The stock market experienced a significant turnaround on Thursday, fueled by NVIDIA’s earnings beat, only to reverse later due to strong September job numbers causing concerns about the Fed not lowering rates in December. Expect more volatility with earnings season ending and the Thanksgiving holiday approaching.

Despite the volatility, the futures market is trading higher after Thursday’s roller coaster ride. The reversal was attributed to concerns over the Fed not lowering rates in December, but New York Fed President John Williams mentioned a potential rate cut due to the weak job market. Major indices ended the day in the red.

Yields fell on Thursday as investors sought U.S. Treasury bonds following the market reversal. The 30-year bond closed at 4.73%, and the 10-year note at 4.10%. The volatility spike and Fed rate cut worries contributed to the flight to safety.

Oil benchmarks closed lower on Thursday due to oversupply, slowing demand, and Fed rate cut uncertainty. Brent Crude fell to $63.05, WTI to $58.68, and natural gas to $4.48. Gold remained flat despite market turmoil, with UBS raising its target price to $4,900 citing political and financial risks.

Cryptocurrency market continued its downturn on Thursday, with Bitcoin at $87,062 and Ethereum at $2,873. Analysts attribute the decline to a sell-off in riskier assets and suggest it may be part of a cyclical downturn. Both coins have erased their 2025 gains.

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