Stocks fell on Thursday, as a market-wide rally sparked by blockbuster Nvidia results and guidance gave up steam and as investors lost hope that the Federal Reserve would cut rates again in December.
The Dow Jones Industrials index plummeted 386.51 points to 45,752.25
The S&P 500 stumbled 103.19 points, or 1.6%, to 6,538.97
The NASDAQ slipped 486.18 points, or 2.2%, to 22,078.04.
Walmart shares were able to keep gains, rising around 6% on Thursday following stronger-than-expected sales and revenue for its fiscal third quarter, partially due to its e-commerce business’ growth.
The move in Walmart — seen as a steady stock in any economy — was partly tied to a ongoing rotation out of higher-valued tech into defensive-oriented companies.
Stocks also got a small boost following the release of a better-than-expected U.S. jobs report. The release shows the economy added 119,000 jobs in September, beating expectations. The report was delayed due to the U.S. government shutdown. However, most investors were looking beyond the stale data release.
Prices for the 10-year Treasury gained, pushing yields down to 4.10% from Wednesday’s 4.13%. Treasury prices and yields move in opposite directions.
Oil prices moved downward 17 cents to $59.27 U.S. a barrel.
Gold prices let go of $7.20 to $4,075.20 U.S. an ounce.
