The Dow dropped more than 550 points, weighed down by Nvidia and a broader sell-off in tech stocks

Stocks retreated on Monday as renewed weakness in tech weighed on the market ahead of key events this week, including Nvidia’s earnings and the September jobs report.

The Dow Jones Industrial Average fell 557.24 points, or 1.18%, to 46,590.24, dragged down by Nvidia, Salesforce, and Apple. The S&P 500 dropped 0.92% to 6,672.41, while the Nasdaq Composite slid 0.84% to 22,708.07.

Nvidia slipped nearly 2% ahead of its third-quarter results due Wednesday after the close, with anxiety over stretched AI valuations pressuring the broader chip and AI trade. Private credit firm Blue Owl Capital also sank nearly 6% amid worries over its heavy exposure to AI datacenter lending.

Expectations for a Fed rate cut next month continued to fade. Markets now assign roughly a 45% chance of a quarter-point cut, sharply lower than the 90% odds seen a month ago, according to CME FedWatch.

One bright spot was Alphabet, which jumped 3.1% after Berkshire Hathaway disclosed a new stake, a sign to investors that there’s still perceived value in the name despite its strong run this year.

Bitcoin, meanwhile, fell more than 2%, slipping below $95,000 as appetite for risk—particularly in tech—showed signs of cooling.

After Monday’s declines, the S&P 500 is down more than 2% for November following six straight months of gains. It now sits over 3% below its recent record high, while the Nasdaq has dropped more than 5% from its peak. The S&P 500 tech sector is down 5% this month and nearly 7% off its high.