Leading the swing were Apple and Nvidia, both Silicon Valley giants with significant dealings in China, as shares of Apple went from as much as a 4% morning gain to a 2% daily loss by late afternoon, and Nvidia stock turned what was as much as a 3% gain to a 3% daily drop.

Nvidia crossed below its 200 day moving average for the first time since 2023 this week. Analysts say the correction could deepen.