NVIDIA, Amgen Losses Drive Dow's 886-Point Drop

The Dow Jones Industrial Average experienced significant declines Wednesday, with shares of NVIDIA Corp. and Amgen noted as leading contributors to the losses. Semiconductor stocks, particularly NVIDIA and AMD, plunged over 6% after the U.S. government imposed new export licensing requirements restricting chip sales to China, with Nvidia projecting a $5.5 billion impact and AMD expecting an $800 million hit. These export curbs weakened investor sentiment, as the U.S. also launched a rare minerals investigation following China’s announcement of export controls. Despite positive U.S. retail sales data, industrial production fell more than expected, and the likelihood of a near-term Fed rate cut remained low. Analysts suggest the Dow could see further drops if bearish momentum persists, especially if it falls below the 40,100 level. Investors are also watching for comments from Fed Chair Jerome Powell for further clues on interest rate policy.