Wall Street recorded a negative session yesterday as Powell cautioned that larger than expected tariffs would result in slower growth and higher short term inflation. S&P 500 down 2.24%, NASDAQ down 3.07%. Dow began day down and dropped further following Powell’s comments. Closed near low. Down 700 points. All sectors down excluding Energy. Tech suffered heaviest losses, driven by chipmakers as US tightened curbs on exports to China. Nvidia down 6.9%, ASML down 7.1%. Other growth sector, Consumer Cyclicals, second worst performer. Tesla down 4.9%, coincided with 15% sales drop in California in Q1. United Airlines (-0.02%) relatively stable yesterday, guided resilient performance backed by premium travel offerings. Resources mainly up. Oil up just under 2%, 2-week high as US sanctions Iranian oil. Copper and Nickel also gained.

ASX to fall. SPI futures down 26 points (-0.33%). Gold hits records - Quarterlies drop.

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