Dow Jones Falls On Powell Rate Hike Warning; AMD, Nvidia Slide On Ban Of AI Chips To China

News Snapshot:

The Dow Jones Industrial Average fell Wednesday, as Fed Chair Jerome Powell warned of two more rate hikes this year at a European Central Bank forum in Portugal. Chip giant Advanced Micro Devices (AMD) and Nvidia (NVDA) sold off after the Wall Street Journal reported the Biden administration is considering new restrictions on exports of artificial intelligence chips to China. X Powell joined in a European Central Bank discussion expected to focus on managing inflation where he reiterated that most policymakers expects two more rate hikes this year. Later Wednesday, he holds a public chat with the governor of the...