- U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that President Trump’s trade tariffs could lead to “higher inflation and slower growth” — and U.S. stocks declined on the news. Analysts keep saying the word “recession.” Asian markets, however, put on a buoyant performance this morning. The European indexes were soft in early trading. U.S. futures were pointing upward prior to the open.
The S&P 500 lost 2.2% yesterday. The Dow lost 1.7% and the tech-heavy Nasdaq fell 3.1%. Chipmakers Nvidia and Advanced Micro Devices both fell 7% on the news that the former would be banned from exporting chips to China.
