Stock market today: Dow, S&P 500, Nasdaq futures make up lost ground after bitcoin bounces off lows
US stock futures trimmed losses on Tuesday as the bitcoin (BTC-USD) slump that set markets on edge started to ease, with a pivotal Nvidia (NVDA) earnings report and shutdown-delayed jobs data on the horizon.
S&P 500 futures (ES=F) were 0.2% lower, recovering ground after dropping 0.8% in the very early hours. Contracts on the Dow Jones Industrial Average futures (YM=F) and the tech-heavy Nasdaq 100 (NQ=F) also came off premarket lows, down about 0.4% and 0.2%, respectively, on the heels of sharp closing losses for Wall Street stocks.
Bitcoin dipped below $90,000 on Tuesday for the first time in seven months, deepening a sell-off that wiped out all of the leading cryptocurrency’s gains for the year. That fueled alarm in Asia — where Japanese stocks booked their worst loss since April — and helped push 10-year Treasury yields (^TNX) lower.
The risk-off mood now appears to be lifting somewhat, as US stocks reverse course and bitcoin rises above $91,000 — though worries about the AI boom and the US economy are still in play. The Dow tumbled 1.2% in a bruising session for equities on Monday, logging its worst three-day run since April’s “Liberation Day” slide as selling pressure intensified across Big Tech.
But the market still faces two key tests of those concerns in coming days.
Chipmaker Nvidia’s third quarter results land on Wednesday, at a moment when investors are rethinking the durability of this year’s AI-fueled market rally. A surge in Big Tech debt issuance is in focus, too, as analysts question huge spending on AI datacenter buildouts.
And on Thursday, Wall Street will look to the September jobs report release to help shape expectations for the Federal Reserve’s next policy moves. It’s the first major economic reading since the US shutdown delayed official data releases, adding uncertainty. Traders have pared rate-cut odds significantly from total conviction a month ago, and are now pricing in a 46% chance of easing.
Meanwhile, a stream of earnings from retailers should offer insight into consumer strength ahead of the holiday season. Home Depot (HD) cut its full-year profit guidance after its earnings missed estimates before the bell, pulling its shares almost 2% lower. Results from major chains Walmart (WMT) and Target (TGT) are also set to hit this week.
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