US pre-open: More declines expected as markets await Nvidia
By Benjamin Chiou
Date: Tuesday 18 Nov 2025
(Sharecast News) - US stock markets were expected to fall for the fourth straight day on Tuesday as ongoing nervousness surrounding Nvidia's earnings and uncertainty regarding a potential interest rate cut in December continues to weigh on sentiment.
"With the Nvidia earnings report bringing a potential turning point that could spark another market slump, it comes as no surprise to see the bulls hold off for now," said Joshua Mahony, chief market analyst at Scope Markets.
Stock futures were pointing to falls of around 0.3% across all three benchmark indices ahead of the opening bell.
The Dow, S&P 500 and Nasdaq dropped 1.2%, 0.9% and 0.8% on Monday, respectively, with all three finishing at their lowest levels in about a month.
Two key events have dampened risk appetite so far this week: semiconductor giant Nvidia's third-quarter results on Wednesday evening and the delayed September non-farm payrolls report due on Thursday.
For Nvidia, sentiment surrounding the company remains under pressure amid ongoing concerns about stretched valuations in the AI and chip sectors, while attention will also be on company guidance for the fourth quarter and beyond, after chief executive Jensen Huang recently flagged $500bn of orders.
"Nvidia results are not just any earnings report, they are treated like a macro event. This is because Nvidia is the world's largest company, as measured by market capitalisation, it is currently worth $4.53 trillion. How it performs will have an impact on US and global financial markets. Also, if its stock price falters, then it could threaten the entire AI trade," said Kathleen Brooks, research director at XTB.
Nvidia, which fell nearly 2% on Monday, was in the red in pre-market activity, along with heavyweight tech peers Palantir, Broadcom and AMD amid ongoing worries about stretched valuations in the sector.
Meanwhile, while markets look ahead to their first look at the September jobs data - delayed because of the government shutdown - the expected lack of an October payrolls report may prompt the Federal Reserve to tread carefully when it comes to its next policy meeting on 9-10 December.
The White House confirmed last week that October's numbers were "likely never" to be released due to data-gathering problems during the shutdown.
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