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US Stocks Slump as Powell Remarks Add to Chipmakers’ Woes
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April 16, 2025
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4:35Now 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.
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