US stocks tumbled on Thursday on declining expectations that the Federal Reserve will cut interest rates in December, reversing a marketwide rally sparked earlier in the day by Nvidia's bumper earnings report.
The Dow Jones Industrial Average lost 380 points, or 0.80 per cent, on the day after being up more than 700 points earlier. The Nasdaq Composite ended the day 2.1 per cent lower for an intraday reversal of more than 3.5 per cent. The S&P 500 fell 1.5 per cent.
Fuelling the morning Wall Street rally was Nvidia's third-quarter earnings, released on Wednesday, which beat analyst expectations. The company also posted stronger-than-expected revenue for the fourth quarter as chief executive Jensen Huang promoted sales of the company's powerful Blackwell chips.
But Nvidia joined other tech stocks in paring gains after a government report cast further doubt on the prospect of
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