Wall Street ends sharply lower; Nvidia drops, Powell says growth appears to be slowing
Wed April 16, 2025 4:30 PM
The market opened down all around but only modestly so due to the announcement yesterday that there would be new curbs on chip exports to China. But the real one-two punch came about 1:30 p.m. which is when Powell must have announced that more inflation and slower growth were likely due to the tariffs and the double whammy of Nvidia saying it would be taking steep charges to the tune of $5.5 billion on its AI chips.
This once again cratered all three indexes, all three showing big 3-digit losses, even the S&P which rarely goes into 3-digits. Powell did once again reassure that the economy was in a solid position and that the Fed would not be changing policy until further clarification. At 16.08 billion, volume remains below the 18 billion average.
DJ: 40,368.96 -155.83 NAS: 16,823.17
-8.32 S&P: 5,396.63
-9.34 4/15
DJ: 39,669.39 -699.57 NAS: 16,307.16
-516.01 S&P: 5,275.70
-120.93 4/16
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