Stocks experienced a decline on Wednesday following Federal Reserve Chair Jerome Powell’s statement that consecutive interest-rate hikes are being considered. Additionally, concerns about further restrictions on AI chip exports put pressure on tech stocks.
After Powell’s comments, the Dow Jones Industrial Average (^DJI) was down approximately 0.4%, while the S&P 500 (^GSPC) fell 0.2%. The Nasdaq Composite (^IXIC) was trading slightly above the flatline.
Nvidia and other AI stocks saw a decline due to reports suggesting that the Commerce Department is contemplating imposing more restrictions on AI chip sales to China.
A series of strong economic data contributed to a stock rally on Tuesday, marking a recovery from a losing streak and maintaining unexpectedly strong performance for the major benchmarks in the first half of 2023.
Given the indications of a resilient US economy, investors are closely monitoring Powell’s comments for insights into the Federal Reserve’s future actions.
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2023-06-28 08:32:22
Source from finance.yahoo.com
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