Shares fell Wednesday after Federal Reserve Chair Jerome Powell stated consecutive interest-rate hikes are on the desk and as techs got here beneath stress from considerations about extra curbs on AI chip exports.
The Dow Jones Industrial Common (^DJI) was down about 0.5% after Powell’s feedback, whereas the S&P 500 (^GSPC) fell 0.4%. The Nasdaq Composite (^IXIC) dropped round 0.2%.
Nvidia declined after stories that the Commerce Division is contemplating placing extra restrictions on AI chip gross sales to China.
A clutch of strong financial information helped energy a inventory rally on Tuesday that marked a comeback from a dropping streak and stored the main benchmarks on monitor to shut the primary half of 2023 with an unexpectedly robust efficiency.
Given the indicators of a resilient US economic system, buyers are watching Powell’s feedback intently for clues to the Fed’s subsequent strikes.
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