Stock market today: Dow, S&P 500, Nasdaq rally fizzles after Nvidia earnings, jobs report

Market Overview - The US stock rally experienced a reversal as investors reacted to Nvidia's earnings and the September jobs report [1][2] - The Nasdaq Composite fell approximately 0.3% after an earlier rise of about 2.5%, while the S&P 500 decreased around 0.2% after gaining as much as 1.8% [2] Nvidia Performance - Nvidia's stock initially surged nearly 5% following a strong earnings report and an optimistic revenue outlook for Q4, but later turned negative [3] - CEO Jensen Huang highlighted that demand for Blackwell processors is "off the charts," alleviating concerns about a potential long-term slowdown in AI-linked stocks [3] Employment Data - The September nonfarm payrolls report indicated the US economy added 119,000 jobs, significantly exceeding the expected gain of 51,000 [4] - The unemployment rate increased to 4.4%, up from 4.3% in August [4] Federal Reserve Outlook - Following the jobs report, options traders estimated a 38% chance of a rate cut at the Fed's next meeting in December, reflecting a divided view among policymakers [5][6] - The recent data provided insights into the US economy post the longest government shutdown, with differing opinions on whether a cooling labor market or persistent inflation poses greater risks [6] Walmart Earnings - Walmart raised its full-year forecasts after surpassing profit and sales expectations in Q3, leading to a rise in its shares [7] - The retailer's performance is viewed as indicative of consumer strength heading into the holiday season [7]