Nvidia's earnings report sparked some positive momentum for its stock on Thursday morning, sending it up as much as 5.1%, and bringing other technology stocks and the broader market up with it. By the afternoon,

Strong quarterly earnings from Nvidia and Walmart plus a better than expected September jobs report sent stocks soaring early Thursday.

Nvidia reported quarterly results that handily topped Wall Street expectations, sending the stock sharply higher in after-hours trading.

Nvidia delivered record revenue of $57 billion in Q3, with Blackwell graphics processing units sold out through at least 2025. The company controls around 90% or more of the cloud artificial intelligence (AI) GPU market, despite competition from AMD and Intel ramping up alternatives.

Nvidia shares have fallen more than 12% since their recent peak on Oct. 29—the day it became the world's first $5 trillion company. It's the 16th time shares have "corrected," dropping 10% or more from a recent high,

An early stock-market rally on Thursday has given way to broad-based selling as doubts about the artificial-intelligence trade re-emerged following the latest batch of earnings from Nvidia.

Nvidia is the poster child of the stock market's AI-driven ascent to record highs, so all eyes were laser-focused on its latest earnings report. The AI King delivered the goods, besting Wall Street analysts' top and bottom-line estimates, and offering bullish guidance. Investors reacted kindly... at first.

The biggest U.S. retailer and private-sector employer posted solid quarterly results and raised its outlook. [Shares closed up nearly 6.5%](