Waiting to Exhale. Stocks fell to start the week, ahead of retail earnings and the release of economic data delayed by the government shutdown. In between, there’s earnings from the world’s largest company.

Today, the Dow Jones Industrial Average fell 557 points, or 1.4%, while the S&P 500 and the Nasdaq Composite each lost 1.3%.

Although most of third-quarter earnings season is in the rearview mirror, this week brings reports from some of the nation’s largest retailers, including Walmart and Target, home improvement giants Lowe’s and Home Depot, and discounter TJX Cos. The reports aren’t just the latest temperature check on the health of the consumer but a chance for major retailers to provide updates as the all-important holiday shopping season gets under way.

“When Walmart reports earnings this week, we’ll really be listening for the fundamentals of what they’ll talk about—personally, I’ll be listening for any changes in consumer behavior and any changes in the amount of foot traffic they’re getting,” says Dave Sekera, chief U.S. market strategist at Morningstar. “Are they still seeing customers trade down from traditional supermarkets and retailers to Walmart? What’s going on with average check size? I’d be curious to see if they’re still getting an increased share of consumer wallets. And then lastly, I’ll be listening for any color on whether there’s a change in the composition of their discretionary vs. non-discretionary sales.”

Later this week, we’ll also get the Bureau of Labor Statistics’ delayed September jobs report, which investors will be watching closely given that private data have indicated a softening in the labor market.

“A surprisingly strong or surprisingly weak September jobs number would likely have a big impact on expectations for a December rate cut since the FOMC is so split on next steps,” notes Dennis Follmer, chief investment officer at Montis Financial.

Still, it’s Nvidia’s Wednesday earnings that could make or break the course of the market this week, with its 7.5% weighting of the S&P 500. AI skepticism abounds and other big tech companies have fallen in the wake of their earnings. The Roundhill Magnificent Seven exchange-traded fund is off some 4% in the past week alone.

Nvidia has long been the poster child for the AI boom, meaning “investors expect strong Nvidia earnings to quell the recent uptick in AI skepticism that is behind this decline in tech and the S&P 500,” writes Sevens Report President Tom Essaye.

Little wonder that investors are holding their breath. After so many months of huge gains, the S&P 500 is on pace for its worst November since 2008, making this week a show-me story.

The Hot Stock: Alphabet +3.1%
The Biggest Loser: Dell Technologies -8.4%

Best Sector: Utilities 0.9%
Worst Sector: Financials-1.9%

It isn’t just tech—other riskier assets have had a tough time as well recently, most notably cryptocurrencies.

Bitcoin is barely positive on the year, and its problems have been mounting: Its price fell more than 9% last week alone,—its worst weekly performance since February—and it lost a quarter of its value from an all-time high of $126,272.76 on Oct. 6.

The cryptocurrency’s troubles might not be over, according to my colleague Doug Busch, who focuses on technical analysis for Barron’s new Investor Circle.

He writes that Bitcoin could fall as low as $85,000 from a recent $94,000:

Even some traditionally defensive sectors like healthcare and utilities have outperformed Bitcoin in 2025.

Home Depot, Klarna Group, Medtronic, and PDD Holdings release earnings tomorrow.

The National Association of Home Builders releases its Housing Market Index November. The consensus estimate is for a 37 reading, even with the October data. The index measures the sentiment of home builders, with readings less than 50 indicative of a dour outlook for the single-family housing market in the next six months.

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• Netflix Stock Just Split. What It Means for Shares.

• Novo Nordisk, Eli Lilly Weight Loss Price War Heats Up. Why It’s a Worry for the Stocks.

• Top Fed Chair Candidates Press Attacks on the Bank

What’s Ahead for Markets in 2026? Join Barron’s virtual roundtable on Dec. 11.

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