Jarring swings keep rocking Wall Street, and U.S. stocks erased a big morning gain to drop on Thursday as the market remains skittish following weeks of doubts and erratic moves.

After initially soaring toward what seemed like its best day since May, with an early surge of 1.9%, the S&P 500 erased all of it and fell 1.6%. The Dow Jones Industrial Average dropped 386 points, or 0.8%, and the Nasdaq composite sank 2.2%.

The sharpest losses again hit what used to be the market’s biggest winners. Nvidia, cryptocurrencies and other areas that had soared with nearly relentless momentum, as traders feared missing out on more gains, forced the market lower. Bitcoin dropped below $87,000, down from nearly $125,000 last month.

The market had been shaky coming into Thursday, largely because of twi

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