Wall Street appeared ready to recover from October’s $2 trillion technology stock wipeout on Monday. Within hours, roughly $700 billion in fresh market gains had evaporated.

The S&P 500 surged as much as 1.1% in morning trading before closing down 0.5%. The Nasdaq Composite fell 1.1%, extending last week’s brutal AI stock selloff.

The reversal came shortly after CNBC host Jim Cramer posted on X:

“Here we go: biggest tech takeout.”

He was referring to Marvell’s $115 billion acquisition of Lumentum. But the timing quickly revived jokes about Cramer’s famously mixed market predictions.

Why Did the Stock Market Rally Suddenly Collapse?

The morning optimism came from the Middle East.

Oil prices dropped to $104 as possible US-Iran peace…