Stocks shot higher out of the gate Thursday with bulls encouraged by Nvidia's (NVDA) earnings report and stronger-than-expected September jobs data. However, the tide quickly turned and all three main indexes were staring at stiff losses by lunchtime as the AI bellwether turned lower and odds for a December rate cut dwindled.
At Thursday's open, stock market gains ranged between 1.3% and 2.1%. But at the close, the blue-chip Dow Jones Industrial Average was down 0.8% at 45,752, the broader S&P 500 was off 1.6% at 6,538, and the tech-heavy Nasdaq Composite had slumped 2.2% to 22,078.
