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Tech and finance lead sell-off as traders brace themselves for Nvidia earnings and the September jobs report

While speculative assets were hardest hit, all sector ETFs were trading lower except utilities.

Tasha Matsumoto

The S&P 500, Nasdaq 100, and Russell 2000 all fell sharply on Monday as a sell-off in tech, finance, and energy drove stocks lower, but the losses were broad, with every sector ETF in the red except for utilities.

Speculative assets and parts of the stock market linked to riskier pockets of the economy tumbled. Bitcoin dipped below $93,000 as this month is shaping up to be “Painvember” and the Bitcoin Fear and Greed Index dropped to 14, indicating “extreme fear.”

Traders are bracing themselves for Wednesday’s Nvidia earnings, which will offer key insights into the viability of the AI trade, and the September jobs report, which will be released on Thursday.

Stocks that moved higher:

  • Alphabet popped thanks to a double dose of news after the close on Friday: the firm announced plans to bolster its data center footprint and got a long overdue seal of approval from Warren Buffett’s Berkshire Hathaway.

  • Quantum Computing rose after the company jumped back into profitability in its third-quarter earnings. Perhaps most important, however, was the CEO’s announcement of the plans to use the $1.5 billion raised this year to transition from prototype and small-batch production toward volume production “by the end of this decade.”

Stocks that moved lower:

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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