The post Markets take a beating as Powell raises tariff concerns, crypto stays strong appeared on BitcoinEthereumNews.com.

U.S. stocks plunged Wednesday as Nvidia flagged $5.5B in China-related charges and Fed Chair Powell warned tariffs may drive inflation and slow growth. U.S. stocks tumbled Wednesday as investors reacted to new U.S. restrictions on chip exports to China and fresh warnings from Federal Reserve Chair Jerome Powell about the economic risks of President Trump’s tariff policies. The S&P 500 fell about 2.2%, while the Dow Jones Industrial Average dropped 1.7%. The Nasdaq Composite slid by around 3%, nearing bear market territory, and was led lower by steep losses in the tech sector. Nvidia shares plunged nearly 10% after the company revealed it would take a $5.5 billion charge due to new export curbs imposed by the U.S. government. The rules affect its H20 graphics processors, a key product for the Chinese market.  Other chipmakers also declined, with AMD down 8%, Micron falling 3%, and ASML shares sliding over 7% following weak earnings. Despite the market sell-off, Bitcoin (BTC) stayed near the $84,000 range, showing resilience.  Powell’s inflation concerns In a speech to the Economic Club of Chicago, Powell said the central bank would wait for more clarity before adjusting interest rates, warning that tariffs could lead to “higher inflation and slower growth.”  He added that the Fed could face a “challenging scenario” if its goals of stable prices and full employment come into conflict. Retail data showed a 1.4% rise in March sales, the strongest in two years, suggesting consumers may be rushing to buy goods before tariffs take effect. While the Trump administration delayed tariffs for some countries, China was not included. Treasury Secretary Scott Bessett said further clarity on trade policy could emerge within 90 days, though China indicated talks would require meeting certain conditions. Source: https://crypto.news/markets-take-a-beating-as-powell-raises-tariff-concerns-crypto-stays-strong/

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Filed under: News - @ April 17, 2025 3:22 am