S&P500: Tech Pullback, Bitcoin Drop and Home Depot Cut Hit US Indices Today

Futures Slide Again as Tech Pulls Back and Bitcoin Weakness Ripples Through Risk Assets

Stock futures stayed under pressure Tuesday, with S&P 500 futures down 0.68% and staring at a fourth straight losing session — the longest since August. Traders weren’t rushing for the exits, but the tone was clearly defensive. Tech kept slipping, crypto cracked below a key level, and the market felt like it just wanted to lighten up and wait for cleaner information.

Is the AI Trade Starting to Lose Its Grip?

The steady fade in the big winners kept weighing on sentiment. Nvidia dipped again premarket and is now off about 8% on the month heading into Wednesday’s earnings — a report that’s starting to look like a sentiment referendum more than anything else.

Amazon and Microsoft were softer, while Palantir slipped another 2%. Buyers aren’t stepping in on weakness, which is unusual for a group that’s carried most of the year.

Credit markets added another wrinkle. Blue Owl fell again after Monday’s sharp slide, leaving investors in its merged private-credit fund with losses and frozen redemptions until next year. When the lenders funding AI data centers wobble, it grabs attention. Sundar Pichai calling parts of the AI boom “irrational” didn’t help the mood.

Is Bitcoin Foreshadowing More Risk-Off?

Bitcoin’s brief break below $90,000 wasn’t catastrophic, but it was telling. The slide from October’s record above $126,000 has been chipping away at risk appetite, especially for tech-heavy portfolios that also hold crypto.

The Nasdaq-100 is down roughly 4% in November and is basically trading in the same rhythm as BTC.

Strategy (MSTR), the levered bitcoin proxy, was tracking another rough session — and that tends to amplify caution.

Bottom line: traders aren’t eager to add high-beta exposure while crypto keeps leaking.

Is Consumer Strain Showing Up in Earnings Again?

Home Depot confirmed the broader caution when it missed earnings and cut its outlook. Demand stayed soft, big-ticket projects didn’t materialize, and housing turnover remained sluggish.

Management said they don’t see obvious short-term catalysts for improvement, and the stock dropped more than 4% premarket. For a retailer that typically benefits from financially stable homeowners, that’s not a great signal.

Are Yields Offering Any Relief Yet?

Treasury yields edged lower — the 10-year near 4.10% — but the more important shift is the drop in odds for a December rate cut, now under 50%. Traders want clarity, and they’ll get a heavy run of data:  ADP Employment Change Weekly Tuesday, trade data Wednesday, and nonfarm payrolls Thursday.

Forecast

Technically, the E-mini S&P 500 is headed for a test of the key retracement zone at 6625.50 to 6548.00. That’s where traders will look for either a bounce or a sharper washout if the lower end gives way.

Fundamentally, if Nvidia reassures and bitcoin steadies, dip buyers could return later this week. If not, the selling likely extends into next week as positioning resets. For now, traders are keeping positions tight and letting the market show its hand.

More Information in our Economic Calendar.