π¨ Markets Smoked as Powell Warns of Tariff Turmoil
π Nasdaq tanks 3% | Powell hits pause | Nvidia nuked on chip curbs
π Market Snapshot
S&P 500: πΉ -2.24%
Dow Jones: πΉ -1.73%
Nasdaq: πΉ -3.07%
Gold: π₯ Hits record high at $3,334/oz
10Y Treasury Yield: πΉ Falls below 4.36%
π₯ What Just Happened?
It was a bloodbath on Wall Street today.
π Fed Chair Jerome Powell delivered a brutal reality check during a speech in Chicago, warning that Trumpβs tariffs could drive "higher inflation and slower growth" β and maybe even stall the economy entirely.
π¦ Nvidia dropped 7% after revealing $5.5B in losses from new chip export restrictions to China. AMD said it could face an $800M hit too.
π The tech sector got smoked. Nasdaq posted its worst day since October 2022.
"We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension," Powell said.
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