Dow, S&P 500, Nasdaq slide as sell-off resumes ahead of Nvidia earnings, jobs data-awdailynews

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2025-11-18

Dow, S&P 500, Nasdaq slide as sell-off resumes ahead of Nvidia earnings, jobs data

US stocks saw a third day of losses on Monday amid doubts about interest rate cuts, as investors looked ahead to high-stakes Nvidia (NVDA) earnings and the delayed September jobs report.

The tech-heavy Nasdaq Composite (^IXIC) erased modest gains to fall over 0.8%, while the S&P 500 (^GSPC) dropped 0.9%. The Dow Jones Industrial Average (^DJI) also slipped around 1.2%, or more than 550 points.

Wall Street is already getting set for Nvidia’s (NVDA) earnings on Wednesday, always an intensely scrutinized event. But the stakes are even higher this time amid doubts about Big Tech valuations and hefty AI spending. The chipmaker’s results and outlook will test faith on Wall Street that earnings will continue to drive stock gains and that the tech sell-off is a blip. Shares fell nearly 2% on Monday as a filing showed that Thiel Macro, Palantir (PLTR) co-founder Peter Thiel’s hedge fund, sold its stake in the AI chipmaker.

A bright spot for tech came after Berkshire Hathaway (BRK-B) disclosed it has taken a nearly $5 billion stake in Alphabet (GOOG, GOOGL). The move — likely one of the last under Warren Buffett’s leadership — is a rare tech bet by the conglomerate, one that markets will set against AI trade concerns. The Google parent’s stock popped about 3%.

Meanwhile, investors are hoping to get an official snapshot of the labor market with the long-awaited release of September’s jobs report on Thursday. This week’s delayed monthly picture of the US jobs market will come under high scrutiny, as the more cautious tone struck by Federal Reserve officials recently throws doubt on the central bank’s rate move next month. Traders are now pricing in a 45% chance of a rate cut, compared with 62% a week ago.

In other earnings this week, investors will get fresh insight into consumer strength as retailers led by Walmart’s (WMT) report. Home Depot (HD), Target (TGT), Lowe’s (LOW), and Gap (GAP) are others on this week’s docket.

Bitcoin (BTC-USD), meanwhile, is serving as a health check for the crypto market at large. Since its early October peak, the price of the cryptocurrency has dropped from a record high of over $126,000 to below $92,000 per token.

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Stocks see third day of losses

The major US stock indexes posted losses for the third consecutive trading session on Monday, as Wall Street looked ahead to Nvidia’s (NVDA) earnings and jobs data later this week amid doubts about the central bank’s path to interest rate cuts.

The tech-heavy Nasdaq Composite (^IXIC) erased a slight gain to end the session down 0.8%, and the S&P 500 (^GSPC) shed 0.9%. The Dow Jones Industrial Average (^DJI) slipped around 1.2%.

The Financial, Energy, and Technology Sectors (XLF, XLE, XLK) led losses on Monday. Cryptocurrencies and Big Tech stocks — save for Alphabet (GOOGL), Broadcom (AVGO) and Tesla (TSLA) — ended the session on a downbeat note, with Nvidia leading the Mag 7 declines.
Stakes are high for Nvidia earnings this week

With stocks headed toward their third consecutive day of losses, crypto tumbling, and the VIX (^VIX), seen as a fear gauge, rising — a lot is riding on this week’s earnings announcement from AI chip giant Nvidia (NVDA) when it reports on Wednesday after the bell.

“A positive surprise by NVIDIA and a recovery to new highs there, now down 12% from its all-time high, would re-energize the entire market,” said Louis Navellier, founder of Navellier & Associates.

Navellier pointed out that recent revelations of high-profile investors SoftBank and Peter Thiel’s fund selling their positions in Nvidia have “put a chill on the shares.” There are concerns about circular finance agreements between OpenAI (OPAI.PVT), the creator of ChatGPT, and several tech companies.

“If Nvidia delivers strong beats and, more importantly, strong guidance, these concerns will be mitigated and the AI theme will be reaffirmed, leading the market higher,” he said.
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Alphabet reaches all-time high as Berkshire buys shares of tech giant

Alphabet (GOOG) stock jumped more than 4% on Monday morning, touching a record high after Berkshire Hathaway (BRK-B) took a stake in the tech giant, scooping up 17.85 million shares.

Berkshire Hathaway, led by Warren Buffett, has traditionally shied away from Big Tech plays, with the exception of Apple (AAPL), its largest holding, and is seen by Buffett as more of a consumer products company.

Alphabet stock is up 51% year to date.
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Big Tech stocks trade mixed as Broadcom keeps rising

The “Magnificent Seven” Big Tech stocks diverged on Monday, as a surge for chipmaker Broadcom’s shares (AVGO) bolstered the argument it should join their ranks.

Alphabet (GOOG, GOOGL) stock popped 5% after Warren Buffett’s Berkshire Hathaway (BRK-B) revealed it had taken a nearly $5 billion stake in the Google parent. Meanwhile, Tesla’s (TSLA) shares rose about 3%.

But Amazon (AMZN) sank 1.8%, while shares of Apple (AAPL) and Microsoft (MSFT) both dropped by a fraction. Meta (META) fluctuated along the flat line.

Nvidia (NVDA) stock clawed back ground to trade about 1% lower, after tech mogul Peter Thiel’s hedge fund sold its entire stake in the AI chipmaker. That echoes SoftBank’s move to offload its own shares in Nvidia.

