Nasdaq slides over 2%, Dow Jones loses 380 points at close

US equities fell at close on Thursday after a choppy trade as the lift from Nvidia’s earnings faded and renewed concerns about stretched technology valuations resurfaced, especially with the odds of a Federal Reserve rate cut narrowing.

The Dow Jones Industrial Average inched down 0.84%, or 386 points, to 45,752, after touching 46,856 earlier in the session.

The S&P 500 dropped 1.56%, or 103 points, to 6,538, while the Nasdaq Composite slid 2.16%, or 486 points, to 22,078.

Across the Atlantic, the Stoxx Europe 600 added 0.40% to 563.94, posting its first gain in six sessions, with the tech sub-index up 0.12%.

London’s FTSE 100 gained 0.21% to 9,527, Germany’s DAX gained 0.50% to 23,278, and France’s CAC 40 advanced 0.34% to 7,981.

In Japan, the Nikkei 225 climbed 2.65% to 49,823, snapping a four-day losing streak, while the broader Topix index climbed 1.65% to 3,299.

In commodities, Brent crude futures for January delivery edged down 0.20%, or 13 cents, to $63.38 a barrel. US WTI futures for December slipped 0.50%, or 30 cents, to $59.14 a barrel.

Gold also weakened, with December futures falling 0.55%, or $22.80, to $4,060 an ounce at settlement.

The September US jobs report showed the economy added 119,000 jobs, well above expectations of 50,000, while the Bureau of Labor Statistics revised its data for the previous two months lower by a combined 33,000 jobs.

The unemployment rate rose to a nearly four-year high of 4.4%, offering mixed signals on the strength of the labor market at a time when the odds of a Federal Reserve rate cut in December have narrowed.