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NEW YORK (Reuters) -U.S. stocks ended sharply lower on Wednesday as Nvidia warned about steep charges from new U.S. curbs on its chip exports to China and Federal Reserve Chair Jerome Powell said U.S. economic growth appears to be slowing. Powell, in remarks for the Economic Club of Chicago, said larger-than-expected tariffs likely mean higher inflation and slower growth. The Fed chair's afternoon comments sparked further selling in stocks, which had already been under pressure from a sharp drop in shares of Nvidia and other chipmakers.

ASML reported net bookings that significantly missed analysts’ expectations in the first quarter, although it maintained its guidance for 2025. CEO Christophe Fouquet highlighted uncertainties around the macro environment and downside risks to the company’s performance this year.View on euronews

Inflation eased back last month, paving the way for interest rate cuts as economists said “Storm Donald” would limit price rises but hurt growth.

Oil prices rose more than $1 a barrel on Wednesday after Washington issued new sanctions targeting Chinese importers of Iranian oil. Brent crude futures rose $1.08, or 1.67%, to $65.75 a barrel by 11:43 a.m. EDT (1543 GMT) while U.S. West Texas Intermediate crude rose $1.14, or 1.86%, to $62.47. The U.S. on Wednesday issued new sanctions targeting Iran's oil exports, including against a China-based "teapot refinery", as President Donald Trump seeks to ramp up pressure on Tehran, and drive Iranian oil exports down to zero.

Bitcoin has shown unusual strength against a backdrop of economic instability, with its price climbing nearly 7% over the past week to reach around $84,000 and even briefly touching $86,000.

Omnicom witnessed declines in revenue growth across segments including healthcare, public relations, branding and retail, in the quarter, countering a 7.2% rise in the media and advertising business, the company's biggest. As businesses rein in ad budgets amid geopolitical tensions and stubborn inflation, the slowdown in client spending is weighing on revenue growth for major advertising firms like Omnicom. Omnicom's revenue stood at $3.69 billion in the quarter ended March 31, compared with analysts' average estimate of $3.72 billion, according to data compiled by LSEG.

The latest government waste touted by billionaire Elon Musk's cost-cutting Department of Government Efficiency is hundreds of millions of dollars in fraudulent unemployment claims it purportedly uncovered. One problem: Federal investigators already found what appears to be the same fraud, years earlier and on a far greater scale. In a post last week on X, the social media site Musk owns, DOGE announced “an initial survey of unemployment insurance claims since 2020” found 24,500 people over the age of 115 had claimed $59 million in benefits; 28,000 people between the ages of 1 and 5 collected $254 million; and 9,700 people with birthdates more than 15 years in the future garnered $69 million from the government.