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(Bloomberg) — A global selloff in stocks extended into a fourth day as investors, concerned about lofty tech valuations, shifted away from riskier assets in the run-up to Nvidia Corp.’s earnings and a key US jobs report later this week.

A gauge of global stocks hovered around a one-month low, while Asian shares fell 1.3% — led by technology firms — and are on track for a third straight day of losses. More than two stocks fell for every one that rose in the MSCI Asia Pacific Index, which slipped below its 50-day moving average for the first time since April. Amid the weak sentiment, Bitcoin slid to trade around $91,500 — levels last seen in April.

In other corners of the market, a gauge of the dollar held its gains from the prior session, while gold posted a fourth day of losses, underpinned by fading expectations of a Federal Reserve interest-rate cut next month. Lower interest rates typically make non-yielding bullion more appealing to investors.

The moves highlighted lingering uncertainty over interest rates and tech earnings, with Nvidia’s Wednesday report set to test investor nerves over lofty valuations surrounding the artificial intelligence sector. Attention will then shift to the delayed September jobs report due Thursday, which will provide investors with clues on the Fed’s policy outlook.

“The monthly jobs report would normally dominate this week’s economic calendar, but with the AI trade struggling the past couple of weeks, Nvidia’s earnings are once again looking like a key piece of the market’s momentum puzzle,” said Chris Larkin at E*Trade from Morgan Stanley.

Alarm bells are ringing for analysts who study chart patterns in the US stock market, fueling concern that the latest dip could swell into a full-blown correction of at least 10%.

A sharp selloff in the S&P 500 on Monday extended the decline from its last record on Oct. 28 to 3.2%. The benchmark index closed below its 50-day moving average for the first time in 139 sessions, breaking the second-longest stretch of this century above the closely watched trend line.

The Nasdaq Composite Index is also flashing some “ugly” signals, according to John Roque, head of technical analysis at 22V Research. More of the index’s 3,300-some members trade at 52-week lows than highs, he said, a sign of internal market weakness that makes a further rally unlikely.

“It has been a great year in general for investors, however nerves are clearly increasing into the year end,” said Nick Twidale, chief market analyst at AT Global Markets in Sydney. “We may see further volatility in the next few weeks as we hit the Christmas trading period.”

What Bloomberg Strategists say…

Risk appetite has dried up as concerns about an overheated AI boom combine with investors’ apparent shock that the Fed might delay a 25 basis point interest-rate cut for a month or so. However, given the likelihood that the US economy will remain resilient, aided by a central bank eager to ease should it show signs to the contrary, that makes it probable that US and global equities will rebound out of their current funk.

— Garfield Reynolds, MLIV Team Leader. For full analysis, click here.

Nvidia’s shares also fell in US trading after a filing showed Peter Thiel’s hedge fund sold its stake in the chipmaker during the third quarter.

“While we should expect an eventual reckoning for blindly throwing trillions of dollars at AI capital expenditures with no clear path to profitability, markets are unlikely to tip over while the Fed is still in easing mode and the economy is still strong,” said Dennis Follmer at Montis Financial.

The path for rate cuts is the other major theme investors are concerned about amid conflicting views from central bank officials.

Fed Vice Chair Philip Jefferson said he sees risks to the labor market as skewed to the downside, but warned policymakers need to proceed slowly. Fed Governor Christopher Waller is backing a cut in December, citing weak jobs. Traders are pricing in about a 40% chance of a rate cut next month.

“Fed officials continue to voice concerns over sticky inflation, emphasizing that the current information vacuum makes it difficult to assess the economy’s true momentum,” Dilin Wu, a strategist at Pepperstone Group Ltd., wrote in a note.

Corporate News:

Xpeng Inc.’s fourth-quarter revenue forecasts trailed expectations, raising concerns about its plan to break even next year. Akzo Nobel NV is in advanced talks to combine with rival paintmaker Axalta Coating Systems Ltd., according to people familiar with the matter. Shares of Baby Shark creator Pinkfong Co., jumped as much as 62% on its trading debut as investors snapped up the studio behind YouTube’s most-viewed jingle, following strong demand for the small initial public offering. Amazon.com Inc. raised $15 billion in its first US dollar bond offering in three years, adding to a spree of jumbo debt sales by technology firms. Gina Rinehart, Australia’s richest person, has become the biggest shareholder in US rare-earths producer MP Materials Corp., boosting her global bet on strategic minerals. Rio Tinto Group will almost halve production at its Yarwun Alumina refinery in Australia as a waste stockpile reaches capacity and the company seeks to cut costs. Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 11:57 a.m. Tokyo time Japan’s Topix fell 1.5% Australia’s S&P/ASX 200 fell 1.6% Hong Kong’s Hang Seng fell 1.1% The Shanghai Composite fell 0.5% Euro Stoxx 50 futures fell 0.7% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was unchanged at $1.1592 The Japanese yen was little changed at 155.22 per dollar The offshore yuan was little changed at 7.1106 per dollar Cryptocurrencies

Bitcoin fell 1% to $90,898.26 Ether fell 0.2% to $3,000.53 Bonds

The yield on 10-year Treasuries declined two basis points to 4.12% Japan’s 10-year yield advanced two basis points to 1.745% Australia’s 10-year yield declined three basis points to 4.45% Commodities

West Texas Intermediate crude fell 0.5% to $59.60 a barrel Spot gold fell 0.7% to $4,015.96 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Winnie Hsu and Richard Henderson.

