S&P 500: Tesla Gains, Nvidia Drops and Alphabet Hits Records in Mixed US Stock Trade

Stocks Edge Higher at Mid-Session as Traders Brace for Nvidia Earnings and Jobs Data

U.S. stocks were mixed midway through Monday’s session, with traders holding positions steady ahead of major catalysts later in the week.

At 17:31 GMT, the S&P 500 rose 0.09%, the Nasdaq Composite gained 0.17%, and the Dow Jones Industrial Average hovered just above the flatline. Early losses were erased as buying interest returned selectively, especially in sectors tied to health care and communication services.

Which Sectors Are Leading the Market Today?

Health Care outperformed with a 0.96% advance as names such as Elevance Health, Molina Healthcare, Regeneron Pharmaceuticals, and Kenvue gained traction.

Utilities also delivered firm gains of 1.07%, supported by broad buying across defensive equities. Communication Services climbed 2.13%, largely powered by Alphabet’s rally after Berkshire Hathaway disclosed a significant stake.

Consumer Discretionary rose 0.35%, helped by Tesla’s more than 3% move higher, while Real Estate posted a modest uptick. These sectors provided stability as traders looked ahead to economic releases.

Where Are the Weak Spots in Today’s Session?

Technology lagged, down 0.64%, as Nvidia slipped more than 1% ahead of Wednesday’s earnings release.

Semiconductors remained under pressure, amplified by sharp declines in Dell, Hewlett Packard Enterprise, Super Micro Computer, and Western Digital (though WDC itself outperformed as a top gainer).

Energy fell 0.40% as traders assessed demand prospects, and Financials weakened 0.47% following broad pressure in bank stocks.

Materials and Industrials also ticked lower, unable to build on last week’s stability.

The presence of several stocks trading at 52-week lows — including Clorox, Old Dominion Freight Line, and Pool Corp — underscored mixed sentiment across cyclicals.

What’s Driving Alphabet and Other Big Movers?

Alphabet surged more than 4% after Berkshire Hathaway revealed a $4.3 billion position, instantly lifting the Communication Services sector. Both Class A and Class C shares hit fresh all-time highs. The move reignited interest in large-cap tech, even as the broader sector softened.

Elsewhere, Albemarle jumped 8.59% on renewed interest in lithium producers, while Centene, Tesla, Constellation Brands, and Expeditors International notched strong gains. On the downside, Dell, HPE, Coinbase, Generac, and CF Industries pulled back sharply.

What Will Drive the Market Next?

Traders are focused on Nvidia’s results Wednesday and the September nonfarm payrolls report Thursday. Both releases could influence expectations for a December Federal Reserve rate cut, especially as Fed officials suggest a cautious stance while inflation cools gradually. With futures now pricing only a 40% chance of a cut next month, incoming data will be crucial for market conviction.

Short-Term Market Forecast: Neutral to Slightly Bullish

Sector leadership in defensives and strength in major gainers such as Alphabet suggest buyers remain engaged, but conviction hinges on earnings and labor data. Expect tighter ranges until Nvidia and payrolls establish direction.

More Information in our Economic Calendar.