A Wild Market Session as Tech Stumbles and Retail Shines
Thursday’s session on Wall Street was a study in contrasts. After a strong opening fueled by upbeat earnings from Nvidia, the broader market reversed sharply as mixed economic data and rising sector-specific pressures weighed on investor sentiment. While mega-cap tech stocks pulled back, surprising strength emerged in retail, with Walmart delivering one of its strongest single-day performances of the year.
With traders digesting delayed September jobs data alongside shifting expectations for Federal Reserve policy, the day served as a reminder that markets are far from steady. The S&P 500 and Nasdaq both sank as chipmakers slid deeper into correction territory — yet consumer-focused stocks painted a very different picture. Below is a detailed look at the winners, losers, and macro forces that defined today’s market action.
Nvidia’s Early Gains Collapse Despite a Blowout Earnings Report
Nvidia (NVDA), which recently claimed the crown as the world’s most valuable public company, initially surged after posting another impressive quarterly performance. However, the stock struggled to maintain momentum as concerns about overheated valuations and sector-wide selling pressure set in.
Nvidia Closed Down 3.2% After Opening Higher
The chipmaker’s volatile session was one of the day’s major stories:
- Early session: Nvidia jumped on strong earnings
- Late session: Shares reversed course, finishing down 3.2%
- Impact: Nvidia became one of the worst-performing names in the Dow
The pullback suggests traders may be increasingly cautious about tech leadership, especially with AI enthusiasm priced aggressively into valuations across the semiconductor sector.
Tech Stocks Drag the Market Lower as Semiconductor Selling Intensifies
The broader tech sector slumped sharply as major chipmakers saw accelerated declines.
Key Decliners
- Advanced Micro Devices (AMD): -8%
- Micron Technology (MU): -10.9%
- Broadcom (AVGO): -2%
- PHLX Semiconductor Index: -5%
Weakness in semiconductor stocks carried over into major indexes:
- Dow: -0.8%
- S&P 500: -1.6%
- Nasdaq Composite: -2.2%
The selling was sparked in part by the latest delayed jobs release, which showed enough conflicting signals to reignite concerns about the labor market and future Fed decisions.
Jacobs Solutions Suffers Sharpest Decline in the S&P 500
Jacobs Solutions (J) posted the steepest drop of any stock in the S&P 500, sliding nearly 11%.
Why Jacobs Fell
The company reported:
- A year-over-year decline in quarterly profits
- A major impact from its investment in Amentum, which was spun off last year
- Adjustments tied to the divestiture of its intelligence and cybersecurity unit
The accounting effects underscored how portfolio changes continue to influence Jacobs’ earnings profile, frustrating investors seeking stability amid shifting valuations.
Crypto-Linked Stocks Slide as Bitcoin Continues Its Downtrend
Bitcoin’s decline added another layer of pressure to the market.
BTCUSD hovered around $87,000, extending its recent downtrend
This slump dragged down crypto-exposed equities:
- Robinhood (HOOD): -10%
- Coinbase Global (COIN): -7.4%
As volatility increases and liquidity flows tighten, market appetite for speculative assets appears to be cooling.
Walmart Shares Jump 7% After Crushing Expectations
Walmart (WMT) delivered the session’s most impressive performance, soaring nearly 7% — the best move in the entire S&P 500.
What Drove Walmart’s Surge?
- Quarterly earnings beat Wall Street estimates
- Significant e-commerce growth
- Strong advertising revenue momentum
- Resilient U.S. consumer spending heading into the holiday season
Walmart’s continued success in digital commerce and high-margin ad sales signals that the retailer’s multi-year transformation strategy is working — and that American shoppers aren’t slowing down just yet.
The performance also provides a counterweight to recession concerns, showing strong consumer activity heading into peak shopping months.
Regeneron Shares Rise on Key FDA Approval
Regeneron Pharmaceuticals (REGN) also stood out on the upside, gaining 5%.
FDA Approvals Boost Investor Confidence
Regulators cleared:
- Eylea HD for treating macular edema after retinal vein occlusion
- A new monthly dosing option for certain eye conditions
These approvals could materially expand Regeneron’s addressable patient base and enhance long-term revenue reliability for one of its flagship products.
Solventum Gains After Announcing Major Acquisition
Healthcare company Solventum (SOLV), spun off from 3M last year, climbed about 3% during the session.
Acera Surgical Acquisition
Solventum agreed to acquire Acera Surgical for:
- $725 million in cash, plus
- Up to $125 million in milestone-based payments
Acera specializes in regenerative wound care — a fast-growing subsector of biotech. The deal strengthens Solventum’s position in the high-demand wound-care ecosystem and signals its intention to build a broader portfolio following its separation from 3M.
Macro Pressure Returns: Mixed Jobs Data Drives Uncertainty
Thursday’s selling wasn’t only about tech or earnings. The release of delayed September jobs data revived concerns about:
- Labor market cooling
- Recessionary pressure
- The Federal Reserve’s next rate decision
The mixed signals made traders wary, adding another headwind to already-sensitive markets.
Market Reaction Summary
- Risk assets sold off
- Treasuries saw modest demand
- Volatility ticked higher
- Rate-cut expectations shifted slightly
This backdrop magnified the weakness in tech, which tends to be more sensitive to shifts in monetary policy and economic uncertainty.
A Tale of Two Markets — Tech Retreats While Retail and Healthcare Shine
Thursday’s session showcased the market’s growing divergence. On one hand, the high-flying tech sector — particularly semiconductors — continued its corrective move amid valuation concerns and shifting macro conditions. Nvidia’s reversal, combined with steep declines in AMD, Micron, and Broadcom, dragged major indexes firmly into negative territory.
On the other hand, the day also highlighted pockets of strength. Walmart delivered a powerful earnings beat, demonstrating the resilience of U.S. consumers. Regeneron and Solventum added further support, reminding investors that healthcare and retail can offer stability even when tech stumbles.
As markets navigate mixed economic data and growing uncertainty around Federal Reserve policy, this divergence may become more pronounced. Investors looking ahead should watch how tech valuations adjust, how consumer spending trends shape the holiday season, and whether crypto markets stabilize. While volatility remains elevated, opportunities continue to emerge across sectors — particularly in companies showing strong earnings momentum and durable demand.