The S&P 500 is down sharply this afternoon. Losses started in the morning due to more Trump Tariff Turmoil (TTT) news. Nvidia's disclosure that the US government's new controls on its semiconductor exports to China would result in a $5.5 billion loss dragged down its shares and major indexes.
Losses extended in the afternoon after Fed Chair Jerome Powell's prepared remarks at the Economic Club of Chicago did little to assuage markets’ fears. He continued to suggest that monetary policy was in a wait-and-see mode:
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