Tech rout pauses for Nvidia, Japan jarred

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By Mike Dolan What matters in U.S. and global markets todayBy , Editor-at-Large, Finance and Markets Anticipation of after today's closing bell allowed Wall Street stock futures to catch a breath after this week's latest tech-driven selloff. Meanwhile, global markets are also watching another withering slide in prices. There was no respite for U.S. tech on Tuesday, with anxiety about AI-related valuations, over-spending and increasingly leverage in the sector dragging the S&P500 and Nasdaq into the red for the fourth straight trading day. While rotation of stock sectors saw the small-cap Russell 2000 eke out a small gain, selling on the main indexes was not all about AI. Shares of Home Depot dropped 6% after the home improvement chain gave a forecast for full-year profit that disappointed and missed quarterly earnings estimates.Apart from Nvidia earnings, the other big events of the week will be the long-awaited September payrolls and Walmart results on Thursday. Retailer Target is also due to report later today.Even though the main U.S. index futures regained ground early on Wednesday, the VIX volatility gauge remained elevated above long-term averages and stuck at about 24. Crypto markets also remained on edge, with digital token Bitcoin limping back below $92,000 again after Tuesday's bounce. U.S. macro markets were more subdued by comparison. With a 20-year bond auction due later today, Treasuries caught something of a bid from Tuesday's equity selling - but longer-term yields reversed most of that overnight.Although futures markets now do not fully price another Federal Reserve rate cut until March, the release today of minutes from the Fed's last meeting may give marginally more clarity about what has been read about a more hawkish turn.Shorter-dated Treasury yields stayed lower, however, as jobless claims data on Tuesday showed the number of Americans on jobless benefits surged between mid-September and mid-October, suggesting an elevated unemployment rate in October. That picture was reinforced by ADP's data showing private employers shed an average of 2,500 jobs a week during the four weeks ending November 1.But new jobless claims during that period were unchanged, which cut across speculation that the government shutdown led to an increase in layoffs. Overseas bond markets were more restive on Wednesday, with Japan's yen and Japanese government ...

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