US stocks wavered 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) rose 0.25%, while the S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) traded roughly flat. The three indexes had fallen at the market open.
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.
A boost to start the week 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 6% in early trading. Meanwhile, Nvidia shares fell as a filing showed that Thiel Macro, Palantir (PLTR) co-founder Peter Thiel’s hedge fund, sold its stake in the AI chipmaker.
Investors are hoping to get an official snapshot of the labor market with the long-awaited release of September’s jobs report on Thursday. But a full return to a complete slate of economic data remains up in the air, even after the federal shutdown ended.
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 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 as low as $94,000 per token. The token has erased the gains made this year, which were sparked by the Trump administration’s more crypto-friendly stance — a sign that investors are shifting to a risk-off mindset.
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Tesla stock rises as Stifel gets bullish on Full Self-Driving, robotaxis
Tesla stock (TSLA) climbed over 2% in morning trading on Monday after Stifel analyst Stephen Gengaro raised his price target on the stock. The move higher came after a bruising week for the stock, with shares down nearly 7% over the past five days.
Yahoo Finance’s Pras Subramanian reports:
Read more here.
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Fed reshuffling is coming, but 2026 still looks divided
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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.”
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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.
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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.
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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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Nvidia, Walmart earnings, and the return of jobs numbers: What to watch this week
Yahoo Finance’s Myles Udland takes a look at potential market movers in the days ahead:
The major stock indexes finished last week flat. It felt much worse for many investors.
Read more here.
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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.
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Chinese EV maker XPeng’s Q4 sales forecast falls short
Reuters reports:
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.
Read more here.
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Good morning. Here’s what’s happening today.
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Premarket trending tickers: Dell, Marriott Vacations, HP, and Masimo
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.
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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.
Read more here.
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‘Hold your ground’: Wall Street strategists say tech stock sell-off is a short-term blip as earnings bull case remains intact
Yahoo Finance’s Allie Canal reports:
Read more here.
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Japanese retail, tourism stocks fall after Beijing travel warning
Some of Japan’s biggest tourism and retail-related stocks slumped after China warned its citizens against traveling to and studying in the country, amid a deepening diplomatic spat between the nations.
Bloomberg reports:
Read more here.
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Oil drops as Russia opens up key port after week closure
Bloomberg reports:
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