3 days Ago
Stock futures are little changed Wednesday night after a steep sell-off in the prior session. added 33 points, or 0.08%.
advanced 0.1%, while ticked 0.2% higher.
Major stock indexes sank on Wednesday, led by a significant decline in technology stocks and mounting tariff worries. The lost 1.7%, or nearly 700 points.
The dropped about 2.2%, while the tech-heavy declined nearly 3.1%.
The Nasdaq ended the session about 19% off its closing high, bringing it closer to bear market territory. Chipmaking giant lost 6.9% in the previous session after disclosing a quarterly charge of about $5.
5 billion tied to exporting its H20 graphics processing units, or GPUs, to China and other destinations due to U.S. export controls.
Other semiconductor stocks, including and , also sold off as investors' realized that greater uncertainty from new U.S. President Donald Trump's tariff plans .
Nvidia shares continued to move lower in extended trading, losing roughly 1.3%. Stocks hit session lows during Wednesday afternoon after Federal Reserve Chair said before the Economic Club of Chicago that Trump's levies could in the near term and are "likely to move us further away from our goals.
" Powell said the central bank may find itself in a "challenging scenario" in which its dual-mandate goals — which are to achieve maximum employment and stable prices — are in tension. "Despite the fact that Powell said that the dual mandate wasn't currently in opposition, he clearly touched a nerve with investors, who are now worried that a recession and stagflation is more likely," said Chris Zaccarelli, chief investment officer for Northlight Asset Management. Trading activity has been volatile ever since the Trump announced its sweeping "reciprocal" tariffs on April 2, many of which were put on hold for 90 days last week while tariffs on China rapidly escalated.
Trump's against smartphone and PC imports announced over the weekend provided some brief respite for markets, leading stocks higher on Monday. The major averages have since posted back-to-back losing days. Investors remain concerned about the economic impact of tariffs, particularly as earnings season ramps up.
"I think the economy is on very weak knees right now," Bleakley Financial Group chief investment officer Peter Boockvar said Wednesday evening on CNBC's "Fast Money." The S&P 500 and Nasdaq have dropped about 6% and 5.7%, respectively, this month.
The 30-stock Dow has lost about 5.6%. U.
S. stock futures were little changed shortly after 6 p.m.
ET on Wednesday, after the previous session's steel sell-off. climbed 23 points, or 0.06%.
advanced less than 0.1%, while ticked 0.1% higher.
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