US stock futures slid Tuesday, extending a tech-led selloff as investors braced for Nvidia’s highly anticipated earnings and crucial labor market data delayed by the government shutdown.
As of 4:56 P.M. (GMT+7), the Dow Jones Industrial Average futures declined by 0.25%, or 118.50 points, to 46,472.00 points, while S&P 500 futures fell 0.21%, or 13.90 points, to 6,658.60 points. As for Nasdaq 100 futures, the most tech-focused of the major indices, the index dropped 0.24%, or 60.40 points, to 24,739.50 points, after Wall Street ended sharply lower in the previous session.
Monday’s rout saw the Dow Jones plunge by 1.2%, or more than 550 points, with the S&P 500 and Nasdaq Composite each retreating nearly 1%, as heavy selling hit technology names.
Nvidia, a bellwether for the AI sector, shed about 2% ahead of fiscal third-quarter results scheduled for Wednesday after the market close. The closely watched report arrives as Wall Street debates the resilience of this year’s rally driven by artificial intelligence. Concerns around elevated valuations, narrowing market leadership, increased AI depreciation, and a rise in Big Tech debt issuance have weighed on sentiment.
Apart from Nvidia earnings, investors are focusing on several economic releases likely to influence expectations for Federal Reserve policy. Rate-cut probability has sharply declined, with fed funds futures now projecting about a 40% chance of a move, down from over 90% just a month ago. The Fed’s October meeting minutes will be released Wednesday, followed by a delayed September employment report on Thursday—the first major economic dataset since the shutdown.
Results from leading retailers—including Walmart, Home Depot, and Target—are also due this week, offering a window into consumer spending trends as the holiday season approaches.
