Stocks fell on Wednesday as investors assessed a stark warning from Nvidia that pressured global tech. Nasdaq down 1.7%; S&P down 1%; Dow Jones down 0.4%.

Tech stocks mostly sank. AMD, Nvidia down over 6%; Super Micro down 4%; Tesla, Palantir down over 2%; Apple down 0.8%.

Nvidia said it will post a $5.5 billion quarterly charge related to exporting its H20 graphics processing units to China and other nations. The company said in a filing that the U.S. government required a license to send chips from the U.S. to China.

A brief consolidation in stocks — after the turmoil last week — is unraveling as traders are again dealing with a slew of tariff headlines, including US President Donald Trump launching a probe into the need for levies on critical minerals. The flip flops have roiled global markets this month as investors struggle to take long-term positions due to the unpredictability of policy announcements from Washington.

“This move is unnerving for two reasons,” said Vishnu Varathan, Singapore-based head of economics and strategy at Mizuho Bank, referring to the Nvidia curbs. “First, it conveys the mercurial nature of Trump tariffs in so far that it has revoked earlier concessions extended to Nvidia. Second, this also suggests that the US-China undercurrents are rather abusive, even as there appears to be some calm on the surface.”

Meanwhile, the European Union and the US struggled to bridge trade differences this week as White House officials said the bulk of the US tariffs imposed on the bloc won’t be removed. Italian Premier Giorgia Meloni is also due to land in Washington to meet with Trump.

Trump urged China to reach out to him in order to kick off negotiations after the nation ordered its airlines not to take any further deliveries of Boeing Co. jets. The Trump administration may use tariff negotiations to try to pressure trading partners to limit dealings with China, the Wall Street Journal reported, citing people with knowledge of the conversations.

Investors are also gearing up for Federal Reserve Chair Jerome Powell’s comments on the economy later Wednesday.