U.S. major indices traded lower at midday Wednesday, pressured by sharp declines in tech and semiconductor stocks after Washington tightened chip export restrictions to China.
Commenting on Nvidia’s disclosure, Wedbush analyst Daniel Ives said, “The financial impact is small relatively, but the strategic blow is the focus of the market."
Wall Street gained ground by midday trading on Tuesday, as investor concerns over the economic impact of trade tensions continued to ease following recent signs that the Trump administration was taking a more conciliatory approach.
The S&P 500 ended Monday on a rather ominous note, forming what is known as a technical 'Death Cross,' a chart pattern that is often seen as an indicator of a transition from a bull market to a bear market.
Trading direction will largely hinge on any news on tariffs, bond yields, a regional manufacturing activity report for April, and commentary from companies due to report earnings before the market opens.
Wall Street pared early morning gains by midday Monday, as investor caution returned despite a temporary easing in U.S.-China trade tensions. While the initial market reaction was positive, especially in tech, enthusiasm faded as the trading session progressed.
Wall Street ended the week on a strong note, with major indices posting their best weekly performance in years, as traders appeared confident that the escalation in the U.S.-China trade war — which led to triple-digit tariff increases on both sides — would be resolved in the near term.
On Wednesday, 2-year Treasury yields surged 18.8 basis points to 3.916% after briefly touching 4.01%, as safe-haven demand eased and investors pulled back bets on a Federal Reserve rate cut.
Wall Street saw a tentative tech rebound early Wednesday, as investors begin to shrug off escalating U.S.-China trade tensions following a steep market selloff.
Dave Portnoy, the founder of Barstool Sports, has reportedly lost $20 million in stocks and cryptocurrency due to the market downturn triggered by President Donald Trump's tariffs.
Many U.S. companies remain invested in China despite rising geopolitical and regulatory risks. Trump's 104% China tariffs have sparked market declines Tuesday and fears of deeper global trade tensions.
U.S. stocks staged a broad-based rally on Monday, snapping a volatile losing streak after President Donald Trump hinted at a more diplomatic approach to tariff negotiations.
A verified handle on X posted that Donald Trump was allegedly considering pausing the roll-out of tariffs for 90 days, leading to a dramatic spike in the S&P 500.
