The major averages reversed course after a strong rally to start the day following better than expected earnings from Nvidia and Walmart. The Dow Jones Industrial Average fell 386 points after rallying 700 points this morning. The S&P 500 fell 103 points or 1.5% while the Nasdaq fell 486 points or 2.16%. The weakness in the afternoon dragged the averages into the red for the week.

Nvidia initially rose over 5% on blowout earnings and guidance. Revenues rose 62% year/year and 22% sequentially to $57.01 billion. As the morning progressed the chips sold off with Micron going negative first. By the close, Nvidia fell 2% dragging all the chips with it. Micron fell nearly 10%. Not many tech stocks were higher. IBM was one of the few in the green up a percent.

Outside the tech space, the selling was a little more muted. Walmart was a diamond up 6% on better than expected earnings and strong guidance. TJX was up over a percent following earnings last night. Lowes was another diamond this week while Target and Home Depot were dogs on the week.

Bond yields were modestly lower as the delayed September nonfarm payroll was released.  For the month of September, 119,000 jobs were added, ahead of estimates. August was revised downward to a 4,000-job loss while July was revised lower, to 72,000, a decrease of 7,000 from the prior release. The 10-year Treasury yield fell 3 basis points to 4.09%. The 30-year bond yield is at 3.55%,down 2 basis points. The 2-year note yield dropped 4 basis points to 3.55%.

In the commodity space, oil was modestly lower below $60 a barrel. Gold is quiet while crypto has lead the sell off in the markets down 3% today to a seven month low. Bitcoin is now down 30% from the highs this summer.

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