Stocks See Big Reversal as Nvidia, Bitcoin Crushed: Markets Wrap

Volatility resurfaced on Wall Street in a session that saw tech stocks falling alongside cryptocurrencies amid an unwinding in speculative areas of the market just as worries grow about the Federal Reserve’s ability to cut interest rates.

Thursday was a session in which assets favored by retail momentum traders got hammered, among them crypto and the artificial-intelligence space. Amid the de-risking, the S&P 500 erased its rally, falling 1.6%. Nvidia Corp. tumbled 3% as questions lingered about elevated valuations and investments despite a strong outlook. Bitcoin sank below $87,000 for the first time since April.