Elsewhere in chip stocks, Broadcom moved up 2%. The US company’s market cap has now surpassed that of both Tesla and Meta, strengthening the case for the Mag 7 group to expand, perhaps to the “Great Eight.”
Stocks wobble at the open

US stocks briefly fell at the open on Monday, but quickly recovered to trade flat.

The tech-heavy Nasdaq Composite (^IXIC) fell roughly 0.5%, while the S&P 500 (^GSPC) slipped around 0.4%. The Dow Jones Industrial Average (^DJI) traded around 0.3% lower.

However, the three major gauges reversed direction to hover above the flat line minutes after the start of Monday’s trading session.

Any gains could help stocks start to revive a rally that stalled last week due to doubts over the Federal Reserve’s plan for interest rate cuts.

The market action comes as investors look ahead to Nvidia’s (NVDA) highly anticipated earnings report on Wednesday and the delayed September jobs report.
Nvidia stock sinks as Peter Thiel’s hedge fund sells stake

Nvidia (NVDA) shares sank nearly 2% before the market open Monday as a filing showed tech industry mogul Peter Thiel’s hedge fund, Thiel Macro, sold its stake in the AI chipmaker in the third quarter. The stake included more than half a million Nvidia shares worth around $100 million, Reuters reported.

The news comes after SoftBank Group (SFTBY) sold off its own Nvidia stake — more than 32 million shares — and just ahead of the chipmaker’s quarterly earnings report Wednesday. Nvidia’s results are set to shed light on whether AI-fueled tech stocks are in a bubble on the verge of bursting.

The stock is up nearly 42% for the year.
Zymeworks, Jazz Pharmaceuticals stocks soar on positive trial results for stomach cancer treatment

Shares of the biotech company Zymeworks (ZYME) and Jazz Pharmaceuticals (JAZZ) soared by over 34% and 20%, respectively, on Monday morning after the partners announced positive results in a late-stage trial of their stomach cancer treatment.

In a statement, Zymeworks said its treatment, called Ziihera, “demonstrated highly statistically significant and clinically meaningful improvements” in survival compared to the control for patients with stomach cancer and other gastrointestinal cancers when used in conjunction with chemotherapy.

“The topline results from HERIZON-GEA-01 represent a true turning point for patients with HER2+ gastroesophageal adenocarcinoma, marking real progress in an indication that has historically had limited treatment options and poor outcomes,” Zymeworks CEO Kenneth Galbraith said.

Jazz, which acquired the commercialization rights to the treatment, plans to submit the results at a major medical meeting in the first quarter of 2026 and for publication in a peer-reviewed journal. The company said it will also submit the data to the National Comprehensive Cancer Network Guidelines for adoption.
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Netflix’s 10-for-1 stock split takes effect

Netflix’s (NFLX) 10-for-1 stock split went into effect after the close of trading on Friday, meaning Netflix shareholders received 10 shares for every one share of the company they owned on Nov. 10.

It was the company’s third stock split in its history (the other two were in 2004 and 2015). In a statement, the company said it aimed to “reset” the price to make it more accessible to employees.

Netflix announced the split on Oct. 30, when shares were trading north of $1,000 apiece. On Monday morning, shares changed hands at around $111 before the market opened. They dipped by about 0.2% on a split-adjusted basis.
Chinese EV maker XPeng’s Q4 sales forecast falls short

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XPeng (XPEV) forecast fourth quarter revenue below estimates on Monday, as a prolonged price war and intensifying competition in China, the world’s largest auto market, threaten to slow its ‌growth.

The Chinese electric vehicle maker’s US-listed shares, which have more than doubled this year, fell about ‌4% in premarket trading.

The cautious outlook comes despite XPeng and rival NIO (NIO) posting record deliveries in October, even as Tesla’s (TSLA) China sales slumped to a three-year low. The contrasting performance underscores the uneven impact of a bruising price war that has eroded profitability ⁠across China’s crowded EV ‌sector.

XPeng expects fourth-quarter revenue between 21.5 billion yuan ($3.03 billion) and 23 billion yuan, below analysts’ average ‍estimate of 26 billion yuan, according to data compiled by LSEG.

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Good morning. Here’s what’s happening today.
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Dell (DELL) Stock fell 5% in premarket trading on Monday after Morgan Stanley cut ratings on several major technology hardware makers, including Dell.

HP Inc. (HPQ) stock fell 3%. Alongside Dell, Morgan Stanley cut ratings for the technology stock.

Masimo (MASI) stock rose 3% before the bell after a US jury ruled that Apple (AAPL) must pay Masimo $634 million in smartwatch patent case.
Alphabet stock rallies after Berkshire reveals $4.9 billion stake

Alphabet’s (GOOG, GOOGL) shares rose 5.5% in premarket trading on Monday after Berkshire Hathaway (BRK-B) disclosed an almost $5 billion stake in the Google parent.

The move marks what could be one of the final major moves by the conglomerate ‌under the leadership of Warren Buffett, who is stepping down from his duties as chairman and CEO at the end of the year.

Reuters reports:

A filing on Friday showed that Berkshire owned 17.85 million shares in Google’s parent as of September 30. As of the stock’s last close,⁠ the stake would ‌be worth $4.93 billion, according to Reuters’ calculations.

Berkshire’s move comes amid growing concerns ‍over Big Tech’s heavy AI spending that intensified after Michael Burry, known for “The Big Short”, deregistered his hedge fund last week following his recent criticism of leading AI ‌companies. …

It was unclear whether Buffett, his portfolio managers Todd Combs and Ted Weschler or [next CEO Greg] Abel made ⁠the specific purchase, though Buffett typically oversees the larger investments.

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