U.S. equities stabilized after a multi-day slide, with the S&P 500 up 0.2%, the Nasdaq +0.3%, and the Dow −0.1%, as traders stayed guarded ahead of Nvidia’s results and the Federal Reserve’s October meeting minutes.

Nvidia in focus

Nvidia’s report after the bell is the session’s fulcrum. At roughly $4.41T in market value and >7% of the S&P 500’s weight, the AI bellwether must pair another strong quarter with guidance that underpins heavy, often debt-financed AI spending. Recent doubts about an AI-driven valuation bubble have amplified sensitivity to any sign of cooling demand.

Retail tape mixed

• Lowe’s rose after lifting its full-year sales outlook and topping Q3 EPS estimates.
• TJX advanced as it raised sales and profit guidance, citing traffic gains and strong off-price assortments.
• Target slipped on a larger-than-expected drop in comparable sales and a trim to the high end of FY EPS guidance.

Fed minutes and data watch

The FOMC minutes due this afternoon are expected to show broad support for October’s cut but a more divided stance on December, reinforcing the case for a pause amid lingering macro uncertainty. The September nonfarm payrolls report arrives Thursday, providing a crucial read on labor conditions as inflation and employment steer policy.

Rates pricing: CME FedWatch implies about a 43.4% probability of a 25 bps cut on Dec 10–11, down from nearly 62% last week—another reason risk appetite remains tentative.

After a bruising tech-led drawdown, equities are attempting a cautious reset. Nvidia’s outlook and the tone of the Fed minutes will likely set the next leg for risk sentiment.