US stocks moved lower on Monday. The Dow, Nasdaq, and S&P 500 hovered near the flatline. The indexes dipped after opening weak. Nvidia fell more than 1%. Traders waited for its third-quarter earnings on Wednesday. Nvidia’s outlook for 2025 and 2026 stayed in focus. CEO Jensen Huang recently said the company has $500 billion in chip orders. That number kept valuation concerns high.
Alphabet rose sharply. The stock gained about 5%. Berkshire Hathaway revealed a $4.3 billion stake. Alphabet became Berkshire’s 10th-largest holding. The move came through Todd Combs or Ted Weschler. Apple’s position was trimmed by 15%. The market watched economic data.
The September nonfarm payrolls report is due Thursday. It will be the first major release after the shutdown. A strong or weak number could shift December rate-cut expectations. Fed Vice Chair Philip Jefferson signaled caution. He said policy is still restrictive. He expects slow progress toward neutral rates. Inflation remains above 2%. Tariffs are driving part of the pressure.
The Nasdaq ended last week down 0.5%. Losses came from Alphabet, Amazon, Broadcom, and Meta. The S&P 500 and Dow posted small gains for the week. Both faced sharp declines on Thursday. Premarket moves were active. Zymeworks jumped about 35%. Jazz Pharmaceuticals rose 21%. Both companies reported strong Phase 3 cancer drug data. Lithium stocks surged. Ganfeng’s chairman forecast 30% demand growth in 2026.
Albemarle gained 4%. Sigma Lithium popped 26%. Lithium Argentina climbed 8%. Lithium Americas added 3%. XPeng dropped more than 3%. The company issued weak Q4 revenue guidance. Its Q3 loss narrowed but revenue met expectations.
New York’s Empire State Manufacturing Index hit 18.7. It was the highest in a year. New orders and inventories improved. Prices eased but stayed expansionary. Investors continued to monitor risks tied to AI spending, labor data, and Fed timing.
US Stock Market Today: Dow, Nasdaq and S&P 500 Slip
The Dow Jones Industrial Average fell 76 points to 47,071.08, slipping 0.16%. The Nasdaq Composite gained 0.25%, while the S&P 500 hovered near flat after recovering from early declines. Alphabet surged almost 6% after Berkshire Hathaway disclosed a nearly $5 billion stake, marking one of Warren Buffett’s rare tech investments.
Nvidia dropped about 2% after a regulatory filing showed Peter Thiel’s hedge fund exited a $100 million position, adding pressure ahead of Wednesday’s highly watched earnings.
Investors are now pricing in a 45% probability of a December rate cut, sharply lower than 62% a week earlier following cautious Federal Reserve remarks.
Bitcoin extended its steep correction, plunging from its October record above $126,000 to $94,000, wiping out all 2025 gains and signaling a broader shift toward risk-off sentiment.
Investors Brace for September Jobs Report
Wall Street is also preparing for the September nonfarm payrolls report, the first major economic release after the temporary US government shutdown.
Analysts warn that a strong or weak print could shift expectations for a December Fed rate cut.
Federal Reserve Vice Chair Philip Jefferson said current policy remains “somewhat restrictive,” urging a slow path toward the neutral rate. Inflation remains above 2% but is driven partly by tariff effects.
AI Stocks Face Pressure as Nvidia Outlook Comes Into Focus
Nvidia CEO Jensen Huang said in October that the company has $500 billion in chip orders for 2025–26, reinforcing massive AI demand.
Even so, traders worry that strong earnings may heighten concerns about “limitless AI capital budgets,” according to Montis Financial CIO Dennis Follmer.
AI mega-caps have pulled back recently. The Nasdaq ended last week down 0.5%, hit by declines in Alphabet, Amazon, Broadcom, and Meta Platforms.
Sector Movers: Lithium Stocks, Pharma Gains, and XPeng Weakness
Zymeworks jumped 35% and Jazz Pharmaceuticals rose 21% after positive Phase 3 cancer drug data.
Lithium stocks surged after a forecast from Ganfeng’s chairman predicting 30% demand growth in 2026. Sigma Lithium soared 26%, Albemarle climbed 4%, and Lithium Argentina and Lithium Americas gained 8% and 3%.
Chinese EV maker XPeng dropped more than 3% after issuing Q4 revenue guidance below analyst estimates despite reporting a narrower loss.