futures fell on Tuesday, pointing to a return to losses as bitcoin’s (BTC-USD) slump rattled nerves, with a pivotal Nvidia (NVDA) earnings report and shutdown-delayed jobs data on the horizon.
Dow Jones Industrial Average futures (YM=F) dropped roughly 0.3%, and S&P 500 futures (ES=F) also slid 0.3%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 0.4% lower on the heels of sharp closing losses for Wall Street stocks.
The overnight moves follow a bruising session for equities. The Dow tumbled more than 550 points, or 1.2%, while the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) each shed nearly 1% as selling pressure intensified across big tech.
Nvidia dropped about 2% ahead of its closely watched fiscal third-quarter results due Wednesday after the bell. The chip giant’s report lands at a moment when investors are rethinking the durability of this year’s AI-fueled market rally. Concerns over stretched valuations, softening market breadth, accelerating AI-related depreciation, and a surge in Big Tech debt issuance have all added fuel to the debate.
Beyond Nvidia, investors will parse several key data points that could shape expectations for the Federal Reserve’s next moves. Rate-cut odds have been pared back significantly: Fed funds futures now price in about a 40% chance of a cut, down from over 90% a month ago. The Fed’s October meeting minutes arrive Wednesday, followed Thursday by the September jobs report, the first major economic reading since the government shutdown delays.
Earnings from major retailers Walmart (WMT), Home Depot (HD), and Target (TGT) are set to hit this week, offering insight into consumer strength ahead of the holiday season.
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