April 18, 2025
U.S. stock indexes ended the shortened trading week mixed, with smaller-cap indexes outperforming. The S&P MidCap 400 and Russell 2000 posted gains, while the Dow, S&P 500, and Nasdaq declined. A sharp pullback in the information technology sector weighed on broader markets after news broke that the U.S. would impose additional chip export restrictions on China, dragging down AI-related stocks like NVIDIA and AMD. Investor sentiment was further dampened by comments from Fed Chair Jerome Powell. Speaking in Chicago, Powell noted that recent tariff hikes were “significantly larger than anticipated” and warned that their likely impact would be higher inflation and slower growth. He also signaled a cautious policy stance, suggesting the Fed is not rushing to cut rates, reinforcing a wait-and-see approach amid ongoing economic uncertainty.
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Warren Gerow is an independent investment wealth consultant to Sightline Wealth Management.
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