US stocks were mixed on Monday due to a cautious mood as this week is packed with megacap tech earnings, fresh labor data, and renewed questions about the Federal Reserve’s next policy move. The Nasdaq Composite rose 0.25%, while the S&P 500 and Dow Jones Industrial Average traded roughly flat after recovering from early losses.
Uncertainty over interest-rate cuts and anxiety around Nvidia’s upcoming earnings kept sentiment in check. At the same time, a delayed September jobs report—post–shutdown—added another layer of uncertainty for traders looking for clarity on the labor market.
Market Movers:
- Zymeworks (ZYME) +34% and Jazz Pharmaceuticals (JAZZ) +18% – Both stocks surged after the companies released strong Phase 3 data for Ziihera, showing the therapy, with or without Tevimbra, significantly improved outcomes in HER2-positive advanced gastroesophageal cancers. The results position Ziihera as a potential new first-line treatment, and investors are pricing in future regulatory milestones, guideline inclusion, and royalty streams for Zymeworks.
- Quantum Computing (QUBT) +13% – Shares jumped after the company posted 280% year-over-year revenue growth and swung to net income, signaling rising demand for its quantum optimization tech. Investors were also encouraged by new cloud revenue from its Dirac-3 system and a strengthened liquidity position that now exceeds $1.5 billion.
- HIVE Digital Technologies (HIVE) +7% – HIVE climbed after reporting its strongest quarter to date, powered by massive growth in both Bitcoin mining output and BUZZ HPC revenue. The company also outlined a large-scale expansion plan — including new hydro-powered data centers and a potential hashrate jump to 35 EH/s — which investors see as a meaningful long-term catalyst.
- Alphabet (GOOG) +5% – Alphabet gained after Berkshire Hathaway disclosed a nearly $5 billion position, signaling rare interest in a major tech platform outside of Apple. The move boosted investor confidence around Alphabet’s AI and cloud trajectory at a moment when Big Tech valuations are under scrutiny.
- Dell Technologies (DELL) -7% – Dell slid after Morgan Stanley issued a rare double downgrade and cut its price target, warning that soaring DRAM and NAND prices could squeeze margins well into 2026. Hardware makers broadly came under pressure, but analysts flagged Dell as the most exposed due to its heavy memory-cost sensitivity.
- XPeng (XPEV) -6% – XPeng shares fell despite strong top-line growth as concerns surfaced about margins and near-term delivery trends. The EV maker’s upbeat Q4 guidance wasn’t enough to offset investor caution following a volatile stretch for the broader China auto sector.
- Lucid Group (LCID) -5% – The stock slipped after Stifel lowered its price target, citing uncertainty around Gravity SUV sales momentum and expectations of future capital raises. While analysts praised the company’s technology, the lack of clear progress on upcoming models continues to weigh on sentiment.
- Sealed Air (SEE) -3% – Sealed Air dipped after agreeing to a $10.3 billion all-cash buyout from Clayton, Dubilier & Rice, with the offer coming in slightly below the stock’s prior close. The company emphasized that the deal provides certainty and a premium, but investors typically shave off a portion of arbitrage once terms are locked in.
Tech Leadership Struggles as Market Awaits Nvidia’s Earnings
Nvidia’s earnings on Wednesday are shaping up to be the headline event of the week. After a volatile stretch for megacap tech, investors are looking to the AI leader for reassurance that the sector’s recent sell-off is temporary. With concerns rising about profit sustainability, spending discipline, and the limits of AI enthusiasm, the results could dictate short-term direction for the broader market.
The stakes are especially high as skepticism grows around Big Tech valuations. Nvidia’s guidance will help determine whether the AI trade can regain momentum—or whether the market is facing the start of a deeper tech rotation.
Berkshire’s Alphabet Bet Sends Waves Through Tech
Alphabet’s early-session surge added a jolt to the market after regulatory filings revealed Berkshire Hathaway had accumulated nearly 18 million shares. It represents one of the most significant tech moves from the conglomerate since its long-standing investment in Apple.
The purchase comes at a time when investors are weighing the durability of AI-driven advertising, cloud spending, and search monetization. Berkshire’s stamp of approval served as a contrasting signal to broader concerns about tech’s near-term earnings power.
Fed Uncertainty and Delayed Jobs Data Keep Traders on Edge
Markets are also preparing for Thursday’s delayed September jobs report, which will offer the first official labor update in weeks. With the Fed growing more divided on additional rate cuts, incoming data carries added weight. Traders now see only a 45% chance of a December rate cut, down from last week. The prolonged government shutdown added to data gaps and uncertainty, raising questions about economic momentum heading into the final stretch of the year.
Crypto Market Signals Risk-Off Shift
Bitcoin remained under pressure after falling from its early-October peak above $126,000 to lows near $94,000. Its sharp reversal reflects a broader shift toward risk-off positioning as investors re-evaluate liquidity expectations, especially amid delays in government spending and Fed hesitation.
The crypto slide has erased this year’s gains that were previously fueled by optimism around the administration’s more crypto-friendly stance, highlighting growing fragility across speculative assets.
Looking Ahead
With Nvidia earnings, the delayed jobs report, and a wave of major retail results ahead, markets face a pivotal week that could reset expectations for rates, tech valuations, and consumer resilience. Volatility may remain elevated as investors look for clarity on whether the recent pullback is temporary—or a sign of shifting momentum heading into year-end.