Trump Blasts Powell, Nvidia Tumbles On New Export Ban, Gold Defies Gravity: This Week In Markets

Wall Street wrapped up a shortened trading week ahead of the Easter holiday in the red, weighed down by fresh export restrictions on chips to China that sent tech and semiconductor stocks tumbling.

On Tuesday, Nvidia Corp. (NASDAQ:NVDA) revealed it was notified by the Trump administration on April 9 that its H20 AI chip would now require an export license to be sold in China. The company warned that these tighter controls could slash its earnings by $5.5 billion.

Nvidia shares dropped 8.5% this week, erasing nearly half of the previous week’s gains. The broader semiconductor sector – as tracked by the iShares Semiconductor ETF (NASDAQ:SOXX) – followed suit, sliding 3% and logging its seventh weekly decline out of the past eight.

First-quarter earnings season delivered a mixed bag. While banks and streaming giant Netflix Inc (NASDAQ:NFLX) showed solid performance, UnitedHealth Group Inc (NYSE:UNH) shocked investors by slashing its full-year guidance far below Wall Street expectations.

UnitedHealth shares plummeted 22.4% on Thursday, marking their worst one-day drop since 1998.

In trade news, Canada announced a six-month suspension of countermeasure tariffs on select U.S. goods essential for domestic manufacturing and food packaging. This move is expected to ease cross-border supply chain pressures, particularly benefiting Michigan-based automakers.

On the macro front, Federal Reserve Chair Jerome Powell flagged inflation and growth risks stemming from trade tariffs, reiterating the Fed’s cautious stance and signaling that rate cuts won’t come prematurely.

This cautious tone triggered an angry response from President Donald Trump, who blasted Powell as "always too late" on rate cuts and hinted at prematurely removing him from office, despite Powell's term running through May 2026.

Meanwhile, the European Central Bank executed its sixth consecutive rate cut, further fueling Trump's public frustration with the Fed. During an Oval Office meeting with Italian Prime Minister Giorgia Meloni, Trump doubled down, declaring that Powell “will be out if the President asks.”

Gold continues to defy gravity, fueled by strong investor demand, heightened policy uncertainty, and persistent central bank buying.

Bullion prices – as tracked by the SPDR Gold Trust (NYSE:GLD) – soared to $3,330 per ounce, marking a new all-time high and extending gains to 14 of the past 16 weeks.

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