US stock indexes, including the S&P 500, Dow Jones, and Nasdaq 100, are down today, reaching 1-month lows due to weakness in tech stocks like Amazon and Microsoft. Home Depot also dropped over 3% after lowering its earnings guidance. Concerns about high tech valuations are impacting chipmakers and the broader market.

Economic data shows a weaker US labor market, boosting chances of further Fed rate cuts. Unemployment claims rose slightly, while factory orders and the NAHB housing market index exceeded expectations. Investors are eyeing Nvidia’s earnings report and Walmart and Target’s performance for consumer spending insights.

Markets anticipate a potential rate cut in December as corporate earnings season wraps up with positive results. Overseas markets are down, with European bond yields also falling. Tech stocks like Amazon and Microsoft are dragging down US stocks, while health insurance stocks face pressure after Trump’s comments on Obamacare. Nuvalent, Home Depot, and Cloudflare are among the top losers today.

On the positive side, companies like Amer Sports, Medtronic, and Merck & Co. are seeing gains after strong earnings reports. Freeport-McMoRan and Deckers Outdoor are also up on positive news. Axalta Coating Systems is rising after an announcement of a merger. Earnings reports from various companies are due later this week.

Read more at Nasdaq: Stock Indexes Slump as the Slide in Tech Stocks Deepens