Market Summary – April 17, 2025 US Stocks Drop as Tech Sector Leads Broad Market Decline

Market Summary – April 17, 2025

US Stocks Drop as Tech Sector Leads Broad Market Decline

U.S. equity markets closed sharply lower on Wednesday, weighed down by a broad selloff in technology stocks.

• Nasdaq Composite fell 3.1% to 16,307.16

• S&P 500 dropped 2.2% to 5,275.70

• Dow Jones Industrial Average declined 1.7% to 39,669.39

The technology and consumer discretionary sectors led the decline, while energy was the only sector to post gains.

Treasury yields fell:

• 10-year yield: down 5.2 bps to 4.3%

• 2-year yield: down 7.6 bps to 3.8%

Commodities:

• WTI crude oil (May) rose 2.2% to $62.68/barrel

• Gold jumped 3.5% to $3,353.40/oz,

• Silver gained 1.4% to $32.75/oz

Notable Movers:

• Nvidia (NVDA) fell 6.9% after warning of a $5.5B charge due to U.S. licensing requirements for exports of its H20 chips to China.

• AMD (AMD) dropped 7.4% over similar export restrictions affecting its MI308 chips, potentially incurring up to $800M in charges.

• Tesla (TSLA) fell 4.9% amid reports it paused component shipments for its Cybercab and Semi models due to rising tariffs.

• Palantir (PLTR) and ON Semiconductor (ON) declined 5.8% and 4.5%, respectively.

• J.B. Hunt (JBHT) sank 7.7%, the worst performer in the S&P 500, as executives warned tariffs were weighing on demand despite beating earnings expectations.

• Abbott Laboratories (ABT) gained 2.7% after affirming its full-year outlook and beating Q1 earnings expectations.

Fed Chair Powell stated that new tariffs are “highly likely” to cause at least a temporary rise in inflation, with the possibility of longer-lasting price pressures.