This article first appeared on GuruFocus.

U.S. stocks retreated on Thursday after a volatile session swung major indexes sharply lower.

The Nasdaq Composite reversed early strength and finished down about 2%, giving back a morning gain of more than 2%. The S&P 500 slipped nearly 2%, while the Dow Jones Industrial Average edged lower by almost 1%.

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Most sectors in the S&P 500 ended in the red. Consumer Staples was the only group to post a gain, while Information Technology lagged the most. Nvidia (NASDAQ:NVDA) fell more than 3% after a strong post-earnings run earlier in the week.

The Volatility Index climbed to its highest level in over a month, reflecting growing investor caution.

Traders also parsed the delayed September U.S. nonfarm payrolls report, released after the prolonged government shutdown. Employers added 119,000 jobs, topping forecasts for 50,000. The unemployment rate inched up to 4.4%.

Some analysts said the data could give the Federal Reserve more time to assess whether further policy adjustments are needed. Others noted that stronger hiring may lessen concerns that the labor market was weakening more than expected.

Market watchers said recent swings suggest investors may be reassessing risk as year-end approaches.