US stock indexes opened higher but turned red as Nvidia erased gains, impacting benchmark indices. Walmart surged over 5% on strong Q3 results. Bond yields dropped after Sep nonfarm payrolls beat expectations, but the unemployment rate rose. The chance of a rate cut at the next FOMC meeting increased to 39.6%.

Nvidia reported strong Q3 revenue, but its stock fell over 2%. Walmart, Tesla, Apple, and Alphabet were mixed. Semiconductor and AI stocks initially rose but turned lower. PACS Group soared 56% on Q3 results. Regeneron Pharmaceuticals surged on FDA approval. Nasdaq Inc. rose after an upgrade from Morgan Stanley.

US economic reports are delayed this week. Q3 earnings season shows 82% of S&P 500 companies exceeded forecasts. Overseas markets are mixed. T-notes gained after strong Sep nonfarm payrolls but dropped after higher home sales and hawkish comments from Fed officials. European bond yields are mixed.

Earnings reports for today include Bath & Body Works, Copart, Elastic NV, Gap Inc, Intuit, and more. Abbot Labs fell after acquiring Exact Sciences. Jacobs Solutions and Datadog were among the top losers. Palo Alto Networks fell after acquiring Chronosphere. The Eurozone consumer confidence index remained stable.

Read more at Nasdaq: Stocks Reverse Course as Nvidia Earnings Rally Fades, VIX Spikes