On Wednesday, stocks demonstrated potential volatility, particularly within the tech sector. This uncertainty stemmed from apprehensions about further trade restrictions on AI chips, as well as the expected statements from Federal Reserve Chair Jerome Powell.
Futures linked to the Nasdaq Composite (^IXIC) experienced a significant decrease, plunging 0.45%. S&P 500 (^GSPC) Futures declined by 0.19%, while Dow Jones Industrial Average (^DJI) futures remained relatively stable.
Nvidia took the lead in tech losses following The Wall Street Journal’s report concerning the Commerce Department’s potential implementation of stricter limitations on AI chip exports to China.
In contrast, robust economic data fueled a stock rally on Tuesday. This recovery from previous downtrends has maintained the major benchmarks’ course for an exceptionally strong performance as we near the mid-year mark of 2023.
The stock market will closely observe remarks made by Federal Reserve Chair Jerome Powell at an ECB event later today. Market watchers anticipate possible indications of the central bank’s next steps following the presentation of data that bolsters the case for further rate hikes.
Given the undeniable resilience of the US economy, investors will attentively watch Powell’s involvement in an ECB forum on Wednesday morning, seeking insights into the Federal Reserve’s upcoming actions.
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