A sudden 4% jump in crude oil prices and a payroll gain of just 150,000 employees versus a 200,000 estimate sent the Dow tumbling 900 points, prompting widespread risk aversion. The S&P 500 ETF mirrored the decline, falling over 2% as investors reassessed economic growth prospects.

Nvidia shares dropped 3.5% amid the broader tech selloff, weighing heavily on the ETF’s performance. Energy names rallied with crude but their gains weren’t enough to offset losses in high-beta sectors, leaving the index with its worst one-day fall in two months.