US markets close lower as chipmakers lead losses

(Source: baha news)
EPA-EFE/JUSTIN LANE

Major US stock markets ended lower on Wednesday as chipmakers had a rough day. Investors reacted to news that the US may crack down on Chinese AI firm DeepSeek and its supplier Nvidia. Separately, Nvidia said it expects a $5.5 billion hit from existing export curbs. AMD also warned of up to $800 million in charges due to new US rules. Losses deepened after Fed Chair Jerome Powell said President Donald Trump's tariffs could fuel inflation and complicate the Fed's goals.

At 4:00 pm ET, the Dow Jones Industrial Average tumbled by 1.73% or 699 points with Nvidia Corporation sliding 6.87%. The Nasdaq 100 sank by 3.04% and the S&P 500 plunged by 2.24% with Advanced Micro Devices (AMD) Inc. nosediving 7.35%.

The euro gained 0.97% against the dollar at 3:58 pm ET to sell for $1.13905.

Baha Breaking News (BBN) / AC

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