Nvidia turns negative after Ray Dalio warns the latest market boom is a ‘big bubble with big wealth gaps’ poised for a politically explosive bust

The stock market’s early rally fizzled by the afternoon, with the S&P 500 swinging from a nearly 2% gain to a slight selloff by midday. Nvidia, which initially jumped after reporting strong earnings, reversed 1% into the red along with the rest of the megacap AI trade. The broader market mood wasn’t helped by mixed economic data and uncertainty around the Federal Reserve’s next move, especially after a canceled jobs report and signs of uneven labor-market conditions. And then, there’s Ray Dalio. The bill ...