04:59 PM EST, 11/17/2025 (MT Newswires) -- Wall Street got off to a rough start this week as traders grew cautious ahead of Nvidia's ( NVDA ) quarterly results, with the Dow Jones Industrial Average and the S&P 500 falling for a third straight session.

The Dow shed 1.2% to 46,590.2, while the S&P 500 dropped 0.9% to 6,672.4. The Nasdaq Composite lost 0.8% to 22,708.1. Barring communication services and utilities, all sectors ended in the red, led by financials and energy.

Tech bellwether Nvidia's ( NVDA ) shares fell 1.9%, among the worst performers on the Dow. The US chipmaking giant is scheduled to report its fiscal third-quarter results on Wednesday.

Nvidia ( NVDA ) faces high earnings expectations over the near term amid elevated skepticism around artificial intelligence capital expenditure, BofA Securities said in a note emailed Monday.

Investors have bet big on AI names, driving tech valuations higher, though some market participants are concerned that the AI spending boom may be a bubble.

Other major tech names like Amazon ( AMZN ) , Microsoft ( MSFT ) , Advanced Micro Devices ( AMD ) and Meta Platforms ( META ) also closed lower on Monday.

Still, BofA raised its 2026-2028 earnings per share estimates for Nvidia ( NVDA ), and reiterated its buy recommendation, saying that current valuation remains compelling.

In other company news, Sealed Air ( SEE ) agreed to be acquired and taken private by funds affiliated with investment firm Clayton, Dubilier & Rice, in an all-cash deal worth about $10.3 billion. Shares of the food and protective packaging solutions provider declined 3.1%.

Alphabet (GOOG, GOOGL) advanced 3.1%, the best performer on the S&P 500, after Berkshire Hathaway ( BRK/A ) (BRK.A, BRK.B) disclosed on Friday a $4.3 billion stake in Google's ( GOOG ) parent company as of Sept. 30. Berkshire's A and B shares fell 1.1% each.

Treasury yields were mixed intraday, with the 10-year rate down 1.3 basis points at 4.13% while the two-year rate was little changed at 3.62%.

Traders also looked ahead to the minutes of the Federal Reserve's October policy meeting, scheduled for release on Wednesday.

Last month, the central bank reduced its benchmark lending rate by 25 basis points, following a similar move in September, amid concerns regarding the labor market.

Fed Vice Chair Philip Jefferson said Monday that the US central bank should move "slowly" with its monetary policy easing as the balance of risks has shifted.

"The current policy stance is still somewhat restrictive, but we have moved it closer to its neutral level that neither restricts nor stimulates the economy," Jefferson said in prepared remarks for a speech at the Fed's Kansas City branch. "The evolving balance of risks underscores the need to proceed slowly as we approach the neutral rate."

Fed Governor Christopher Waller, however, said he'd support another interest rate cut in December.

"With underlying inflation close to the FOMC's target and evidence of a weak labor market, I support cutting the committee's policy rate by another 25 basis points at our December meeting," he said Monday.

"I am not worried about inflation accelerating or inflation expectations rising significantly. My focus is on the labor market, and after months of weakening, it is unlikely that the September jobs report later this week or any other data in the next few weeks would change my view that another cut is in order."

The nonfarm payrolls report for September is scheduled to be released on Thursday. The report, originally scheduled for release on Oct. 3, was delayed due to the record-long federal government shutdown, which ended last week.

The probability that the Federal Open Market Committee will cut interest rates by 25 basis points next month rose slightly to 45% on Monday from 44% on Friday, but was lower compared with 62% a week ago, according to the CME FedWatch tool.

On Friday, Kansas City Fed President Jeffrey Schmid said that inflation remains too hot, cautioning that additional rate cuts may stoke price pressures. Schmid voted in favor of leaving rates unchanged last month.

West Texas Intermediate crude oil was down 0.6% at $59.72 a barrel in Monday late-afternoon trade.

Gold declined 1.2% to $4,043.80 per troy ounce, while silver fell 1.3% to $50.03 per ounce.