Good afternoon and welcome to Markets Desk.
Intel is dragging the chip sector toward its worst session of the year, with analysts flagging what they're calling buyer exhaustion alongside fresh concerns that the latest inflation data could prompt enterprise customers to pull back on data-center spending commitments — a meaningful headwind for the entire semiconductor complex.
Speaking of chips, Nvidia's Jensen Huang is now confirmed to be flying with President Trump to China, directly refuting earlier reports that he'd been excluded from the delegation. That's significant given the ongoing restrictions on Nvidia's most advanced AI chip exports to Beijing, and markets will be watching closely for any signals on where those curbs are headed.
Meanwhile, the broader fiscal picture darkens. New data shows inflation has effectively erased all wage gains American workers have accumulated since Trump took office — a sobering signal that real purchasing power is under pressure precisely as the administration pushes forward on tariffs and deficit spending, leaving the Federal Reserve in an increasingly uncomfortable position.
That's the tape. Markets Desk, signing off the floor.
