Wall Street faced a broad sell-off on Wednesday, led by a steep downturn in tech stocks as trade tensions escalated and investors digested cautious remarks from Federal Reserve Chair Jerome Powell.
The S&P 500 lost 2.2%, the Dow dropped nearly 700 points, and the Nasdaq sank 3%. Nvidia plunging 6.9% after the chipmaker disclosed it would take a $5.5 billion charge due to new US export restrictions on its AI chips bound for China. Other chipmakers followed suit, with AMD (-7.3%) and Micron Technology (-2.4%) both falling on cost warnings and weak demand. Powell's speech in Chicago added to the market's anxiety, warning that tariffs could spur higher inflation and slower growth, creating a dilemma for the Fed's dual mandate.
Investors were disappointed by the lack of a clear signal on future rate cuts, pushing major indices to session lows. Meanwhile, retail sales surged 1.4% in March as consumers rushed to make purchases before new tariffs took effect.
Source: Trading Economics
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