Nvidia drags Wall Street down as United Airlines says it's impossible to predict this year's economy

Nvidia's disclosure regarding U.S. export restrictions significantly impacted Wall Street, causing steep declines in major indices. The S&P 500 fell 2.3% while the Dow lost 657 points. Nvidia's stock dropped 8.8% due to anticipated losses from restrictions on its H20 chips to China, potentially hitting $5.5 billion in Q1 results. Additionally, the Federal Reserve expressed concerns over the broader economic implications of these tariffs, indicating uncertainty in how they will impact inflation and interest rate decisions.

"All of this is highly uncertain," Powell said. "We're thinking now, really before the tariffs have their effects, (about) how they might affect the economy."

Read at ABC7 Los Angeles