U.S. stocks ended sharply lower on Monday, with the S&P 500 and the Nasdaq closing below a key technical indicator for the first time since late April as investors braced for quarterly results from retailers and chip giant Nvidia and awaited a long-delayed U.S. jobs report this week.

Market Snapshot

The Dow Jones Industrial Average fell 557.24 points, or 1.18%, to 46,590.24, the S&P 500 lost 61.70 points, or 0.92%, to 6,672.41 and the Nasdaq Composite lost 192.51 points, or 0.84%, to 22,708.08.

Market Movers

Alphabet - Alphabet rose 3.1% after Berkshire Hathaway disclosed in a filing it bought $4.3 billion worth of shares in Google’s parent company in the third quarter. Alphabet made up 1.6% of Berkshire Hathaway’s portfolio by the end of September. Warren Buffett’s conglomerate didn’t own any Alphabet shares as of the end of the second quarter. Berkshire Hathaway’s class B shares declined slightly.

Tesla - Tesla gained 1.1%. Shares of the electric-vehicle maker closed up 0.6% on Friday, snapping a three-session losing streak. The Wall Street Journal reported over the weekend thatTesla has been requiring its suppliers to exclude China-made componentsin the U.S. manufacturing of its cars. The company aims to switch all components to those made outside of China in the next year or two, people familiar with the situation said.

Nvidia - Nvidia fell 1.8%. The leading maker of artificial-intelligence chips is set to report its quarterly earnings after the closing bell Wednesday. The results will likely serve as a crucial indicator for the broader market, as they will give investors a sense of how demand for AI is holding up amid concerns about lofty valuations.

Apple - Apple, meanwhile, fell 1.8% after Berkshire Hathaway disclosed that it sold $10.6 billion worth of shares in the third quarter. Berkshire also sold $1.9 billion worth ofBank of Americastock and $1.2 billion worth of holdings ofVerisignin the three-month span. The investing conglomerate bought holdings in insurance companyChubbvalued at $1.2 billion. Chubb stock was flat on Monday.

Dell Technologies - Dell Technologies fell 8.4% to $122.48 as Morgan Stanley downgraded shares to Underweight from Overweight and reduced the price target to $110 from $144. A surge in the price of memory drives—a component in Dell products like servers and PCs—will weigh on the technology company’s margins, the firm argued.

HP - HP Inc. declined 6.8% to $22.87 after Morgan Stanley downgraded the IT company to Underweight from Equalweight, and cut its price target on the stock to $24 from $26. Like Dell, HP’s margins tend to shrink when memory component costs increase, and investors should expect that trend to continue, according to Morgan Stanley.

Hewlett Packard Enterprise - Hewlett Packard Enterprise also traded lower, tumbling 7% to $21.23. Morgan Stanley downgraded HPE to Equal-weight from Overweight and slashed its target price to $25 from $28.

XPeng - U.S.-listed shares of XPeng fell 10.3% after the Chinese electric-vehicle maker posted aloss of 150 million yuan ($20 million) on sales of ¥20.38 billion. XPeng said it had delivered 116,007 vehicles over the third quarter, slightly above the midpoint of its previous guidance of between 113,000 and 118,000 deliveries. Investors may have been taking the opportunity to lock in some profits following astrong run for the shares, which have risen 92% in 2025.

Quantum Computing - Quantum Computing was up 8.5%. The company posted $384,000 in revenue in the third quarter, up from $101,000 last year. Quantum Computing cited an increase in the number of hardware contracts and the recognition of revenue for cloud-based computing access to its Dirac-3 quantum system. The company also swung to a profit in the period of $2.4 million, compared with a year-earlier loss of $5.7 million.

E.W. Scripps - E.W. Scripps jumped 39.9% to $4.28 after Sinclair built a stake of 8.2% in the local TV broadcaster and said it was discussing a potential merger. In a statement, Scripps said its board “has and will continue to evaluate any transactions and other alternatives that would enhance the value of the company and would be in the best interest of all company shareholders. Likewise, the board will take all steps appropriate to protect the company and the company’s shareholders from the opportunistic actions of Sinclair or anyone else.” Sinclair rose 4.9%.

Albemarle - Albemarle climbed 2.2%. Shares of the lithium provider were set to end Monday’s session as the top performer in the . Demand growth and a stabilizing supply have served as a catalyst for lithium stocks, even as the Trump administration cuts support for electric vehicles.

Market News

Fed's Waller Says Weak Job Market Justifies Rate Cut in December

The data available during the recent U.S. government shutdown shows the job market near stall speed, with state unemployment claims rising slightly, layoff numbers increasing, and no evidence of building wage pressures, facts that warrant another quarter-percentage-point interest rate cut when the U.S. central bank meets next month, Federal Reserve Governor Christopher Waller said on Monday.

"The labor market is still weak and near stall speed," Waller said in remarks prepared for delivery to an economists' group in London. Meanwhile, inflation, once the likely temporary impact of tariffs is excluded, "is relatively close" to the Fed's 2% target, Waller said, while economic growth has likely slowed.

"I am not worried about inflation accelerating or inflation expectations rising significantly," Waller said. "My focus is on the labor market, and after months of weakening, it is unlikely that the September jobs report later this week or any other data in the next few weeks would change my view that another cut is in order" when the Fed meets on December 9-10.

Peter Thiel's Fund Offloaded Nvidia Stake in Third Quarter, Filing Shows

Tech billionaire Peter Thiel's hedge fund has sold off its entire stake in Nvidia during the third quarter, a regulatory filing showed, intensifying worries of an artificial intelligence bubble.

The fund, Thiel Macro, sold around 537,742 shares in the AI chip frontrunner in the quarter, the filing showed on Friday. The stake would have been worth around $100 million, as of the company's closing price on September 30.

Thiel's selloff, coupled with SoftBank's sale of its own Nvidia holdings last week, has fueled Wall Street's angst that the frenzy driving soaring tech valuations may have peaked, putting at risk the trillions of dollars committed to AI advancement.