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Stocks Slump After Fed Chair Powell Gave Tariff Warning: Closing Bell Analysis
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April 16, 2025
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10:24Now PlayingA sudden burst of selling hit Wall Street once again on Wednesday afternoon, sinking US equities as Federal Reserve Chair Jerome Powell warned that trade tensions could spur inflation and emphasized that the central bank is in no rush to reduce interest rates.
The S&P 500 Index fell as much as 3.3% before ending the session down 2.2% in New York, and the Nasdaq 100 Index slumped 3%. Losses deepened in the afternoon as Powell began to speak. The selling was broad-based, with roughly 90% of stocks in the S&P 500 in the red.
Semiconductor companies bore the brunt of declines after Nvidia Corp. and Advanced Micro Devices Inc. said President Donald Trump’s administration curbed the export of their chips to China, with sentiment further hurt by a disappointing earnings report from ASML Holding NV. The Philadelphia Stock Exchange Semiconductor Index fell 4.1%.
Powell, speaking at the Economic Club of Chicago, stressed the central bank must ensure tariffs don’t trigger a more persistent rise in inflation while warning that he expects continued volatility across financial markets.
“Powell’s pushback on the notion of a ‘Fed put,’ along with his comments suggesting inflation could be more persistent due to tariffs than initially thought highlighted the deep and pervasive uncertainty that remains an overhang to markets,” said Julian Emanuel, chief equity & quantitative strategist at Evercore ISI.
The Fed chair said that policymakers would balance their dual responsibilities of fostering maximum employment and stable prices, “keeping in mind that, without price stability, we cannot achieve the long periods of strong labor market conditions that benefit all Americans.”
Watch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
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