The main indexes started the day with solid gains, but worries of an AI bubble weighed on stocks into the close.

The S&P 500, a broad measure of stocks, gained 1.5% as trading opened. The tech-heavy Nasdaq jumped 2%, but later backed down slightly from its high. The Dow Jones Industrial Average rallied 600 points, around 0.8%.

Nvidia falls 3%, jobs report adds to concern that Fed won't cut rates in December

After a 76-day wait, data-starved investors finally got their hands on an official jobs report from the Bureau of Labor Statistics this morning.

Stocks recovered from steep losses following the market's worst day in over a month, erasing weeks of gains and pulling back from record highs.

The stock selloff came after Nvidia reported a 62% increase in sales of AI data center chips and raised its guidance for the current quarter. In recent sessions, investors have punished big tech, worried that some companies are spending too much on data centers, chips and other AI infrastructure with little hope of recouping their investments soon.