US Stocks Slump as Powell Remarks Add to Chipmakers’ Woes
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A sudden burst of selling hit Wall Street once again on Wednesday afternoon, sinking US equities as Federal Reserve Chair Jerome Powell warned that trade tensions could spur inflation and emphasized that the central bank is in no rush to reduce interest rates.
The S&P 500 Index fell as much as 3.3% before ending the session down 2.2% in New York, and the Nasdaq 100 Index slumped 3%. Losses deepened in the afternoon as Powell began to speak. The selling was broad-based, with roughly 90% of stocks in the S&P 500 in the red.