Fluctuation in Stocks Before Nvidia Report

American stock indices fluctuated on Monday as investors harbored doubts about interest rate cuts ahead of Nvidia (NVDA) earnings and the delayed September unemployment report. The technology-heavy Nasdaq Composite (^IXIC) gained 0.25%, while the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) showed almost flat trends.

The markets are focused on the Nvidia earnings report set to be released on Wednesday. However, this time, it carries even more significance regarding Big Tech valuations and artificial intelligence (AI) spending. The chip maker's results will test investors' belief that earnings will continue to drive stock price increases.

Monday started well as Berkshire Hathaway (BRK-B) drew attention with nearly a $5 billion stake acquisition in Alphabet (GOOG, GOOGL). This move, led by Warren Buffett, is regarded as a significant technology investment. Shares of the Google parent company rose nearly 5% in early trading. On the other hand, Nvidia shares fell after famous billionaire Peter Thiel's hedge fund Thiel Macro sold its stake in the AI chip producer.

While investors await the official labor report for September, the publication of this data remains uncertain in terms of how it will facilitate a return to a full economic data flow. This week, along with the skeptical tone from Federal Reserve officials, the labor report will be under intense scrutiny.

Additionally, major retailers, including Walmart (WMT), will report their earnings this week, offering new perspectives on consumer power. Home Depot (HD), Target (TGT), Lowe's (LOW), and Gap (GAP) are also among the companies set to announce earnings.

Bitcoin (BTC-USD) has served as an important barometer for the crypto market, losing 30% of its value over the last month. The cryptocurrency has dropped from the year-start level of $126,000 to below $94,000, indicating an increased risk-averse sentiment in the markets.

U.S. stock indices entered Monday's session with a brief decline initially but quickly recovered to show a flat trend.

Nvidia (NVDA) shares fell 2% at the opening of the day after Peter Thiel's fund sold its stake in the chip maker in the third quarter. NVIDIA results will reveal whether AI-focused tech stocks are on the verge of a bubble.

Bioscience firms Zymeworks (ZYME) and Jazz Pharmaceuticals (JAZZ) gained 34% and 20%, respectively, following positive results regarding treatments for stomach cancer.