S&P 500 plunges 2.5% in minutes as Nvidia rally fades and Bitcoin crashes

S&P 500 erased a strong early rally and fell nearly 2.5% in minutes as Nvidia’s post-earnings jump collapsed and crypto markets crashed. The Dow sank 332 points and the Nasdaq dropped 1.3%. Nvidia flipped from a 5% gain to a 1.5% loss as traders cut AI exposure. Bitcoin hit $86,854, its lowest level since April. A stronger-than-expected jobs report showing 119,000 new hires pushed rate-cut odds below 40%, triggering a fast risk-off move and wiping out the market’s morning strength.