The market fell because traders shifted focus from Nvidia’s strong results to the mixed September jobs report. Nvidia’s early surge faded as hiring jumped 119,000 but unemployment rose to 4.4%, creating uncertainty about economic momentum. That pushed investors to reconsider rate-cut odds, leading to volatility and a reversal in the Nasdaq and S&P 500.

The report complicated expectations by showing stronger-than-expected hiring but a rising jobless rate. Markets interpreted it as both resilient and weakening at the same time. Because the data didn’t clearly support easing, investors cut confidence in a December rate cut to 38% odds. This uncertainty drove sharper intraday swings across all major indexes.