Dow Suffers 1,000-Point Reversal Amid Dramatic Tech Pivot

It only took a few hours for Wall Street to wipe out euphoria from Nvidia (NVDA) earnings. The Dow, S&P 500, and Nasdaq all pivoted sharply lower in the afternoon, as sentiment shifted from triumphant AI vindication to renewed tech valuation skepticism. The Dow traded within a 1,104-point range, with all three major indexes suffering their worst reversal since April 8th.

Nvidia finished down 3.2% after adding as much as 5% earlier in the day. Investors shrugged off the chipmaker's top-line beat and resumed their rotation out of growth names, a warning shot felt across the entire tech sector. An upbeat jobs report also soured optimism of a rate cut from the Fed next month. Against this backdrop, the Cboe Volatility Index (VIX) surged to its highest close since April.

Continue reading for more on today's market, including:

• 2 semiconductor stocks not liking Nvidia's report.
• This cybersecurity stock has its own problems to worry about.
• Plus, quantum helps IBM rise; a tech stock to watch; and a high-vol strategy to consider. 

Rate-Cut Pessimism Paralyzes Gold

Oil prices also pivoted lower today, with U.S. sanctions against Russia set to go into effect tomorrow but rumors of a ceasefire still rampant. December-dated West Texas Intermediate (WTI) crude fell 77 cents, or 0.5%, to settle at $59.14 per barrel.

Gold prices fell, even amid the selloff, as rate-cut hopes took a hit with today's tech selloff. December-dated gold futures lost 0.8% to settle at $4,051.90 per ounce.