Everything to Know about Macro and Markets
U.S. stocks ended the week mixed as investors balanced strong corporate earnings with renewed volatility in tech and crypto. The S&P 500 (SPX) gained 0.98%, the Nasdaq 100 (NDX) added 0.77%, and the Dow Jones Industrial Average (DJIA) advanced 1.08%. Bitcoin (BTC-USD) climbed 1.43% to $85,892 after a turbulent few days.
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Energy shares lagged as oil prices (CL) fell more than 2% on news that the U.S. is pushing a peace proposal between Russia and Ukraine. Airlines gained from lower fuel costs. Southwest Airlines (LUV) rose 5.26%, while Delta Air Lines (DAL) increased 4.65%.
The latest U.S. jobs report showed stronger-than-expected growth. The economy added 119,000 jobs in September, while unemployment edged up to 4.4%. Following the data, traders saw only a 38% chance of a Federal Reserve rate cut in December, down from 90% one month ago. Treasury yields held near 4.15%, and the U.S. Dollar Index stayed steady.
Nvidia’s Strong Results Couldn’t Stop the Slide
The main story last week surrounded Nvidia’s (NVDA) third-quarter earnings report, as the market was in desperate need of strong results. Nvidia indeed rose to the occasion, providing some relief to investors. Nvidia posted an impressive quarter, reporting revenue of $57 billion, up 62% year over year. The company’s data center sales reached $51 billion, driven by rising demand for its new Blackwell processors, while Chief Executive Jensen Huang stated demand remains “off the charts.”
Despite the strong results, Nvidia’s shares fell 3.1% as investors rotated away from large-cap tech stocks. The decline came after an early 5% surge in morning trading. Other chipmakers also lost ground, including Micron Technology (MU), Lam Research (LRCX), and Palantir (PLTR).
The reversal followed the jobs report, which dampened hopes for near-term rate cuts. Analysts said the pullback shows investors are becoming cautious about the pace and cost of the AI buildout, even as major tech firms continue to invest heavily.
Stocks That Made the Week
While Nvidia’s strong earnings sparked optimism about AI’s long-term prospects, smaller AI-related stocks had a tougher week. CoreWeave (CRWV) fell 7.6%, Nebius (NBIS) dropped almost 11%, and IREN (IREN) declined 5%. These GPU-focused data center firms rely on Nvidia’s hardware and have faced mounting pressure since mid-November.
Bitcoin miners turned AI players, such as Cipher Mining (CIFR) and IREN, also slid as investors grew wary of speculative names. Bloom Energy (BE) and Oklo (OKLO) both moved lower, reflecting shrinking risk appetite across the AI sector.
In contrast, Eli Lilly (LLY) reached a market value of $1 trillion, joining Apple (AAPL), Nvidia, and Berkshire Hathaway (BRK.A) (BRK.B) in the exclusive group. The pharmaceutical company’s success was driven by its weight-loss drugs, Mounjaro and Zepbound, which continue to see high demand. Lilly is now the only non-technology company with a valuation above $1 trillion.
In other news, Opendoor Technologies (OPEN) jumped 9.58% to $6.75 after DE Shaw disclosed a 6.4% stake in the online real estate firm. The move echoed a similar rally earlier this year after Jane Street revealed its own position. However, analysts noted that DE Shaw’s stake likely came through a statistical arbitrage fund rather than a long-term investment strategy. Still, the news boosted sentiment in the housing tech space, especially after New York Fed President John Williams hinted at a December rate cut.
Also in the spotlight, AST SpaceMobile (ASTS) rose 1.32% to $52.09 after announcing plans to launch its next-generation satellite, Bluebird 6, next month. The larger satellite is designed to improve data transmission in support of the company’s goal of providing broadband access directly to smartphones from space. The announcement lifted peers such as EchoStar (SATS) and Rocket Lab (RKLB), as investor interest in “services from space” companies remained high despite their ongoing losses.
Crypto’s Rough Week
Bitcoin fell below $81,000 midweek, hitting its lowest level since April before rebounding. The drop triggered more than $2 billion in crypto liquidations, mostly from long positions. Bitcoin ETFs saw $903 million in outflows on Thursday alone, one of the largest since their debut.
The total crypto market value declined to $2.85 trillion from $4.3 trillion in early October. Analysts said support remains near $75,000, but sentiment has weakened. Citi analysts described the downturn as “a bit of a meltdown,” adding that investor flows are unlikely to recover quickly.
Upcoming Earnings and Dividend Announcements
The earnings calendar remains full this week, with major names from technology, retail, and industrials set to report.
On Monday, Li Auto (LI) will open the week with results, offering insight into electric vehicle demand in China following recent price competition. Deere $(DE) will also report, with investors watching for updates on global equipment demand and agricultural exports.
On Tuesday, Alibaba (BABA) will headline, with Wall Street focused on trends in e-commerce and cloud revenue. Dell Technologies (DELL) and Zscaler (ZS) will also release results, which should provide a closer look at enterprise spending and cybersecurity budgets heading into year-end.
Wednesday will bring reports from Autodesk (ADSK) and Workday (WDAY), both key indicators of software demand among large companies. Meanwhile, Best Buy (BBY) and Analog Devices (ADI) will give updates on consumer electronics and chip inventories, helping gauge holiday retail momentum.
Later in the week, HP (HPQ), Nio (NIO), and Semtech (SMTC) will round out the lineup. Together, these reports will cover sectors ranging from PCs to electric vehicles to semiconductors, providing a broad snapshot of market and business sentiment ahead of December.
Ex-Dividend Dates This Week
Several notable companies will trade ex-dividend in the coming days, offering opportunities for income-focused investors.
On Monday, Johnson & Johnson (JNJ) and Vertiv Holdings (VRT) will go ex-dividend. Johnson & Johnson’s $1.30 payout represents a 2.49% yield, while Vertiv will pay $0.06 per share.
Tuesday brings S&P Global (SPGI) with a $0.96 dividend and a strong buy rating, and CDW (CDW) with a $0.63 payout. Xylem (XYL) will also trade ex-dividend, with a 1.11% yield.
On Wednesday, T-Mobile US (TMUS) will lead with a $1.02 dividend, joined by Newmont Mining (NEM) and Manulife Financial (MFC). Later in the week, Realty Income (O) and Brookfield Renewable Partners (BEP) will close out the list with yields above 5%, continuing their steady monthly distributions.
These payouts span industries from telecom to financials to renewable energy, showing continued consistency in shareholder returns through the final quarter of 2025.