Morning Report 17 Apr 25: Technology slump leads Wall Street lower

Wall Street returned to volatility overnight as investors weighed the impact of Jerome Powell’s latest comments on interest rates. Tech stocks led the decline, with Nvidia tumbling 8% following a massive write-down, dragging the broader sector lower. The Philadelphia Semiconductor Index shed more than 5% in response. In contrast, retail sales surged ahead of an expected tariff increase, offering a rare bright spot in an otherwise turbulent session. Meanwhile, the US dollar slumped, boosting commodities — oil climbed 2%, while gold surged to record highs. Closer to home, ASX 200 futures point to a weaker open on Thursday, with local investors eyeing upcoming employment data. The Aussie dollar gained ground on US dollar weakness, adding to the global currency market shifts.

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