recharacterization: the original amount to the first IRA you report as contribution to the second IRA, earnings move but are ignored. It does not matter if the earnings are negative.
You must use a trustee-to-trustee transfer before the due date April 15,2024.
You will instruct trustee to calculate the allocable earnings. (You did that.)
report this on your tax return for the year during which the contribution was made.
Treat the contribution as having been made to the second IRA on the date that it was actually made to the first IRA.
@tnanaihsoj
