5 things to know before the stock market opens on Friday

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Here are five important things investors need to know to start their trading day.

In the end, the market recovery that stock investors had hoped for after Nvidia’s financial results did not materialize. After opening yesterday’s trading high, the stock fell dramatically during the day, again raising questions about artificial intelligence trading.

Here’s what you need to know:

Nvidia The stock gave up a 5% post-earnings gain and closed more than 3% lower despite the chipmaker’s blockbuster quarterly results and guidance. AI Darling stock is set to end the week down 5%. Dow Jones Industrial Average It fluctuated more than 1,100 between the session high and low. All three major averages ended in the red, led by tech stocks. Nasdaq Composite It ended the day down 2.15%. CBOE Volatility Index Well known as Wall Street’s fear gauge, it closed at levels not seen since April. Bitcoin fell to lows dating back to April, further demonstrating a shift away from risk assets. Before the stock’s midday reversal, Bridgewater founder Ray Dalio told CNBC that “we’re in bubble territory,” but there’s no need to sell stocks just because it’s a bubble. All three major indexes are expected to end the week in the red. Follow live market updates here.

The September jobs report was finally released yesterday, and the headline figure was an increase of 119,000 jobs, far more than economists expected. Meanwhile, the unemployment rate rose to 4.4%, the highest level since 2021.

According to CME FedWatch Tools, it remains unlikely that the Federal Reserve will cut interest rates at the next meeting as a result of this report. But the odds reversed this morning as New York Fed President William Williams said there was “room for further adjustment” in interest rates, reinvigorating hopes for a December rate cut.

gap‘s “milkshake” advertisement drew all the shoppers to the store. The company’s viral “Better in Denim” campaign with girl group Katseye helped boost third-quarter sales by 5%, beating analyst expectations.

The parent company of Old Navy and Banana Republic also beat Wall Street expectations for both sales and bottom line, sending its stock up 4.5% in overnight trading. Athleta was a notable outlier, with athleisure brand sales down 11%.

Gap’s report comes at the end of a busy week for retail earnings. As CNBC’s Melissa Repko reports, one of the key themes of this quarter’s results is that value-oriented retailers are gaining support from shoppers of all income levels.

The White House is putting together an executive order that would block individual states’ AI laws. A draft obtained by CNBC indicates the order is focused on filing legal challenges and blocking federal funding to ensure states comply.

The draft proposal would be a boon to many AI industry leaders who have opposed state-by-state approaches to regulating the technology. A White House official told CNBC that discussions about the draft plan remain speculation until an official announcement is made.

Click here to read the full draft.

joby aviation Use Air Taxi Competitors archer aviation To the court. In a lawsuit filed Wednesday, Mr. Joby accused Mr. Archer of using information stolen by a former employee to “one-up” a deal with a real estate developer.

Mr. Joby alleges that former U.S. state and local policy director George Kivork exfiltrated files and information before moving on to a competitor in an act of “corporate espionage.” Archer called the lawsuit a “baseless lawsuit” and said it was “absolutely without merit.”

Here are our recommendations for stories going back this weekend.

—CNBC’s Liz Napolitano, Tasmin Lockwood, Melissa Repko, Jeff Cox, Sarah Min, Emily Wilkins, Mary Catherine Wellons and Samantha Subin contributed to this report. Josephine Rozzelle edited this version.