Thursday’s S&P 500 index futures session started with strong bullish momentum fueled by NVIDIA earnings and a better-than-feared jobs report, only to collapse in dramatic fashion as sellers overwhelmed buyers, erasing the entire move and then some.

Overnight, NVIDIA’s solid results helped power aggressive buying, while September’s employment report showed 199K jobs added (versus 50K expected) with unemployment ticking slightly higher to 4.4% (versus 4.3% expected), helping the bulls with additional tailwind. The regular session opened firmly green, and the rally extended toward Monday’s high before stalling decisively at 6791.25. Resistance triggered a sharp reversal. Fed Governor Cook’s comments warning of potential market declines near historic highs happened to coincide with sellers pressing the premarket low. 

The decline accelerated steadily through the morning and into lunch, where brief dip-buying attempts failed to hold. Fresh selling waves dominated the afternoon, pushing the index futures to a closing low of 6557.50, down 104 handles. The day’s low of 6550.50 printed just after the bell, nearing the October low of 6540.25.

Friday brings a heavy dose of morning fedspeak, November S&P flash PMI at 9:45 AM ET, and a reprieve from notable earnings.

Among top index components, Walmart Inc (NYSE: WMT) led as the biggest gainer after reporting top- and bottom-line beats with raised guidance, surging $6.50 or 6.46% to close at $107.11.

That outperformed the cash index’s 1.52% decline by nearly eight percent. 

Conversely, NVIDIA Corp (NASDAQ: NVDA), despite beating top-line, bottom-line and guidance estimates plus receiving multiple price target hikes, saw investors sell the overnight pop, closing down $5.88 or 3.15% at $180.64 to become the day’s biggest loser.