(Updates to afternoon trading, adds market details)

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September jobs report expected on Thursday

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Dell drops after downgrade

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Indexes: Dow down 1%, S&P 500 down 1%, Nasdaq down 1%

By Caroline Valetkevitch

NEW YORK, Nov 17 (Reuters) - U.S. stocks were about 1%

lower on Monday as investors considered the health of the

consumer ahead of quarterly results from retailers this week and

a long-delayed U.S. jobs report, while they also braced for

earnings from Nvidia ( NVDA ) later this week.

Losses accelerated in afternoon trading, with the S&P 500

trading below its 50-day moving average, a key technical marker,

and on track to close below that level for the first time in

months.

Results this week from retail giants Walmart ( WMT ), Home

Depot ( HD ) and Target ( TGT ) will round out the quarterly

earnings season.

Shares of Home Depot ( HD ), due to report on Tuesday before the bell,

were down 1.1%.

Investors eagerly awaited the September jobs report, which is

due to be released on Thursday after the long U.S. government

shutdown ended last week.

Investors are waiting for two big things: "a look at the

consumer ... and Nvidia's ( NVDA ) earnings," said Adam Sarhan, chief

executive of 50 Park Investments in New York, noting that "you

have a consumer that is potentially getting weaker, not

stronger."

Also, he said, "we have got the market consolidating a very

big rally from the April low."

Nvidia ( NVDA ), the world's largest company by market value, which

is at the heart of Wall Street's artificial intelligence trade,

is due to report after the bell on Wednesday. Its shares were

down 2.6% on Monday and were the biggest drag on the Nasdaq and

S&P 500.

Stocks have been pressured this month by concerns that AI

exuberance has driven up valuations to expensive levels.

The Dow Jones Industrial Average fell 475.06 points,

or 1.01%, to 46,675.00, the S&P 500 lost 65.25 points, or

0.97%, to 6,668.98 and the Nasdaq Composite lost 237.41

points, or 1.03%, to 22,663.18.

Among the day's gainers, Google parent Alphabet rose

3% to a record high after Berkshire Hathaway ( BRK/A ) revealed a

stake of $4.3 billion in the company.

Berkshire also further reduced its stake in Apple ( AAPL ),

whose shares were down 1.9% on Monday afternoon.

Among other declining shares, Dell Technologies ( DELL )

dropped 9.4% after Morgan Stanley double-downgraded its rating

on the AI server maker to "underweight" from "overweight."

Investors also digested views on the outlook for stocks next

year. Brokerage Morgan Stanley expects U.S. stocks to outperform

peers next year and prefers global equities over credit and

government bonds.

Declining issues outnumbered advancers by a 3.13-to-1 ratio

on the NYSE. There were 81 new highs and 208 new lows on the

NYSE.

On the Nasdaq, 1,300 stocks rose and 3,300 fell as declining

issues outnumbered advancers by a 2.54-to-1 ratio.