Wall Street declines as Fed hints at potential rate pause and Nvidia earnings await

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U.S. stock markets experienced a downturn on Friday due to comments from Federal Reserve Chair Jerome Powell, who indicated a cautious approach to interest rate cuts.

Market Declines

This led to declines across major indices, with the Nasdaq 100 falling 3.4%, the S&P 500 dropping 2.8%, and the Dow Jones decreasing by 1.2% for the week.

Uncertainty about Fed's Next Moves

There is uncertainty about the Fed's next moves, particularly regarding a potential rate cut 'skip' in December.

Economic Data

Economic data, such as manufacturing and services purchasing managers' index (PMI) figures, as well as housing market indicators, will be closely watched.

Nvidia's Earnings Report

Nvidia, a leading AI chip manufacturer, is set to release its third-quarter earnings report, which is expected to have an impact on broader market sentiment, especially within the technology sector.

Market Momentum

The Nasdaq 100 and S&P 500 have shown signs of cooling momentum, but there is cautious optimism that they could resume their upward trajectory.

Pivotal Week Ahead

The upcoming week is expected to be pivotal, with Nvidia's performance likely to set the tone for tech stocks and broader market sentiment.

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