Wall Street just wrapped up one of its bumpiest weeks in months, and not even a blockbuster earnings report from Nvidia Corp. ( NVDA ) — the market's most influential tech giant — was enough to stop the slide.

The Nasdaq 100 dropped 2.2% on Thursday, its worst day in more than a month, as investors continued to unload tech stocks. Worries about stretched valuations are rising again, and so are questions about where the Federal Reserve is headed next.

Even strong results from Nvidia ( NVDA ), which easily beat expectations on revenue and issued upbeat guidance, couldn't pull the broader market back into the green.

And if tech had a rough week, crypto had an even worse one. Bitcoin (CRYPTO: BTC) plunged to nearly $80,000 on Friday, falling more than 35% from last month's record highs and losing over 10% just this week amid persistent outflows from exchange-traded funds. That's a sharp reversal for an asset that had been riding a wave of institutional optimism earlier in the fall.

A delayed September jobs report — pushed back six weeks because of the federal shutdown — added a layer of complexity. The numbers were mixed: Employers added 119,000 jobs, more than double what economists expected. But the unemployment rate ticked up from 4.3% to 4.4%, the highest level since late 2021. That combination of softening labor conditions and surprising job gains left markets guessing about what comes next.

Rate-cut odds swung wildly this week: just 25% on Thursday, then surging above 70% Friday after dovish remarks from New York Fed President John Williams and Governor Stephen Miran. The sharp pivot underscores how sensitive markets remain to even the slightest nuance in Fed communication.

Beyond Wall Street, everyday Americans are feeling the strain. The University of Michigan's Consumer Sentiment Index came in at 51 for November, its second-lowest reading in more than 70 years. Director of Survey of Consumers Joanne Hsu said households remain discouraged by high prices and weakening incomes. Buying conditions for big-ticket items plunged more than 10 points, and even wealthier households — those most exposed to the stock market — reported a drop in confidence as markets slumped.

Not every sector suffered. Healthcare stocks continued to climb, with Eli Lilly & Co. becoming the first pharmaceutical company in history to reach a $1 trillion valuation.

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