US Stock Market Today: S&P 500, Nasdaq Fall Ahead Of Nvidia Earnings, Jobs Report

US stock market fell at open on Monday as traders await a number of key releases, including Nvidia earnings and the September jobs report. The Dow Jones Industrial Average fell 126 points, or 0.3%. The S&P 500 slid 0.4%, and the tech-heavy Nasdaq Composite lost 0.5%.

Seven out of 11 sectoral indices on the S&P 500 fell.

Google parent Alphabet Inc. rose 4% after Warren Buffett’s Berkshire Hathaway Inc. revealed it had taken a stake in the company.

Nvidia Corp. was down over 1% ahead of third-quarter results, which are slated for release on Wednesday. The chipmaker and other names in the AI trade were a source of recent pressure as investors have grown anxious about stretched valuations.

Analysts expect Nvidia to post another bumper quarter, but expectations are riding very high given the artificial intelligence bellwether’s massive $5 trillion valuation. 

The September US jobs report will be released on Thursday, after the government shutdown delay. The labour market data will be a key indicator of the health of the US economy, before the Federal Reserve decides on interest rates in December.

The dollar rose against major currencies. The dollar index gained was up 0.2%, with gains over the euro, pound and yen.

The yield on the benchmark 10-year US government bond was little changed at 4.14%.

In cryptocurrencies, bitcoin rose over 2% to $95,700 while ether jumped 4%.