The three major New York stock indexes started mixed ahead of heavyweight releases including Nvidia's results and the September jobs data.
As of 9:45 a.m. on the 17th (local time) at the New York Stock Exchange, the Dow Jones Industrial Average was down 19.89 points, or 0.04%, at 47,127.59. The Standard & Poor's (S&P) 500 index was up 10.28 points, or 0.15%, at 6,744.39, and the Nasdaq composite was up 96.59 points, or 0.42%, at 22,997.18.
Caution appears to be prevailing until Nvidia's earnings release. Nvidia is scheduled to report after the close on the 19th. The market consensus for Nvidia's third-quarter earnings per share (EPS) and revenue is $1.25 and $54.83 billion, respectively. The guidance estimate for the next quarter is $61.88 billion, and Wall Street expects Nvidia's growth to accelerate.
The September jobs report is also scheduled. The September employment report, which had been delayed by the longest-ever temporary U.S. federal government shutdown, will be released on the 20th. As privately released indicators have generally pointed to a cooling labor market, the market expects September nonfarm payrolls to be weak.
Dennis Folmer, chief investment officer (CIO) at Montis Financial, said, "If the September jobs report is surprisingly strong or weak, it could influence the December rate cut decision," and noted, "With the government shutdown now over, the Federal Reserve is more likely to pause a (rate cut) decision in December to buy time to analyze the next economic data."
By sector, communications and utilities were strong, while technology and consumer goods were weak. Alphabet rose more than 5% on news that Berkshire Hathaway held $4.33 billion worth of Alphabet shares as of the end of September. Lithium Americas jumped more than 6% on news that lithium demand will increase 30% next year. Apple fell more than 1% on news that Chief Executive Officer (CEO) Tim Cook is moving ahead in earnest with a succession plan in case he steps down as early as next year.
European stocks also fell across the board. The Euro Stoxx 50 index was down 0.65% from the previous session at 5,656.74 in transaction. Germany's DAX fell 0.90%, while France's CAC 40 and Britain's FTSE 100 declined 0.55% and 0.18%, respectively.