The CNBC Investing Club with Jim Cramer released an update on the market Thursday. Stocks initially soared in reaction to Nvidia’s strong earnings and bullish AI outlook, but a rapid decline occurred around 11 a.m. ET. Nvidia shares climbed 5%, then dropped 2%. The S&P 500 fell, pushing the index back towards recent lows. Interest rate cut expectations fluctuate for December’s Federal Open Market Committee meeting.

The probability of a 25-basis point rate cut in December jumped to 40% after September’s jobs data release. The Fed is balancing a softening labor market against inflation risk. Gap, Ross Stores, Intuit, and Veeva Systems report after the closing bell. Economic data on November’s S&P Global Flash PMI and consumer sentiment survey will be released tomorrow.

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Read more at CNBC: Jobs data muddies the picture for a December rate cut, Nvidia fizzles