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US stocks plummeted Wednesday, with the S&P 500 down 2.2%, due to Nvidia's warning of billions in losses from China export restrictions and growing uncertainty surrounding Trump's trade war. The Dow dropped 1.7% and Nasdaq fell 3.1%. Fed Chair Jerome Powell acknowledged the tariffs' larger-than-expected impact but delayed interest rate decisions. Other companies, including AMD and ASML, also reported negative impacts from the trade restrictions. The uncertainty is fueling recession fears and impacting global markets, with the WTO predicting a decline in world trade.

Prepared by Christopher Adams and reviewed by editorial team.