US Stock Market LIVE: Dow Jones plummets 750 points; Powell says tariffs could complicate Fed inflation growth goals

US Stock Market LIVE: Nvidia is dragging Wall Street down on Wednesday (April 17) after it said new US restrictions on exports to China will chisel billions of dollars off its results, while companies around the world say President Donald Trump’s trade war is clouding forecasts for how they or the economy will do this year.

US Stock Market LIVE: Nvidia is dragging Wall Street down on Wednesday (April 17) after it said new US restrictions on exports to China will chisel billions of dollars off its results, while companies around the world say President Donald Trump’s trade war is clouding forecasts for how they or the economy will do this year. The S&P 500 was down 2.3% in afternoon trading, an amount that would have vied for one of its worst losses in years before its historic, chaotic swings of recent weeks. The Dow Jones Industrial Average was down 657 points, or 1.6%, as of 2 p.m. Eastern time, and the Nasdaq composite was down a market-leading 3.4%. Losses accelerated in the afternoon after the head of the Federal Reserve said again that Trump’s tariffs appear to be bigger than it expected, which in turn could slow the economy and raise inflation more than it had earlier thought. However, Jerome Powell also said the Fed will need more clarity and time before deciding whether to lower interest rates, which could help the economy but also make inflation worse, or to do the opposite.