US equities plummeted Wednesday as Federal Reserve Chair Jerome Powell warned that trade tensions could fuel inflation, spurring a sell-off across Wall Street. The S&P 500 Index dropped by 3.3% before settling at a 2.2% decline in New York, while the Nasdaq 100 Index fell 3%. The losses were widespread, with nearly 90% of S&P 500 stocks falling in value as Powell began to speak, indicating that investors are increasingly concerned about inflation and interest rate cuts.
Source: https://www.bloomberg.com/news/articles/2025-04-16/chipmakers-lead-tech-stock-rout-as-trump-curbs-chips-to-china