(Updates close with details, volume, graphic)

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September NFP at +119,000 vs +50,000 estimate

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Walmart ( WMT ) up after raising annual forecast

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Nvidia ( NVDA ) ends lower after reversal

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Indexes: Dow down 0.8%, S&P 500 down 1.6%, Nasdaq down

2.2%

By Caroline Valetkevitch

NEW YORK, Nov 20 (Reuters) -

Wall Street stocks slid on Thursday in a sharp reversal from

an early rally, as technology gains faded after a boost from

Nvidia's ( NVDA ) earnings and U.S. jobs data muddied the labor market

outlook.

The Nasdaq registered its lowest close since September 11,

while the S&P 500 had its lowest close since September 10.

Meanwhile, Wall Street's fear gauge, the Cboe Volatility index

, posted its highest close since April 24.

Shares of Nvidia ( NVDA ) ended 3.2% lower after surging as

much as 5% earlier in the day. Most chip-related companies also

were negative, with an index of semiconductors falling

4.8%.

Both the Nasdaq and Dow swung more than 1,000 points from

their highs of the day to their lows. The Nasdaq's

4.9-percentage-point difference between the day's peak and low

marked its biggest intraday swing since April 9, during the

tariff mayhem.

Investors have worried about lofty technology valuations

amid concerns over steep artificial intelligence spending, with

the Nasdaq now sharply off its October high.

In addition, data showed the U.S. unemployment rate rose in

September even as employers added more jobs than economists had

expected. That has led to more uncertainty over whether the

Federal Reserve will cut interest rates again in December.

"I expected the market to be up today just based on the

strength of Nvidia's ( NVDA ) earnings and the recent skepticism about AI

investment. Nvidia's ( NVDA ) earnings obviously dispelled a bunch of

those fears," said Jed Ellerbroek, portfolio manager at Argent

Capital Management in St. Louis.

While it is difficult to pinpoint a cause for the market's

reversal, he said it could be a continuation of the defensive

trades of the last two weeks.

The consumer staples sector, up 1.1% on the day,

was the S&P 500's only gainer, while technology, off

2.7%, was down the most.

The Dow Jones Industrial Average fell 386.51 points,

or 0.84%, to 45,752.26, the S&P 500 lost 103.40 points,

or 1.56%, to 6,538.76 and the Nasdaq Composite dropped

486.18 points, or 2.15%, to 22,078.05.

Nvidia ( NVDA ), the world's most valuable company, forecast sales

above analysts' estimates for the fourth quarter and surpassed

expectations for third-quarter revenue.

In addition, Nvidia ( NVDA ) CEO Jensen Huang shrugged off concerns

about AI on a call with analysts, saying, "We see something very

different."

The federal government is releasing delayed economic reports

after reopening last week from a record 43-day shutdown.

Thursday's labor report marks the last jobs report before

the Fed's December meeting, with the U.S. Bureau of Labor

Statistics set to skip its October report and instead combine

nonfarm payrolls for that month with November's report.

"The gates are wide open on this dam. This river of data is

about to come flooding in. We're going to see exactly what we've

been missing the last two months," said Jake Dollarhide, chief

executive officer at Longbow Asset Management in Tulsa,

Oklahoma.

Fed Governor Lisa Cook said historically elevated prices in

equities, corporate bonds, housing and leveraged loan markets

may portend a large pullback in valuations.

Among gainers, Walmart ( WMT ) advanced 6.5% after the retailer

raised its annual forecast for the second time this year and set

a December date to change its stock listing to the Nasdaq from

the NYSE.

Declining issues outnumbered advancers by a 3.25-to-1 ratio

on the NYSE, where there were 93 new highs and 269 new lows.

On the Nasdaq, 1,168 stocks rose and 3,585 fell as

declining issues outnumbered advancers by a 3.07-to-1 ratio.

Volume on U.S. exchanges was 21.45 billion shares, compared

with the 19.94 billion average for the full session over the

last 20 trading days.

(Additional reporting by Shashwat Chauhan and Twesha Dikshit in

Bengaluru; Editing by Anil D'Silva, Krishna Chandra Eluri, Maju

Samuel and Richard Chang)