Tech Rebounds Ahead of NVIDIA Earnings, Lifting Major Indexes Into the Close

The stock market endured another choppy session, but a late-day rebound in technology shares—fueled by renewed optimism ahead of NVIDIA’s earnings—ultimately pushed the major averages higher. By the closing bell, the S&P 500 gained 0.4%, the Nasdaq Composite added 0.6%, and the Dow Jones Industrial Average edged up 0.1%.

The early tone was upbeat, led by strong moves across mega-cap tech. Alphabet surged to a fresh all-time high, helping drive the communication services sector more than 3% higher at the morning peak. The information technology sector wasn’t far behind, boosted by a nearly 3% rally in the semiconductor space as traders positioned for NVIDIA’s results. Broadcom was among the standouts, advancing throughout the session.

That early strength faded abruptly just after midday when the Bureau of Labor Statistics announced that it will not release the October Employment Situation Report. The agency also confirmed that the September JOLTS report has been canceled and that October JOLTS data will not arrive until December 9. Meanwhile, November jobs data is scheduled for release on December 16.

The sudden absence of key labor indicators—arguably the most important catalyst behind recent Fed easing—sparked uncertainty and threw rate-cut expectations into disarray. Within minutes, the CME FedWatch tool slashed the probability of a December cut to around 38% from 50.1% the day before. Stocks immediately slipped, dragging nearly every S&P 500 sector into the red.

Trading worsened following the afternoon release of the October FOMC minutes. While the minutes offered few surprises, they reinforced the message that policymakers remain sharply divided: some leaning toward another cut in December, others preferring to hold steady, and nearly all stressing the need for caution. Rate-cut odds fell again, dipping to roughly one-third by midafternoon.

Despite the back-and-forth tape, dip buying reemerged just after 3 p.m. ET. NVIDIA helped lead the rebound as sentiment improved ahead of its report, lifting tech benchmarks off their lows and snapping the S&P 500’s four-day losing streak. By the close, six S&P 500 sectors were higher, led by information technology and communication services.

Consumer discretionary managed to finish slightly positive as Amazon inched into the green and Lowe’s delivered a strong earnings-driven rally. The Vanguard Mega Cap Growth ETF rose 0.8%—its best showing in more than a week—underscoring the crucial role tech leaders played in stabilizing the market.

After a volatile session marked by data disruptions, shifting rate expectations, and repeated intraday reversals, all eyes now turn to NVIDIA. If the company delivers not only strong earnings but also upbeat forward guidance, the rebound that began this afternoon could gain momentum—and potentially mark a turning point after the market’s recent slide.

Our FTinvest 11 model portfolio slipped modestly on the day, ending the session down 0.6% at 861.69. The index never quite found its footing, spending most of the day under mild pressure as sentiment across the broader market remained fragile. Early attempts to stabilize faded quickly, and even as several individual components showed pockets of resilience, the index as a whole trended lower into the close.

The move wasn’t driven by any single outsized decline but rather by a steady, incremental pullback across multiple positions—a reflection of a market still working through caution after recent volatility. While the losses were contained, today’s action underscored a more defensive tone, with buyers largely waiting on the sidelines ahead of key catalysts later in the week.

Despite the downtick, FTinvest 11 continues to hold comfortably above its broader support levels, leaving the portfolio well-positioned should sentiment improve.