Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
U.S. Stock Futures Mixed as Tech and AI Stocks Face Pressure Ahead of CPI Data 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks 
Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Fed’s Dovish Tone Sends Dollar Lower as Markets Price In More Rate Cuts 
Asian Stocks Slide as Central Bank Decisions and Key Data Keep Investors Cautious 
China’s Small Bank Consolidation Struggles as Profits Fall and Risks Persist 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
U.S. stocks tumbled Wednesday as Federal Reserve Chair Jerome Powell dashed hopes of imminent interest rate cuts and a tech-led selloff, driven by Nvidia, rattled markets. The S&P 500 dropped 2.2%, the Nasdaq plunged 3.1%, and the Dow Jones Industrial Average slid 699 points, or 1.7%.
Powell warned the Fed remains focused on containing inflation, stating that tariff-induced price hikes must not evolve into sustained inflationary pressures. This stance contrasts with Fed Governor Christopher Waller's recent openness to rate cuts if tariffs significantly slow growth.
Tech stocks were hit hardest, led by Nvidia (NASDAQ:NVDA), which sank over 6% after revealing a $5.5 billion revenue hit due to U.S. export restrictions on its H20 AI chip to China. The chip, previously cleared for Chinese sale, now faces stricter controls amid ongoing U.S.-China trade tensions.
The news dragged down semiconductor stocks, with AMD (NASDAQ:AMD) forecasting an $800 million writeoff tied to similar curbs, sending its shares down more than 7%. ASML (AS:ASML) also flagged weaker Chinese demand, while Intel (NASDAQ:INTC), Broadcom (NASDAQ:AVGO), and TSMC (NYSE:TSM) also declined.
Outside tech, Travelers Companies (NYSE:TRV) gained over 1% despite a 60% profit plunge tied to $2 billion in wildfire-related losses. Hertz (NASDAQ:HTZ) surged 56% following a sizable stake increase by Pershing Square’s Bill Ackman. Meanwhile, Alphabet (NASDAQ:GOOGL) slipped nearly 1% amid a £5 billion UK class action lawsuit over alleged search market dominance.
On the economic front, U.S. retail sales jumped 1.4% in March, fueled by auto purchases ahead of potential tariffs. Stronger sales prompted Jefferies to revise its Q1 GDP forecast from 0.6% to 1.0%, suggesting resilient consumer demand despite economic uncertainty.
