US stock futures fell on Tuesday following a tech-led slide ahead of a pivotal earnings report from Nvidia and the release of government shutdown-delayed labor data later in the week.

Dow Jones Industrial Average futures (YM=F) dropped roughly 0.4%, while S&P 500 futures (ES=F) slid 0.5%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) moved 0.6% lower on the heels of sharp closing losses for Wall Street stocks.

The overnight moves follow a bruising session for equities. The Dow tumbled more than 550 points, or 1.2%, while the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) each shed nearly 1% as selling pressure intensified across big tech.

Nvidia dropped about 2% ahead of its closely watched fiscal third-quarter results due Wednesday after the bell. The chip giant’s report lands at a moment when investors are rethinking the durability of this year’s AI-fueled market rally. Concerns over stretched valuations, softening market breadth, accelerating AI-related depreciation, and a surge in Big Tech debt issuance have all added fuel to the debate.

Beyond Nvidia, investors will parse several key data points that could shape expectations for the Federal Reserve’s next moves. Rate-cut odds have been pared back significantly: Fed funds futures now price in about a 40% chance of a cut, down from over 90% a month ago. The Fed’s October meeting minutes arrive Wednesday, followed Thursday by the September jobs report, the first major economic reading since the government shutdown delays.

Earnings from major retailers Walmart (WMT), Home Depot (HD), and Target (TGT) are set to hit this week, offering insight into consumer strength ahead of the holiday season.

AP Finance reports:

Asian shares tumbled on Tuesday, with benchmarks in Tokyo and Seoul sinking more than 3%, after Nvidia (NVDA) and other artificial-intelligence -related shares pulled U.S. stocks lower..

Regional markets felt a chill after the yield on 30-year Japanese government bonds surged to 3.31%, reflecting rising risks as Prime Minister Sanae Takaichi prepares to boost government spending and push back the timetable for bringing down Japan's huge national debt.

The yen (6J=F) was trading above 155 to the U.S. dollar, near its highest level since February. On Monday, the yen fell to its lowest level against the euro since 1999, when the unified European currency was launched.

Tokyo's Nikkei 225 (^N225) was down 3% at 48,835.20 by midday, with selling of tech shares leading the decline. Chip maker Tokyo Electron shed 5.4%, while equipment maker Advantest dropped 4.6%.

In Seoul, the Kospi (^KS11) fell 3.1% to 3,960.82. Samsung Electronics dropped 2.9%, while chip maker SK Hynix shed 5.7%.

In Taiwan, the Taiex (^TCHI) fell 2.3% as TSMC (TSM), the world's largest contract chip manufacturer, declined 2.4%.

Hong Kong's Hang Seng (^HSI) declined 1.5% to 25,997.20, while the Shanghai Composite (000888.SS) index slipped 0.6% to 3,949.83.

In Australia, the S&P/ASX 200 (^AXJO) gave up 2.1% to 8,452.50.

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