šØ Markets Smoked as Powell Warns of Tariff Turmoil
š Nasdaq tanks 3% | Powell hits pause | Nvidia nuked on chip curbs
š Market Snapshot
S&P 500: š¹ -2.24%
Dow Jones: š¹ -1.73%
Nasdaq: š¹ -3.07%
Gold: š„ Hits record high at $3,334/oz
10Y Treasury Yield: š¹ Falls below 4.36%
š„ What Just Happened?
It was a bloodbath on Wall Street today.
š Fed Chair Jerome Powell delivered a brutal reality check during a speech in Chicago, warning that Trumpās tariffs could drive "higher inflation and slower growth" ā and maybe even stall the economy entirely.
š¦ 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.
š 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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