The world's largest company posted $57 billion in quarterly revenue, topping the $54.8 billion consensus, while earnings of $1.30 per share beat expectations of $1.25.

Nvidia shares initially jumped 5% both after hours Wednesday and at Thursday's open — but the rally reversed quickly. By midday the stock was trading around $183.50, down 1.8% from Wednesday's close.

The Nasdaq 100 tumbled 1.2% to 24,350 points, while the S&P 500 edged 0.7% down to 6,600.

A hotter-than-expected U.S. jobs report likely cooled any early enthusiasm for a tech rebound, as traders now think a December rate cut is less likely to occur.

Non-farm payrolls rose by 119,000 in September, more than double the 50,000 economists had forecast, further trimming hopes for a rate cut next month. Markets now assign a 64% probability that the Fed holds rates steady in December, according to CME FedWatch.

Walmart Inc. (NYSE:WMT) was the standout of the session within the S&P 500, surging 6% after beating earnings expectations and raising guidance, helping lift the Consumer Staples sector to the top of the leaderboard.

Tech lagged again. Chipmaker stocks — tracked by the iShares Semiconductor ETF (NASDAQ:SOXX) — dropped another 2%, deepening their month-to-date slide to 12%.

Bearish sentiment also intensified in crypto markets:

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

Russell 1000’s Top 5 Gainers On Thursday

Russell 1000’s Top 5 Laggards On Thursday

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