U.S. stock futures posted modest gains on Monday evening, recovering slightly after caution surrounding NVIDIA’s upcoming earnings report and a series of key labor indicators pressured Wall Street earlier in the day.
Futures Rise Slightly on Rate-Cut Hopes Despite Lingering Market Pressures
Equity futures moved into positive territory following comments from Federal Reserve Governor Christopher Waller, who suggested the central bank should consider deeper rate cuts to bolster the labor market. Still, most market expectations continue to lean toward the Fed keeping interest rates unchanged at its December meeting.
As of 18:43 ET (23:43 GMT):
S&P 500 futures were up 0.2% at 6,702.75
Nasdaq 100 futures added 0.2% to 24,924.0
Dow Jones futures increased 0.1% to 46,724.0
Tech Selloff Drags U.S. Markets Lower as Investors Brace for NVIDIA Results
Wall Street ended Monday’s session in negative territory as investors continued to unload major technology names. NVIDIA’s quarterly report, set for release on Wednesday, remained the main source of investor anxiety.
NVIDIA shares fell nearly 1.9%, extending recent declines as traders locked in profits following three years of explosive AI-driven gains. Doubts about the long-term returns on massive AI investments also weighed on other tech stocks.
Palantir slipped 1.6%, bringing its weekly loss to nearly 10%.
Alphabet stood out as a rare outperformer, rising 3.1% after Berkshire Hathaway disclosed a $4.3 billion stake in the company. The stock also benefited from market expectations that Google may unveil its next-generation AI system, Gemini 3.0, as early as Tuesday, according to predictions from Polymarket.
Despite Alphabet’s strength, the broader downturn in tech continued to pressure the entire market. Cyclical sectors also weakened as investors grew more cautious about the U.S. economic outlook.
At Monday’s close:
The S&P 500 slid 0.9% to 6,672.50
The Nasdaq Composite fell 0.8% to 22,708.08
The Dow Jones Industrial Average dropped 1.2% to 46,590.49
Investors will also keep a close watch on upcoming earnings from major retailers such as Walmart, Target, and Home Depot, which will serve as key indicators of U.S. consumer spending health.
Labor Data in Focus as Odds of December Rate Cut Diminish
Markets are preparing for several U.S. economic releases that were delayed by the October government shutdown. The September nonfarm payrolls report—scheduled for Thursday—will be a critical measure of labor market strength, a central pillar in the Fed’s policy decisions.
Although Waller urged more assertive action to safeguard employment, the likelihood of a December rate cut has weakened. The absence of October inflation and labor data has reduced confidence that the Fed will have enough information to justify policy easing.
According to the CME FedWatch tool:
The probability of a 25-basis-point rate cut at the December 10–11 meeting has dropped to 40.8%, from 55.4% last week.
Markets are now pricing in a 59.2% chance that the Fed will hold rates steady.
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