U.S. stocks experienced a significant downturn following Nvidia's announcement regarding new export restrictions to China, which could result in a $5.5 billion revenue loss. This, combined with the concerns regarding President Trump's trade war, led the S&P 500 to drop 2.2% and the Dow Jones Industrial Average to fall by 699 points. The Federal Reserve's Chairman Jerome Powell acknowledged the uncertainty surrounding tariffs and their economic impact, signaling a cautious approach on future interest rate decisions as companies brace for potential repercussions.
Nvidia's warning about new export restrictions to China indicates a potential $5.5 billion hit to its first-quarter results, raising alarms across the stock market.
Federal Reserve Chairman Jerome Powell emphasized the uncertainty of tariffs, stating that current economic evaluations are premature until more is known about policy effects.
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