RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Asian Stocks Fall as Surging Bond Yields Rattle Markets 
Canadian Dollar Faces Pressure as Fed-BoC Policy Gap Widens 
Soybean Futures Slip as Traders Await Trump-Xi Trade Signals 
UK PM Burnham to Unveil Economic Vision at Labour Conference 
Japanese Bank Stocks Surge as Bond Yields Fuel Rate Hike Bets 
US Stock Futures Fall as Treasury Yields Surge Ahead of Trump-Xi Summit 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
Oil Prices Fall on U.S.-Iran Hormuz Deal Hopes 
Asian Currencies Mixed as Dollar Holds Near Two-Month High 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
Mexico-US Trade Talks Delayed to October as Tariff Negotiations Continue 
Fed’s Hammack Says Bond Yield Surge Is Not Driven by Inflation Fears 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
Dollar Holds Near Two-Month High as Yen Approaches 160 
Germany’s 2026 Growth Outlook Strengthens on Fiscal Spending 
Dollar Falls as Oil Eases, Yen Jumps on Intervention Signals 
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U.S. stocks tumbled Wednesday as Federal Reserve Chair Jerome Powell dashed hopes of imminent interest rate cuts and a tech-led selloff, driven by Nvidia, rattled markets. The S&P 500 dropped 2.2%, the Nasdaq plunged 3.1%, and the Dow Jones Industrial Average slid 699 points, or 1.7%.
Powell warned the Fed remains focused on containing inflation, stating that tariff-induced price hikes must not evolve into sustained inflationary pressures. This stance contrasts with Fed Governor Christopher Waller's recent openness to rate cuts if tariffs significantly slow growth.
Tech stocks were hit hardest, led by Nvidia (NASDAQ:NVDA), which sank over 6% after revealing a $5.5 billion revenue hit due to U.S. export restrictions on its H20 AI chip to China. The chip, previously cleared for Chinese sale, now faces stricter controls amid ongoing U.S.-China trade tensions.
The news dragged down semiconductor stocks, with AMD (NASDAQ:AMD) forecasting an $800 million writeoff tied to similar curbs, sending its shares down more than 7%. ASML (AS:ASML) also flagged weaker Chinese demand, while Intel (NASDAQ:INTC), Broadcom (NASDAQ:AVGO), and TSMC (NYSE:TSM) also declined.
Outside tech, Travelers Companies (NYSE:TRV) gained over 1% despite a 60% profit plunge tied to $2 billion in wildfire-related losses. Hertz (NASDAQ:HTZ) surged 56% following a sizable stake increase by Pershing Square’s Bill Ackman. Meanwhile, Alphabet (NASDAQ:GOOGL) slipped nearly 1% amid a £5 billion UK class action lawsuit over alleged search market dominance.
On the economic front, U.S. retail sales jumped 1.4% in March, fueled by auto purchases ahead of potential tariffs. Stronger sales prompted Jefferies to revise its Q1 GDP forecast from 0.6% to 1.0%, suggesting resilient consumer demand despite economic uncertainty.
