Nvidia initially rose overnight after reporting a 62% year-over-year revenue rise and exceeding consensus on earnings and guidance. September jobs data and Walmart are up next.

All the major indices have dropped into negative territory around midday following a strong open as robust earnings from AI-darling Nvidia fails to fuel bullish sentiment.

The September jobs report, delayed by the shutdown, showed higher jobs growth of 119,000 while unemployment ticked up. Nvidia and Walmart earnings both impressed.

S&P Futures Pull Back on Fed News and AI Spending. Nvidia Beats Earnings.

As the government reopens, investors are watching for the Fed to make rate decisions, Congress to avoid another shutdown, and the Supreme Court to rule on the legality of tariffs.

Nvidia results loom after the longest S&P 500 losing streak since August. Crypto rebounded late Tuesday but mega caps sank. Lowes, Target, and Fed minutes also are on tap today.

Resurgent credit worries along with AI caution and falling rate cut odds stalk the market ahead of Home Depot today and Nvidia tomorrow. Stocks hit a one-month low Monday.

A busy week includes Nvidia earnings Wednesday, September jobs data Thursday, and a full shopping cart of retail earnings reports. Rate cut odds are down, and yields up.

Investors will be looking for a read on hyperscaler AI spending, the impact of rising competition, and expansion to new growth areas in the chipmaker's upcoming Q3 earnings report.