Chip Export Restrictions Trigger Wall Street Slide

Wall Street experienced a downturn on Wednesday, led by declines in the Nasdaq. Nvidia reported substantial charges due to new U.S. controls on chip exports to China. This development adds to the tensions in the ongoing global trade war, causing Nvidia shares to fall 6.5%.

Wall Street took a hit on Wednesday as the Nasdaq drove declines, influenced by Nvidia's announcement of considerable charges linked to new U.S. export controls to China. These controls have become the latest flashpoint in an accelerating global trade war.

Nvidia's shares plunged 6.5%, reflecting investor concerns about the impact of these regulations on the company's profitability and the broader tech sector.

The Dow Jones Industrial Average opened with a fall of 189.5 points, translating to a 0.47% drop, landing at 40,179.49. Similarly, the S&P 500 saw a decline of 60.9 points, or 1.13%, at the opening, registering 5,335.75, while the Nasdaq Composite fell sharply by 323.5 points, a 1.92% drop, initiating at 16,499.693.

(With inputs from agencies.)