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Wall Street experienced a significant downturn on Wednesday, driven by fresh trade warnings. AI chipmakers Nvidia and AMD announced substantial charges due to new US export controls impacting sales to China. These controls, deemed indefinite by Nvidia, are expected to negatively impact revenue. Further fueling the market decline, Federal Reserve Chairman Jerome Powell warned that White House tariffs could increase inflation. The Nasdaq fell 3%, the S&P 500 dropped 2.2%, and the Dow lost 1.7%. This downturn follows recent volatile weeks stemming from President Trump's new tariffs, resulting in substantial losses for major tech companies and impacting investor confidence.

Prepared by Christopher Adams and reviewed by editorial team.