Mumbai, Nov. 21 -- The Nasdaq plummeted 486.18 points (2.2%) to 22,078.05, the S&P 500 plunged 103.40 points (1.6%) to 6,538.76 and the Dow slumped 386.51 points (0.8%) to 45,752.26.

The early surge in the Nasdaq, S&P 500, and Dow Jones Industrial Average quickly faded after a strong start fueled by upbeat earnings from Nvidia. Despite initially jumping over 5%, Nvidia's stock reversed course to close down 3% as profit-taking and rate uncertainty weighed on sentiment.

Market optimism was dampened by mixed labor data showing strong job growth but a slight uptick in unemployment, complicating the Federal Reserve's policy outlook. Expectations for a December rate cut slipped sharply, with the CME Group FedWatch Tool showing just a 39.8% ch...