Global Market Turmoil: Tech Stocks Tumble Amid U.S.-China Trade Tensions

Global markets plummeted due to U.S. restrictions on chip sales to China and ongoing tariff uncertainty, hitting tech stocks hard. Gold reached record highs, while the U.S. dollar weakened. Globally, European and Asian shares also declined amid economic concerns, with tariffs remaining a central focus. Meanwhile, gold and safe-haven currencies rose.

Global financial markets experienced a sharp downturn on Wednesday following new U.S. export restrictions and ongoing tariff uncertainties, heavily impacting technology stocks. In response, global shares dipped, with the Dow Jones, S&P 500, and Nasdaq Composite all recording significant losses.

The U.S. imposed new export licensing requirements on Nvidia's H20 and AMD's MI308 AI chips, which Nvidia estimated would result in $5.5 billion in losses, causing a nearly 7% drop in its share price. Federal Reserve Chair Jerome Powell indicated a wait-and-see approach to interest rates, adding to market uncertainty.

In other areas, European and Asian markets also suffered declines, though Chinese blue-chip stocks saw slight gains. Gold prices surged to record highs amid the economic uncertainty, as safe-haven demand increased. Cryptocurrency markets saw minor fluctuations, with Bitcoin decreasing by nearly 10% for the year.

(With inputs from agencies.)