©2025 Bloomberg L.P.

Just before dawn, Kashif Sameer joins dozens of couriers zipping across Mumbai to deliver items stocked in a basement of a shopping mall run by Reliance Industries.

“I make between 20 and 30 deliveries in a day,” said the 25-year-old, who had just driven a mile across the chaotic roads of the Indian megacity to drop off groceries ordered 15 minutes earlier. “It is very popular with customers.”

The buzzing activity at the so-called dark store, a mini-warehouse operated by Reliance’s ecommerce platform JioMart, is part of a renewed push by the conglomerate’s chair and Asia’s richest man, Mukesh Ambani, to reassert his company’s position in India’s retail market.

It has added hundreds of dark stores and opened nearly 20,000 physical outlets this year — almost double its pre-pandemic size — as it battles for dominance against Blinkit, Swiggy and Zepto in the country’s ballooning quick-commerce market.

“It’s a question of who runs out of money first,” said Arvind Singhal, chair of retail consultancy The Knowledge Company. “We will see some kind of a shakeout.”

Despite its large network of physical stores, Reliance has yet to corner the domestic consumer market like it did with telecoms a decade ago. It faces entrenched competition from established domestic and international rivals, as well as millions of kiranas, family-run convenience stores.

The sprawling Tata Group operates a wide range of consumer businesses, while global multinationals such as Unilever and Nestlé are important players in India’s household goods market.

Reliance Retail, the division that contains all of the conglomerate’s consumer-facing units, had shed tens of thousands of employees and closed underperforming stores following a bloated build-out during the Covid-19 pandemic and slowing middle-class spending.

But India’s most valuable company, which has a market value of more than $225bn and operates across oil refining, telecoms and entertainment, is expanding its retail reach again.

Reliance Retail’s latest results point to a rebound. In the quarter ending September, the unit reported revenue of about $10bn and profit of $390mn, up 18 and 22 per cent respectively from the previous year.

“Reliance’s scale in retail now is unmatched in India,” said Devangshu Dutta, chief executive of consumer advisory company Third Eyesight, in reference to the breadth of the conglomerate’s business. “This scale is unique in India and rare in global retail.”

Ambani’s retail ambitions are being led by his 34-year-old daughter, Isha. In August, she detailed plans for Reliance’s consumer brands subsidiary, which has a portfolio including Lotus Chocolate and the recently revived nostalgic Indian soft drink Campa Cola, to reach $11.7bn in revenue within five years.

Ultimately, the goal was to “become India’s largest FMCG company with a global presence”, said Isha Ambani during Reliance’s annual meeting.

The company told the Financial Times that it continued to “reinforce its position as India’s largest retailer, expanding its nationwide network”.

While Ambani originally indicated that he wanted to list Reliance Jio Infocomm, the telecoms unit, and Reliance Retail by 2024, people familiar with the company said the retail unit was not ready to go public. The billionaire said the Jio listing could happen in the first half of next year.

“Competitive intensity in every category in the discretionary retail side has picked up very sharply,” said Karan Taurani, executive vice-president at Elara Capital, who does not expect Reliance Retail to float for at least two years. “New competitors, new brands have come in and they are challenging the larger incumbents.”

The Ambanis, who operate as gatekeepers for foreign corporations seeking access to India’s massive but challenging business landscape, have sought to cement their position through a spate of partnerships with western retails brands.

Foreign brands including West Elm, Pottery Barn and Superdry have stores in Reliance’s shopping malls in upmarket Mumbai. However, those joint ventures have largely struggled to gain traction with shoppers in India, where the per capita income remains less than $3,000.

The conglomerate’s foreign brands business housing these joint ventures lost Rs2.7bn ($30mn) in the financial year through March 2025, according to the latest available accounts. The Knowledge Company’s Singhal called Reliance’s push to bring international names to India “a vanity project”.

Reliance’s high-profile partnership with fast-fashion retailer Shein has also been underwhelming. The company returned to India earlier this year under Reliance’s wing after being booted out in 2020 when relations between New Delhi and Beijing soured following military clashes along their disputed border.

Shein’s app has been downloaded just 11mn times so far, according to market intelligence firm Sensor Tower. Its discount prices are largely matched, if not undercut, by many Indian ecommerce and fashion retailers, say analysts.

Reliance is investing heavily in quick commerce, where deliveries are promised in 30 minutes or less. Bank of America estimates the market could reach $128bn by 2030.

The field is at present dominated by Blinkit, Swiggy and Zepto, which together control more than 90 per cent of the quick commerce delivery market and compete with Amazon and Walmart-owned Flipkart. None of the companies are profitable.

The Ambanis are eager to catch up. Over the past six months, Reliance has built about 600 dark stores across cities to plug gaps in its vast store network. By contrast, market leader Blinkit operates about 1,800 dark stores.

In quick commerce, “we have to be there because everybody is”, said a person close to the conglomerate. “It is a long-term strategy.”

On a call with analysts last month, Reliance Retail’s finance chief Dinesh Taluja admitted to delays in entering quick commerce. But he insisted that Reliance offered better prices, more variety and wider reach across smaller Indian cities where it is often the only formal retailer.

“The competition today is mainly in the top 10, 20 cities,” Taluja said. “We are present in almost a thousand cities. Competition will take many years to reach where we already have a head start there.”

Still, Reliance was facing an uphill battle, warned Elara’s Taurani. “JioMart is making a late entry,” he said, “it will be very tough to disrupt players here.”